In this report, James Davies, Employment Partner at Lewis Silkin LLP, explores the possibility that, by 2050, economies like the UK will face a labour market with too few jobs for the available workers. Rapid advances in technology are converging with other significant drivers of change to transform the world of work. Delving down into the work and occupations of today, this report considers the factors which could increase or decrease jobs in different sectors over the next quarter of a century. The impact of this transformation will depend on decisions made, and actions taken, over the next few years. This report identifies the decisions and actions which will need to be addressed and brings together insights from a variety of sources to offer a glimpse of that future.
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Global Dynamic & Politics
This report by Jericho, supported by Ipsos and the Chartered Institute of Public Relations (CIPR), explores the evolving relationship between business and democracy and sets out some of the key challenges and opportunities for business, including the potential risks of doing nothing.
This roundtable discussion explored the trends driving increased flexibility in the workplace and considered a variety of different approaches to flexible working, with a spotlight on the four-day week.
McKinsey’s new research suggests that remote work will continue, with office attendance still 30% lower than pre-pandemic levels and attendance varying by age, income and seniority.
The OECD’s 2023 Employment Outlook report reveals that labour markets remain tight, with unemployment at a low not seen since the early 1970s. Nominal wages have not kept up with high and persistent inflation, and real income of workers has fallen in almost all OECD countries. Moreover, the risks of using artificial intelligence (AI) in the workplace, coupled with the rapid pace of AI development and deployment (including the latest generative AI models), underscores the need for decisive action to develop policies to reap the benefits AI can bring to the workplace while addressing risks for workers’ fundamental rights and well-being.
The Institute of Labor Economics finds that lost hours resulting from “quiet quitting”, which has interrupted the recovery of UK working hours since the pandemic, are especially attributable to younger cohorts.
In Putting Skills First: A Framework for Action, developed in consultation with leading experts from the public and private sectors, The World Economic Forum and PwC delve into “skills-first”, a term used to describe a new approach to talent management that emphasizes a person’s skills and competencies – rather than degrees, job histories or job titles – with regard to attracting, hiring, developing, and redeploying talent. By focusing directly on skills, themselves, rather than on how they have been acquired, a skills-first approach has the potential to democratize access to economic opportunities and pathways to good jobs for many more people than traditional approaches have done. Our analysis of data from a geographically diverse range of 18 economies, estimates that in total, more than 100 million people in these countries could be added to the global talent pool through a skills-first approach.
This report by the World Bank examines migration as a key development challenge and provides a comprehensive analysis of its potential to serve as a force for growth.
The report proposes an integrated framework to best manage the economic, societal and human impacts of migration, which draws on labour economics and international law. This framework is based on a “match and motive” matrix that focuses on two factors: the alignment of migrants’ skills and attributes to the needs of destination countries and the motives that underlie their movements.
This House of Commons Committee report provides an interesting assessment of the current UK labour market, including the impact of AI, automation and an ageing population.
This roundtable discussion explored the reasons behind the skills shortage and the barriers to attracting and retaining the best people.