Future of Work

New forces are transforming the world of work. The transitions involved call for decisive action. Countless opportunities lie ahead to improve the quality of working lives, expand choice, close the gender gap, reverse the damages wreaked by global inequality, and much more. Yet none of this will happen by itself. Without decisive action we will be heading into a world that widens existing inequalities and uncertainties. Technological advances – artificial intelligence, automation and robotics – will create new jobs, but those who lose their jobs in this transition may be the least equipped to seize the new opportunities. Today’s skills will not match the jobs of tomorrow and newly acquired skills may quickly become obsolete. The greening of our economies will create millions of jobs as we adopt sustainable practices and clean technologies but other jobs will disappear as countries scale back their carbon- and resource-intensive industries. Changes in demographics are no less significant. Expanding youth populations in some parts of the world and ageing populations in others may place pressure on labour markets and social security systems, yet in these shifts lie new possibilities to afford care and inclusive, active societies. We need to seize the opportunities presented by these transformative changes to create a brighter future and deliver economic security, equal opportunity and social justice – and ultimately reinforce the fabric of our societies.

We are used to thinking about artificial intelligence (AI) in the future tense, speculating how technological developments in this area will affect us. But if we spend too much time trying to figure out what to expect in the future, we risk not seeing that AI and robotisation have already started transforming our daily lives.
While historical evidence suggests that previous waves of automation have been overwhelmingly positive for the economy and society, AI is in a different league, with the potential to be much more disruptive. It builds upon other digital technologies but also brings about and amplifies major socioeconomic changes of its own.
What do recent technological developments in AI and robotisation mean for the economy, businesses and jobs? Should we be worried or excited? Which jobs will be destroyed and which new ones created? What should education systems, businesses, governments and social partners do to manage the coming transition successfully?

Based on a survey of 56,000 youths aged 15-35 years old from six countries in the South-East Asia region (ASEAN), this report analyses the views of young ASEAN citizens on future of work, skills and technology. The survey finds that ASEAN youths are highly aware of potential disruption and challenges brought by the Fourth Industrial Revolution to the local labour markets, and they are aware they must constantly upgrade their skills. It also details their skills gap, their future career aspirations and their preferences on skills training. The survey was conducted in partnership with Sea.

The World Development Report (WDR) 2019: The Changing Nature of Work studies how the nature of work is changing as a result of advances in technology today. Fears that robots will take away jobs from people have dominated the discussion over the future of work, but the World Development Report 2019 finds that on balance this appears to be unfounded. Work is constantly reshaped by technological progress. Firms adopt new ways of production, markets expand, and societies evolve. Overall, technology brings opportunity, paving the way to create new jobs, increase productivity, and deliver effective public services. Firms can grow rapidly thanks to digital transformation, expanding their boundaries and reshaping traditional production patterns. The rise of the digital platform firm means that technological effects reach more people faster than ever before. Technology is changing the skills that employers seek. Workers need to be better at complex problem-solving, teamwork and adaptability. Digital technology is also changing how people work and the terms on which they work. Even in advanced economies, short-term work, often found through online platforms, is posing similar challenges to those faced by the world’s informal workers. The Report analyzes these changes and considers how governments can best respond. Investing in human capital must be a priority for governments in order for workers to build the skills in demand in the labor market. In addition, governments need to enhance social protection and extend it to all people in society, irrespective of the terms on which they work. To fund these investments in human capital and social protection, the Report offers some suggestions as to how governments can mobilize additional revenues by increasing the tax base.

The changing nature of work and labor markets — and how best to prepare society and people for the jobs and tasks of the future — is one of the most crucial public policy challenges that countries and policymakers will face over the coming years. While it is far too early to be able to predict the pace and extent of future automation, we do believe that jobs, tasks, and work itself will evolve at a more rapid pace. We also believe that the future of work will affect each country, region, worker, and student differently. For these reasons, this guide seeks to build a bridge from the voluminous future of work research to the core ingredients of future of work policy that will need to be weighed over the coming years. Through our cross-country comparison of future of work dynamics across four case studies — France, Germany, Spain, and the United States — we highlight core factors and key takeaways. We also make the case for more agile public policies that tailor future of work policies to the specificities of countries, regions, and individuals. Ultimately, this guide serves as a resource for policymakers and citizens everywhere who are interested in exploring the essential elements of future of work policy.

The 8th MNC Trend Report provides an overview of the company information contained in the SA MNC Database. The database includes company finances, operations, remuneration and geographical spread of 91 South African MNCs that operate across Africa. The MNC Database has been populated with this information since 2008, which provides a unique dataset from which to analyse financial trends. This report is focused on two main areas of study. Firstly, the financial trends of the 91 sampled companies are analysed within 14 economic sectors, including revenue growth as well as revenue compared to competitors. In addition to this, each company’s profit before tax (PBT) is analysed compared to its sector and competitors. Within this context, the remuneration strategies of the top level of directors is analysed. Finally, we take a quick look at the total remuneration packages of directors compared to the lowest employees in the company.
The last section of this report, titled ‘the Future of Work’, takes a closer look at the developments around the automation of jobs. This section aims to put this within the broader context of the developing world, as opposed to the developed world. It is questioned whether the reality in the developed world is a reality in Africa, and also makes some suggestions as to how unions and workers can use technology to further their own agendas.

Technology in many ways is perfectly conceived to operate in the workplace, bringing an ability to operate around the clock at increasing levels of accuracy and productivity. Since the Industrial Revolution, machines have been the ideal colleague, performing some of the most mind-numbing tasks and freeing up human partners to do more interesting and productive things. However, in the near future, new digital technologies are set to take the next step, graduating from the factory floor to the boardroom and applying themselves to more complex, cognitive activities. Technologies such as artificial intelligence (AI) are a game changer for automation in the workplace. Like ambitious young go-getters, they promise to take on more responsibility and make better decisions, and the implications for workers, companies, and policy makers are significant and pressing.