New labour market trends and developments

Abstract

Subject. The new management paradigm arising from changes in the external and internal environment requires a change in the priority of elements that ensures the successful functioning of an economic entity, maintaining its competitiveness, and preserving the consumer segments of the produced goods and services. The priority of human resources means the need for a timely introduction of the evolutionary and revolutionary processes related to the labour force supply and demand, as its capacity reserve tends to decrease.Objectives. The purpose of the article is to provide an insight into the development of scientific thought, firstly, by regarding the evolution of traditional trends that characterise the modern labour market. Second, we described the emerging trends in the supply and demand of the labour force and the corresponding transformation of human resource management in organisations. Methodology. To achieve our objectives, we used general and empirical research methods. Analysis and synthesis were applied to obtain new knowledge on the topic. We used analysis to identify the components of the progress of scientific thought from the signal indicating the emergence of a trend to the identification of its drivers and challenges. Through analysis, we also identified the features of supply and demand of the labour force in the modern labour market, which is characterised by staff diversity. Statistical analysis revealed the current patterns of the changes in the Russian labour market, indicating the emergence of new trends. Synthesis made it possible to gain a single comprehensive view of the current cascade of trends and possible shifts in the behaviour of younger and older workers in the labour market.Results. The article presents the structured provisions that substantiate the impact of the cascade of trends on the development of the labour market and changes in the supply and demand for the labour force of younger and older workers. The outlined idea promotes the scientists’ conclusions about the existence of trend cascades. Managing these cascades in the labour market makes it possible to apply the conclusions of trendwatching to influence the emerging signals indicating the strengthening of a new trend that is undesirable for human resource policy.Conclusions. Significant shifts in the age structure of the population are changing the ageing megatrend, that has become global, as well as its impact on the labour market. The analysis methods used in the article, first of all, supported the researchers’ opinion that “success” as the goal of the new management paradigm can be achieved based on a knowledge of the trends that determine the vector of employer’s activities in order to keep up, succeed, and retain their positions several steps ahead of the competitors. Second, they allowed us to identify the mechanism of the emergence, development, and extinction of trends in the labour market and the formation of trend cascades. Third, they supported the theory of drivers that can change the substance and stability of the trend and, therefore, provide opportunities to manage it. Fourth, they allowed us to substantiate the changes in labour demand, which is characterised by a rapid and frequent change in the requirements for a worker to fill modern positions requiring new knowledge, practical and cognitive skills, and behavioural patterns. Fifth, they allowed us to demonstrate a priority shift towards new forms of dependent labour to match the new values and attitudes of employment applicants and employed personnel. Sixth, they allowed us to substantiate the potential of the segment of older workers in influencing the trend of ageism and the formation of ecosystem and occupational health policies in organisations. Seventh, they can be used to prevent in advance the disruption of the natural personnel rotation of different age generations in the labour market and the transfer of professional experience from the older generation of workers in the internal competitive environment.