Dual Aspects Adhered: Pliancy and Safety: An Exploration of Their Delicate Balance
Securing Work in the Fourth Industrial Revolution
As we enter the Fourth Industrial Age, security in the world of work is set to become more important than ever before. This is according to many experts, who argue that the current focus on job security should shift towards work security, a more sustainable concept that takes into account the significant challenges posed by social, economic, and technological developments.
At the World Economic Forum in Davos, the issue of social safety nets was a hot topic of discussion amongst political and business leaders. These leaders have a responsibility to ensure secure, stable working lives for everyone, especially in light of the uncertainties brought about by the digital age.
One approach to achieving this is through the development of flexible employment frameworks. Governments need to update regulatory frameworks to keep pace with the innovations of the Fourth Industrial Revolution (4IR) and protect flexible workers - such as gig workers and contractors - from displacement risks caused by automation.
Another key strategy is the creation of social benefits models that are portable, transferable, and tailored to individual freelancers. This would involve shifting away from traditional employer-based social safety nets towards universal or portable benefits that cover a wider base of workers, including freelancers and part-time workers.
Upskilling and reskilling initiatives should also be brought into sharper focus. In a world where employability has become the new currency of the world of work, it is crucial to invest in continuous learning initiatives to equip workers with the skills required to adapt to evolving digital technologies, artificial intelligence, automation, and cybersecurity needs.
Holistic business transformation plans are also essential. Businesses must realign their organizational structures, processes, and workforce capabilities to integrate 4IR technologies effectively. This includes rethinking workforce roles, fostering innovation cultures, and planning changes to support new ways of working that maintain job relevance and security.
Addressing workforce displacement is another critical aspect. Automation can displace routine jobs, so policies and corporate strategies that anticipate shifts and proactively manage transitions are crucial. This includes supporting workers in vulnerable sectors and creating pathways to emerging occupations.
Together, these strategies foster a resilient workforce by blending flexibility, security, and lifelong learning, enabling workers and organizations to thrive in the dynamic environment of the Fourth Industrial Revolution.
It is important to view skilling as an investment, not a cost, to avoid a growing skills gap and higher unemployment. Protecting and supporting the workforce during this transformation and beyond is crucial.
The Danish government's Flexicurity model, pioneered in the 1990s, demonstrates that flexibility and security can coexist with a little policy help. Similarly, the Group is applying the concept of flexicurity to the world of freelancers through the YOSS initiative.
Work-readiness programs provide young workers with the instruments they need to build their "skills baggage", ensuring their current and future security. The platform and gig economies are new horizons for work, but they also present challenges. By addressing these challenges head-on, we can ensure that everyone benefits from the opportunities offered by the Fourth Industrial Revolution.
[1] World Economic Forum (2020). The Future of Jobs Report 2020. Link
[3] McKinsey & Company (2019). Jobs lost, jobs gained: What the future of work will mean for jobs, skills, and wages. Link
[4] World Economic Forum (2018). The Future of Jobs Report 2018. Link
- To navigate the challenges of the Fourth Industrial Revolution, it's necessary to emphasize continuous learning initiatives like upskilling and reskilling, ensuring workers are equipped with the skills necessary to adapt to emerging technologies, artificial intelligence, automation, and cybersecurity.
- As we transition into the dynamic environment of the Fourth Industrial Revolution, education-and-self-development should be a priority, fostering a resilient workforce that can maintain job relevance and security through a blend of flexibility, lifelong learning, and adaptability.
