Artificial Intelligence and the Labour Market: current trends and future predictions.
Every so often a report is released that takes several sittings to digest. The OECD 2023 Employment Outlook is one of those publications. It includes analysis of current labour market trends and future predictions.
Some key messages from the report:
1/ Labour markets remain tight despite some signs of easing. Employment in the OECD area is now 3% higher than its pre-pandemic level.
2/ Real wages are falling in almost all OECD countries amid a cost of living crisis. At the same time company profits have increased more than labour costs.
3/ So far, job quality has been impacted more than job quantity. There is evidence AU is improving workers enjoyment in their job. However workers are also worried about job security.
4/ Stakeholder dialogue plays a key role. Partners such as trade unions and business associations can facilitate the use of AI by helping decide on adoption characteristics.
The insights from this report serve as a valuable guide for navigating the evolving labor market landscape. It highlights the need for proactive policy making, effective social dialogue, and continuous learning and adaptation.
Future ready?
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