STRUCTURAL TRANSFORMATIONS OF THE GLOBAL LABOR MARKET

Abstract

The article defines the essence and structure of the global labour market as a complex integrated structure that plays an important role in the global economy. The global labor market is a system of economic mechanisms, norms, tools that provide the interaction of labor demand and its proposals at the international level.The structure of the global labour market is determined. It is stated that its specific segment is the market of offshore labour. Offshore labour is a transfer of some types of work from one country to another. The advantages and disadvantages of the оffshore labour in the global labour market are determined, factors influencing the country's choice for offshore labour have been investigated. The main advantage of offshore labour is to reduce company costs for staff, optimize business processes and efficient resource allocation across the global economy.Structural transformations of the global labour market in the context of labour supply and demand, labour prices are determined. Trends characterizing the future of the global labour market are synthesized. Analysis of the structural transformations of the global labour market gives us a possibility to forecast future changes of this market. They consist of reducing the demand for unskilled labour, increasing the demand for highly skilled labour, increasing professional requirements for specialists, which causes changes in the structure of their professional competences, the further development of offshore labour.The education system will be transformed in line with the challenges of the global labour market. Automation and optimization lead to transformation of job places (by 2025 30% of jobs will be reduced, and they will be replaced by up to 50%. Professions and requirements for specialists' competencies are transformed, lifelong leaning become a common practice today.