31 May Economy and People

The labor market has changed and is still under transformation. Which are the new trends and ideas for the future? How can we improve our way of work and our international connections? Here are some suggestions from different experts:

1. A global skills passport that can lead us towards a trust economy. If on one hand the skills-based approach prioritizes individuals rather than their work experience or professional networks, on the other hand in order for it to be valid and efficient it would be necessary to standardize the skills included in the passport. The World Economic Forum launched its global Reskilling Revolution in January 2020 supporting systemic change in recognizing the value of skills-based training and hiring, over historical methods focused on work history and degrees, as you can read in this article.
   
   
2. A new social contract. In 2021 two experts in the field of employment from MIT and Cornell University published a book in this regard. The most important message is that we have the ability to shape the work of the future by harnessing the power of new technologies. It is a call to action for a collaborative effort to develop both high-quality jobs and strong organizations. Here you can find more details on the business philosophy and the features of the social contract they promote.
   
   
3. Look inside our companies when approaching ESG. Given for granted that sustainability and ESG strategy are essential assets for the future, Professor Robert Kaplan of Harvard Business School suggested it is important to listen to employees and trusted customers and partners so that the measures that matter to the organizations will emerge. This approach will help leaders identify the ESG dimensions that will create value for their business and distribute ownership into their organizations. You can read more here.
   
   
4. Trust. A recurring topic which deserves our attention. As Deloitte stated in this report, the erosion in trust has serious implications for the economy as it is foundational to business. A bit more trust could make a big difference in achieving greater overall economic prosperity. It is necessary to invest in repairing and rebuilding it. In the same report, some graphics and datas are available. Here below a significant one:

Will your organization focus on any of these ideas? Which are your next steps in order to help the world achieve a successful trust economy?

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