7 Must Watch Trends Impacting the Future of Employment

Change is constant. The way we do things and how we work continues to evolve. Changes to the economy, technological innovations, politics, industry regulations, new generations entering the workforce and many other factors have and will continue to shape employment trends in Canada.

Does your company keep up with the ways the Canadian workplace is changing? It’s important to understand these trends to adjust work roles accordingly. The jobs today will look very different a decade from now. Changing with the times is essential.

Part of being proactive about hiring and recruiting is looking for new and emerging trends that can impact employment. It’s important to understand how the workplace is changing, how it affects your company, how you do things, and the type of skilled professionals you will need for your company to succeed.

Recently, Nesta has identified seven megatrends that will impact the future of work. The goal of their report is to challenge business leaders to bring to light important trends that can positively or negatively affect the workforce in the future, identify how these trends can affect each other, and how they could evolve. These trends are outlined below:

1. Technological Change

We all know technology is a leading change catalyst in all industries. It continues to change our workplace. Here are the key trends identified in the study to monitor:

• Automation
• Technological progress and job creation
• Adoption and diffusion
• Digital technologies
• Sharing economy
• Internet of things
• Hardware and materials

2. Globalization

How business is done continues to change. Here are the key globalization trends that could affect your business in the future:

• Unwinding trade imbalances
• Peak globalization
• The importance of place
• Specific trade opportunities
• Growing global middle class

3. Demographic Change

The workforce is getting younger. What workers value, how they are motivated, and their expectations for employers is evolving. Monitor these trends:

• Ageing population
  • Macroeconomic impacts
  • Sector impacts
• Millennials

4. Environmental Sustainability

The effects of climate change are vast. They will affect how companies operate in the future. Trends include:

• Impact of climate change
• Transition to low carbon economy

5. Urbanization

How society is shaped will affect how things are structured. Trends include:

• Latest wave of urbanization
• Growing demand for infrastructure

6. Increasing Inequality

Social, racial, and gender equality continue to be important issues. Trends in this area include:

• Inequality and its drivers
• Macro and microeconomic impacts

7. Political Uncertainty

Politics always has a large effect on the economy. Here are some of the top trends to monitor:

• Economic impacts of uncertainty
• Rising political uncertainty
• Drivers of policy uncertainty

Read the study here: https://brookfieldinstitute.ca/wp-content/uploads/Turn-and-Face-the-Strange-FINAL-online-1.pdf

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