Implications of Technology Development on the Labor Market
Implications of Technology Development on the Labor Market

Author(s): Danijela Sokolić
Subject(s): Social Sciences, Economy
Published by: Udruženje ekonomista i menadžera Balkana
Summary/Abstract: The level of resources invested in STEM, innovation and R&D has never been higher, resulting in new technologies that are promising higher return rates and a new competitive edge. Technology development is influencing the way the work is performed, thus changing the structure of the organization, content of work and demand for workers` skills. Thus, technology development changes industries, organizations and occupations. When occupations are displaced, many workers are forced to reconsider their possibilities at the labor market and to broaden their job perspectives by upgrading their skills portfolio. At the same time, due to the increase in production productivity, new products and services are offered, and new markets emerge. Thus, new jobs are instated and new skills for performing them are required. Technology development led by automation (including AI, ML, etc) and digitalization have found creative and efcient ways to change traditional business models, not necessarily through resource internalization and standard employment agreements. This paper is elaborating on the concept of job and employment, and the effect technology advancements have on labor markets. Findings are related to newly emerging forms of employment and their implications for organizations and workers.

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