Changes in the world of work are accelerating at a pace and scale never seen before. A perfect storm of structural and cyclical forces, from shifting demographics and rapid globalization to the technological revolution, has created a highly uncertain business environment and knocked labour markets out of sync. From this “new normal” of instability and market disruption, new ways of getting work done are emerging.
Global labour markets are less elastic today than they once were; they recover more slowly and produce growing inequality. Systems for aligning labour supply and demand no longer function as before. The result is widespread skills shortage despite high unemployment. The labour market is hampered by the lack of talent liquidity and limited investment, while traditional work models compete with new, more flexible alternatives. This new age of work will require a new playbook and employers will need the agility and talent to succeed in the reconfigured labour market.