LABOR MARKET REQUIREMENTS: TRANSFORMATIONAL BUSINESS PRACTICES

Abstract

The article considers the Fourth Future of Jobs 2023 report released at the World Economic Forum on changes in the global labor market caused by innovation and technological shifts; it is stated that there have been no such studies in Ukraine so far. The transformation of business practices in the labor market has been traced based on Forbes Ukraine research on the ranking of lead ing enterprises and Work.ua on wages in 2023 and the trends of its change in various fields and in the leading industries of production. The common (recognition of one’s own merits and proper appreciation of work by the employer, decent pay, protection and flexibility of employment) and distinctive features of these changes in the world and in Ukraine are clarified: donations and charitable contributions for the needs of the Armed Forces of Ukraine, rapprochement of society and business, entrepreneurial flexibility, ingenuity, cleverness, creativity, responsiveness, adaptability, autonomy, changing the status of television, creating new protective structures, giving preference to workers with “soft skills”. The expediency of introducing the term “transformational business practices” into modern scientific discourse is substantiated. It is suggested that the term “transformational business practices” should be understood as the results of developing new and changing creative business practices. The prospects of transformational business practices for the next five years are outlined: encouraging employers to change with the active participation of employees; the impact of the wage level on employment; employment protection and flexibility; balance between work and personal life; professional burnout; innovations and NBIC-initiatives as catalysts of labor market transformation; robotization of production; transition to a “green economy”; reduction of irrelevant jobs and creation of urgent jobs; the demand for certain professions; giving preference to employees with “hard skills”; diversity, equality and inclusion; training in production processes and their automation. According to the results of a study by the Work.ua company, it is indicated that the growth of the wages of young and qualified professionals was influenced by the practices of slowing inflation, the growth of the dollar exchange rate and the average nominal wage, the decrease in the level of unemployment and competition, the lack of qualified personnel and the demand for higher wages from the current employees. It is proposed to recognize the improvement of old and the development and implementation of new business practices as a priority direction for the development of the labor market.