17th January 2016

WEF: Future of jobs 2016 | Czech labor market, trends

New categories of jobs will emerge, partly or wholly displacing others. The skill sets required in both old and new occupations will change in most industries and transform how and where people work. It may also affect female and male workers differently.

While only a minority of the world’s global workforce of more than three billion people is directly employed by large and emerging multinational employers, these companies often act as anchors for smaller firms and local entrepreneurship ecosystems. Therefore, in addition to their own significant share of employment, workforce-planning decisions by these firms have the potential to transform local labour markets through indirect employment and by setting the pace for changing skills and occupational requirements, World Economic Forum's recently published report Future of jobs 2016 says. Summary is available here.

In addition, a blog posted on the World Bank website says that "during the next 15 years, a total of 600 million new jobs are needed for young people entering the workforce."

Read also details from OECD-organized OECD Ministerial meeting on Labour and Employment, and a Policy Forum on the Future of Work held on 14-15 January 2016..



Also, as for the Czech Republic, a KPMG survey found 72 percent of large companies will raise wages this year due to a more competitive job market and better economic outlook. Another survey, by CSOB bank, also found 43 percent of smaller firms plan salary raises, up from a quarter two years ago, Reuters informed earlier in January. Wages rises of up to 4 percent in 2016 are predicted by the Czech Banking Association amid expectations that lower unemployment and labour shortages could strengthen the hand of workers, Radio Prague wrote. In another article published by Radio Prague, David Marek, Chief economist at Deloitte, warns that employers might have to start hiking wages to get the workers they need in skill shortage sectors. And whereas pay rises in the past were more than covered by productivity increases, a new trend might emerge in the Czech Republic where increased pay is no longer offset by productivity gains.Still, according to recent OECD data, labor productivity in the Czech Republic has been growing and should continue to grow. UniCredit Bank Chief Economist Pavel Sobíšek comments on Czech Labor Unions´ call for substantial wage rise in an interview for Radio Zet. 

Read also an article posted on the aktualne.cz server on (un)employment trends, including statistical data. Details on labor market in individual regions of the Czech Republic were recently published by the Statistical Office of the Czech Republic (in Czech and English).


Members of the American Chamber of Commerce in the Czech Republic