Fragomen’s recent report examines the impact of varying immigration policies on skills and labour shortages, demographic challenges and ongoing economic hardships, and offers a roadmap for employers to maximise opportunities while minimising risk. The report notes that the results of key national elections around the world in 2024 will illuminate whether governments bring about immigration policies to further alleviate worker and skills shortages, or if they will instead choose to protect their domestic workforces.
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Demographics
New research from Bain & Company shows that worker motivations evolve with age, with attributes like interesting work and autonomy being key priorities for workers around age 60. The report reveals that leading companies, including Home Depot, Mitsubishi and Tokyo Gas are adapting their talent programmes to meet the different needs of older workers and suggests that those firms that invest in recruiting, reskilling, and respecting the strengths of older workers can not only solve their talent gap problem, but also create a workforce that’s more productive, balanced, diverse and loyal.
New research from the Pew Research Center reveals that the proportion of Americans aged 65 and older has nearly doubled in the last 35 years and suggests that today’s older workers have longer working hours, higher education levels, and increased hourly pay compared to previous generations. Taking all these factors into account, older workers’ contribution to the labour force has grown significantly, accounting for 7% of the total workforce in 2023.
This white paper written by the World Economic Forum, in collaboration with Accenture, addresses key concerns on the impact of large language models on jobs and emphasises the need for businesses to adopt proactive and responsible strategies to manage these changes.
The paper serves as a toolkit for businesses, providing practical strategies in three primary areas: 1) job change and job displacement risk, 2) job quality, and 3) learning and skilling.
Lewis Silkin Partner James Davies has written a report for the Future of Work Hub ‘The future of work in 2050 – too few jobs or too few workers?’. The report explores the possibility that, by 2050, economies like the UK will face a labour market with too few jobs for the available workers. In the report, James 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.
This roundtable discussion looked at the evolving relationship between employers and their people and explored emerging challenges and opportunities for employers as they take steps to link sustainability and a conscious approach to environmental issues to people strategy.
New research from Multiverse has found that millions of workers over the age of 50 are leaving the workforce early, and the trend is set to continue.
The report highlights the economic and social challenges this poses, including reduced productivity, a talent drain for businesses, and lower tax revenue for public services. It suggests prioritising training and development to better prepare older workers for changing skills requirements.
In this report, we explore the effects of global population trends on the workplace and examine government and employer measures that have been implemented across a range of countries to address the reality of an ageing workforce.
This paper from Autonomy suggests an equitable route for the deployment of AI in the pursuit of greater productivity and considers how the latest AI technology could lead to shorter hours in Great Britain, without reductions in livelihoods or productivity over the next decade.
The CIPD’s latest quarterly Labour Market Outlook report has revealed that a quarter of organisations who are struggling to fill vacancies plan to use automation. The figure has nearly doubled since last summer, when just 13% reported considering using automation to plug gaps – an increase the CIPD attributed to the rise of generative AI tools such as ChatGPT in the past year. The survey of 2,000 employers saw four in 10 predict that AI and automation could increase productivity and efficiency, with a third anticipating cost savings and a fifth expecting enhanced decision making. However, 36% of employers see privacy and security concerns as the main drawback for implementing generative AI in their workplace. This particularly evident among employers who have banned its use. The report also uncovered the extent of shortages in the workforce, finding that as many as 41% of employers had ‘hard to fill’ vacancies. This figure stood at 51% in the public sector, compared to 38% in the private sector.