The rapid changes in the labor market in both developing and developed economies have made employers think about how to adopt sustainable strategies that can assist them to remain relevant in the global and dynamic market. Advanced economies such as the US, Japan, and the UK are expected to experience deficits of high-skilled labor by 2020 while there will be a surplus in the low-skill category.
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In young developing economies, their economies have not been able to absorb all the graduates, as well as the medium-skilled labor force. In the latter economies, low-skill workers are in surplus. The differences are due to educational attainment variations. The situation will lead to workforce imbalance and changes in the nature of work, thus forcing the relocation of workers as well as changes in work patterns. With the outsourcing of services being eminent in this situation, virtual workplaces are coming to the fore.
Developments in technology have aided this move, as in the case of Close-up: Shannon, Ireland, where over 50 employees went virtual, thus avoiding physical meetings at the workplace. The move has impacted positively on profit maximization, as organizations have been able to cut on expenses that emanate from physical meetings. The changes in the labor market coupled with changes in demographics have made employers and chief executives to be flexible in order to accommodate the changes in their companies.
In essence, businesses ought to take part in curriculum development in order to inculcate current market changes in the education system so that new graduates become diverse in their employment areas. With countries having different gender balances and age variations at the workplaces amidst the changing technological applications, there ought to be a need to incorporate universal education to ratify the labor market in order to prepare employers and employees for the new era at the workplaces.