Factors for the Future of Work and Their Impact on the European Economy and Labor Market

Monika Moraliyska ()
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Monika Moraliyska: University of National and World Economy

A chapter in Eurasian Economic Perspectives, 2021, pp 297-315 from Springer

Abstract: Abstract The aim of the present paper is to gain a deeper understanding of the essence of the “Future of work” by exploring simultaneously its major drivers and their impact on the job market and employment on European level in the long run. The data used are based on the research of numerous international organizations, European Union institutions, and bodies, as well as on analytical data and expertise of reputable business consulting companies. The methodology includes qualitative research, including data analysis, comparative analysis, inductive and deductive approach, and others. This type of research helps to explore how and why the phenomenon “Future of work” occurred, what it represents and what the prospects for its development are. The main drivers of this phenomenon are analyzed as follows: globalization, digitalization, and demographic change. The paper explores and summarizes the expected economic and social effects of these three factors on the labor market in the EU. The main findings conclude that the “Future of work” is an interdisciplinary phenomenon covering the current and expected trends on the world labor market, provoked by the dynamic technological development and penetration of artificial intelligence technologies in the economic and business practice, including job automation (job loss and job creation), rising skills and qualification requirements, a big change in employment occupations, and rising diversity in working arrangements. Legislative, business-oriented, and educational actions on all levels are urgently required to face these new challenges successfully.

Keywords: Future of work; Digitalization; Globalization; Aging; Job loss; Job creation (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurchp:978-3-030-63149-9_19

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DOI: 10.1007/978-3-030-63149-9_19

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