The Nature of Work is Changing: What World Leaders Can Do?

In the previous piece, Infoprations’ position on the future of work was that acquiring knowledge without adequate skills cannot suffice to play critical roles along with the digitalized ones brought by the emergence of various machines and technologies in the last three decades. In its latest World Development Report for 2019, World Bank says:

·         Firms can grow rapidly thanks to digital transformation, which blurs their boundaries and challenges 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 good at complex problem-solving, teamwork and adaptability.

·         Technology is 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 suggests three solutions:

1.  Invest in human capital especially in disadvantaged groups and early childhood education to develop the new skills that are increasingly in demand in the labor market, such as high-order cognitive and socio-behavioral skills

2.     Enhance social protection to ensure universal coverage and protection that does not fully depend on having formal wage employment

3.  Increase revenue mobilization by upgrading taxation systems, where needed, to provide fiscal space to finance human capital development and social protection.