Towards an inclusive and competitive labour market for the evolving world of work

©Randstad

New capabilities, driven by technological innovation, will create an important number of new job opportunities and new markets, while existing jobs or tasks disappear or are re-designed. Changes in skills needs, organisation of work and employment relations will accommodate better work-life balance and provide easier access to income opportunities. Yet they also risk creating skills polarisation and pose serious challenges to the adequacy of current legal, institutional and social protection frameworks.

 

More challenges remain in the form of persistent unemployment, growing inequality and a high incidenceof undeclared labour. All these challenges are addressed under the UN Sustainable Development Goals which, for the world of work, envision a world in which every country enjoys inclusive and sustainable economic growth, full and productive employment and decent work for all. For the goals to be reached, everyone needs to do their bit: governments, civil society and the private sector.

Decent work refers to people’s aspirations in their working lives: opportunities for productive work that delivers fair income, security in the workplace and social protection. But it also means social integration, freedom of expression and participation in the decisions that touch their lives. Furthermore decent work contributes to empowerment, and provides people with the opportunity to develop their knowledge and skills, enhance their employability and spread equal opportunity for all.

Equal opportunity is not a given. Background, gender, income and education all feed into the growing divide and inequality. Faced by a diminishing labour force as the “baby-boom” generation will all retire over the next 15 years, it is more important than ever to achieve an inclusive labour market where everybody who wants to work can work. Solving inequality through decent work will provide those currently considered to be part of the untapped potential labour force with an opportunity to contribute to economic growth, while creating that inclusive and sustainable labour market.

A related issue in this context is the positive contribution made by migrants. Forced displacement and irregular migration can present complex challenges, but the benefits of well-managed and skills-based global migration to inclusive and sustainable growth cannot be underestimated. This point is underlined in Randstad’s latest academic report by the IZA Institute of Labour Economics, entitled “People to Jobs, Jobs to People”, which will be presented at the OECD Forum 2017.

At the same time, the impact of the informal economy remains a clear obstruction to inclusive and sustainable growth. In 2017, the number of people in vulnerable employment is expected to reach 1.4 billion globally. Undeclared employment lowers the quality of work and working conditions, undermines the business environment through unfair competition and puts the financial sustainability of social protection systems at risk. The challenge is to transform undeclared work into formal work. Successful economies reduce the supply and demand of undeclared work by providing workers and employers with flexible alternatives providing decent and quality work.

Randstad, as an industry leader in human resource services seeking to shape the world of work, upholds integrity and human rights. Randstad’s Business Principles are set around and are supportive of our core values: to know, to serve and to trust, simultaneously to serve all interests.

From this perspective, Randstad has set out a wide array of initiatives around the globe to fight youth unemployment, empower women on the labour market and provide work opportunities to people with disabilities, migrants and refugees. We see the bigger picture and take our social responsibility seriously. Our business must always benefit society as a whole.

Randstad believes everybody should have access to decent work to provide people with security in employment and income. At the same time workers and companies alike need flexibility as to when, where and how to work. This means the inclusive and competitive labour market that we want for our future should be agile and adaptable. By combining a variety of decent employment contracts with modern social security and accessible employability schemes we can reach that goal and provide sustainable prosperity for as many people as possible.

Randstad is a sponsor of OECD Forum

Visit www.randstad.com

The views in this article are the author's only, and do not necessarily represent the views of the OECD or its member countries.

©OECD Yearbook 2017. See  www.oecd.org/forum/oecdyearbook




Economic data

GDP growth: +0.5% Q3 2018 year-on-year
Consumer price inflation: 2.9% Sept 2018 annual
Trade: +2.7% exp, +3.0% imp, Q4 2017
Unemployment: 5.2% Sept 2018
Last update: 22 Nov 2018

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