The future of work has been shaped and influenced largely by the current socio economic changes and influenced by external forces and pressures for a new global economy. 5 dimensions defining the future of work are Job Creation, Quality of Jobs, Social Protection and the Work Life Balance. All these are interrelated and there exists a matrix of interacting factors that define the nature of the future of work.

In general, the concept of the Future of Work can be understood in terms of the employment trends, which will be manifested over the coming decade. The first one is the Job Creation, which refers to the increase in employment levels through the employment expansion as per the employment growth rate. The second one is the quality of jobs, which refers to the quality of employment opportunities and thus the quality of jobs in terms of wages and working conditions as well as benefits. The third dimension of the Future of Work is the social protection, which refers to the provision of employment-based benefits for the workers such as medical benefits and social security schemes.

It is interesting to note that the employment market is undergoing very rapid changes, which is going to have very negative implications on the employment opportunities. As per the latest global scenario, the outlook for the employment opportunities is quite bleak as the global demand is decreasing at a quick pace. Thus, the job market of developed countries is also going to witness decline in the forthcoming time period.

The concept of quality of jobs is very important in defining the future of work as we do not want to lose the jobs for less. The quality of jobs in the context of the future can be understood as the type of jobs that can be easily outsourced. This type of job involves outsourcing the jobs related to specific business processes such as accounting, finance, human resource etc. Thus, the scope of outsourcing of the jobs to other countries is increasing. In this scenario the future of work refers to the type of jobs that can be easily outsourced.

The scope for employment growth is quite low due to the reduction in number of jobs. It is observed that there is an employment crisis in the United States of America. The demand of labor is very high as per the GDP growth rate, but the supply of labor is very low. Thus, the demand for jobs is relatively higher compared to the supply. The job availability also depends on the availability of skilled labor, which is not that high as per the demand.

The concept of social protection is equally important in defining the future of the working environment. Today, many people suffer from a number of social issues such as poverty, unemployment and low income. There are people who are under a permanent or temporary stress. Thus, it is essential to provide the working environment for them.

In order to provide social security schemes to them, there has to be effective implementation of social safety net, which includes health care services, unemployment benefits, maternity and paternity benefits, social security and unemployment insurance etc. These social safety net plans help provide an easy source of earning to the people who are facing difficulties due to various reasons. Hence, the concept of social protection is very important in shaping the future of the working environment.

The concept of job sharing also plays an important role in shaping the future of the employment practices. In the present, there is a demand for people who are trained in order to fill the vacancies available in the different types of jobs. Thus, the employment practices are modified so that a suitable percentage of the jobs is occupied by people who have good knowledge and skills.

The concept of flexible employment can also be defined as an agreement between the employer and the employee regarding the working hours, working schedule, working hours, holiday hours and other issues pertaining to working together. It also involves the flexibility of working hours and the like working on call. at short notice. Thus, flexible employment practices allow the employee to earn extra money while also working in a proper manner.

The future of work in different countries is also determined by the changes that are made in the laws of different countries. The basic rule of employment in different countries differs from one country to another. Hence, it is essential to have a fair knowledge of different laws in the country of your choice.Check also Digital Transformation

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