Digital platforms, automation and other innovations are swiftly changing the fundamental nature of work. There is a growing polarization of labor-market opportunities between low- and high-skill jobs, underemployment and unemployment especially among young people. Many activities currently performed by workers have the potential to be automated while, at the same time, job-matching sites such as Monster and LinkedIn are changing the way in which young individuals are looking for work.
Thanks to technological advancements, many students and graduates are opting to offer their services on digital platforms such as Etsy, Upwork and Uber as opposed to searching for more conventional employment options. For business leaders, policy makers and even workers themselves these shifts in employment trends are creating a large degree of uncertainty together with a host of potential benefits.
Labor markets are under strain while talent is underutilized
Worldwide, approximately 71 million youth are officially unemployed. International labor markets are under tremendous pressure and top talent is not being utilized properly. New technologies have the potential to up-end much of what we think we know about how people work. Such a disruption is an opportunity as much as it is a challenge, for example, the promise of improved digital talent platforms and new opportunities for independent work.
Up to 60% of all occupations boast a minimum of 30% of activities that are technically automated based on current technologies. This indicates that most occupations will face change and that more people will be required to work with technology. This will be less of an adjustment for new graduates entering the job market as they have been exposed to technology since as early as kindergarten. Highly skilled workers already working with technology will benefit from these changes while low-skilled worker working with technology will be able to increase their output and productivity.
Making the most of digital platforms
Digital platforms have the ability to improve the ways in which workers and jobs are matched, creating improved transparency and efficiency within the labour market and even potentially raising GDP. Due to their sophisticated screening algorithms and potent search capabilities online talent platforms can speed up the hiring process significantly, reducing the time individuals spend searching for jobs and thus reducing overall unemployment.
By arranging data pertaining to job opening and possible candidates across regions or even entire countries, geographical mismatches may be addressed while previously unnoticed matches may be enabled. Advance Systems reiterates the importance of pairing the right people with the right jobs, increasing job satisfaction and productivity while benefiting everyone from the employee to the employer and general economy.
Technological change has significantly reshaped the workplace over the last 2 centuries and will continue to do so at a breakneck speed. The entire world as we know it can face disruption from such technologies necessitating us to either embrace these changes, making ourselves relevant in the modern-day workplace or risk being left behind and unemployed.