The World Economic Forum’s new good work framework shows that there is a need to promote good work across the full post-pandemic landscape of in-person, hybrid and virtual work in all categories of employment. Seizing this opportunity will determine whether the post-pandemic recovery leads to positive outcomes for both business and for society at large and ensure a healthy, resilient and equitable future of work.
The nature of work has been changing through the impact of three long-term trends: technological change, social transformation and the green transition. Some of these changes have been accelerated by the impact of the COVID-19 pandemic as a fourth vector as workers in many sectors remain impacted by the aftermath. As many employers and workers seek a “new normal” after the disruptions of the last few years, there is an opportunity to develop a new vision for the future of work, one that is ready for the new economy and society.
Five key issues have emerged that need to be addressed to ensure better work for workers and employers alike: volatility in wages and the cost of living; divergence on the demand for flexibility; silent pandemic in well-being; (4) an erosion of diversity, equity and inclusion (DEI) gains; and the need for a reskilling revolution.
It is clear that our workplaces and economies cannot function well without addressing these issues. Markets and investors have become increasingly conscious of this risk as well as an opportunity: the percentage of institutional investors in the United States who agreed that the S in environmental, social and governance (ESG) was very important rose by 15 points to 69% between 2019 and 2020, bringing it above environmental concerns (61%) and governance (68%) for the first time.
This paper proposes addressing these five issues through new standards of “good work”. The Good Work Framework proposes enhancing job quality through five objectives and associated goals:
promote fair pay and social justice
provide flexibility and protection
deliver on health and well-being
drive diversity, equity and inclusion
foster employability and learning culture
As companies emerging from the COVID-19 pandemic take stock of the lessons that have been learned and seek to redesign their people processes and work practices, the Good Work Framework can help them establish a new benchmark for job quality in the future of work, providing a consistent and goal-oriented approach to the development of comprehensive people strategies and to guide measurable actions to promote good work.
Ensuring good work would have wide-ranging benefits for economies, societies and businesses. It would raise workers’ spending power, especially as inflation and supply disruptions risk creating a cost-of-living crisis. In many advanced economies, it would encourage people back into the labour market after a rise in inactivity during COVID-19. For employers, providing good work leads to: more motivated, engaged and healthy employees; better productivity; and better attractiveness to talent – especially important in the context of the so-called “Great Resignation”. Finally, a backdrop of rising inequality makes a fairer deal for workers an important component of a new social contract between business, government and workers.
Three enablers will be key for making good work a reality for all: human-centric leadership, applying workforce technology thoughtfully and improving reporting. The framework is intended to be applicable to the full post-pandemic landscape of in-person, hybrid and virtual work and to all categories of employment.