The prospects for a recovery in the global economy are uncertain and it seems that we are in for a bumpy ride. In addition, expectations of how the world of work will change vary significantly. The working world has been undergoing a transformation for some time and the end of this process is not yet in sight. On the contrary, it seems that the process will continue to gather speed and bring further changes. For some of the players on the employment market, the consequences of the crisis are more noticeable than for others. Women and young people have been disproportionately hard hit by unemployment. There is an increasing mismatch between the expectations of workers with little education or training or with basic skills who may be working in industries where digitalisation and automation have made rapid progress and the expectations of their managers. These two groups will have to work together with politicians in future to attempt to achieve a better understanding of each other’s needs. This will allow for positive changes in the world of work and a recovery in the employment market in the post-Covid era.
The Adecco Group has carried out an international study in four countries (France, Belgium, Spain and the USA) involving a total of 1259 people (employees and employers) from different sectors. The goal of the study was to identify the trends in the labour market after the Covid-19 crisis. The study is based on two investigations that have already been completed into the after-effects of Covid-19: The New Era of Work and The inclusion imperative.
The most important findings on the future of the world of work
Greater understanding is the key to recovery
According to this study, a better understanding of employees is one of the requirements for economic recovery after the Covid-19 crisis. Understanding the needs of women and young people in particular is hugely important and can help to increase their commitment to the companies they work for.
Managers and employees have different views
The Covid-19 crisis has accelerated the digital transformation and has led many companies and managers to expect a more digitalised and technology-driven future. In contrast to the managers, the employees have a more pessimistic view of future developments. They are afraid that automation and the ongoing crisis will lead to continued furloughing, redundancies and cuts in working hours and wages. The figures show that 43 percent of business leaders expect an improvement in the world of work, while only 35 percent of employees share this positive view. By contrast, 41 percent fear a significant deterioration in the situation when compared with the period before the crisis.
Women and young adults
Women and employees in the early to middle stages of their careers have been particularly hard hit by the crisis. For this reason, these groups are particularly concerned about future developments on the employment market. While 39 percent of male employees expect an improvement in the working world, 43 percent of their female counterparts believe that there will be a significant deterioration. Alongside women, young adults have also been badly affected by the crisis and have a very pessimistic attitude as a result. Around 45 percent of Generation Z and younger millennials expect their prospects on the labour market to be slightly or significantly worse in the period after the Covid-19 crisis.
Discrepancy between employees and managers
The opinions of the two interest groups differ significantly, in particular with regard to their expectations of short-term measures. While employees primarily want more security in relation to wages and health issues and more transparency in other areas, employers and managers are more concerned about remote working and making social distancing possible in the workplace. The expectations of the two groups are more similar when it comes to long-term effects. However, in this area too there is a clear discrepancy in relation to the topics mentioned above. For example, 82 percent of business leaders expect a considerable increase in remote working, but only 48 percent of employees are of the same opinion. On the other hand, 42 percent of employees would like to see more support and more security with regard to income policy. Only 16 percent of employers regard this area as representing a long-term change in the world of work.
Future-proof skills: expectations differ
It is also clear that business leaders and employees have different views of which skills will be important in future. This leads to the risk that the skills acquired by employees will not match those required on the labour market. Among employees, 47 percent believe hard skills will be more important in future, while only 38 percent of employers share this view.