Future Economy and the Challenges before Labor and their Organizations

Abstract

The main question to answer by this paper is to know how future economy will be and how it will affect the labor workforce and their organization, i.e., the trade unions. As we are moving in a world where the nature of jobs is changing and this is affecting the labor as they are getting eliminated from the economy. With platform capitalism coming into picture, the meaning of contract has been changed from employment to partners. The purpose was to find out how the future work will shape our economy and what kind of jobs will emerge at that time so that we can give training to the workforce accordingly. The paper is based on the review of previous works and the current scenario of the labor market. With this, the result obtained was that we will be requiring the skilled labor as the unskilled jobs will be eliminated in coming future. With trade unions and their decreasing membership due to contract work and robots, the paper concludes that there will be need of single trade union within an industry so that it can bargain with the industry as whole. The focus is also given to the role of government to come up with different social safety nets to encounter with the changing dynamics of labor as more people will be retrenched. The paper wants to show the relation between the future economy and the future jobs in context to the future labor force and role of trade union in it, and how different bargaining powers between the different agents in labor market will derive the labor sector.