{
  "title": "Tomorrow's Workplace",
  "publication": "IMF Blog, May 31, 2017",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2017/05/31/tomorrows-workplace",
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  "summary": "Publication date: May 31, 2017",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: May 31, 2017\n- Theme: Millennials and the future of work; impacts of technology and economic conditions on young adults\n- Platform: IMFBlog — a forum for views of IMF staff and officials\n- Institutional note: The IMF is based in Washington D.C. and is \"an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.\""
    },
    {
      "heading": "Changing nature of work",
      "content": "- Traditional trajectory: Baby boomers and Generation Xers often secured regular full-time jobs with benefits such as paid leave and a generous pension.\n- Current reality for millennials:\n  - Increased difficulty securing full-time jobs.\n  - Greater prevalence of work in the \"sharing economy.\"\n  - \"About 40 percent of independent workers in the United States who make a living as freelancers are millennials,\" according to New York University professor Arun Sundararajan."
    },
    {
      "heading": "Macroeconomic headwinds for millennials",
      "content": "- Timing: Millennials entered the workforce \"during the most severe global economic crisis since the Great Depression.\"\n- Youth unemployment: In many countries, youth unemployment \"spiked at over 20 percent of the work force,\" and \"it remains stubbornly high.\"\n- Long-term financial challenges cited:\n  - Rapidly escalating cost of education.\n  - Delayed home ownership.\n  - Uncertainty of retirement income.\n- Consequence: \"Millennials will play financial catch-up for years to come, and will bear much greater personal responsibility for their financial future than their parents,\" write Lisa Dettling and Joanne Hsu from the US Federal Reserve."
    },
    {
      "heading": "Technology: opportunities and risks",
      "content": "- Positive: The digital economy \"has enabled the creation of millions of new jobs.\"\n- Negative / risk: \"Artificial intelligence and robotics may soon displace even complex human activities such as driving a car, providing health care, and giving legal advice.\"\n- Implication: \"Staying competitive in tomorrow’s economy will therefore require lifelong learning,\" writes the IMF’s Nagwa Riad."
    },
    {
      "heading": "Millennial perspectives",
      "content": "- Voices: Five millennials from around the world were asked for their views.\n- Highlighted quote from Kathy Gong of China: \"Our future depends on the young people because they are at the core of creativity, the force behind breakthrough innovation, advocates for a fairer society, and drivers of economic growth and societal improvement.\"\n- Tone: Optimism paired with determination to create a better society."
    },
    {
      "heading": "Key takeaways",
      "content": "- Structural shift in employment patterns toward freelance and sharing-economy work; specific statistic: \"About 40 percent\" of U.S. independent workers who earn a living as freelancers are millennials.\n- Persistent labor market damage from the global economic crisis; specific observation: youth unemployment \"spiked at over 20 percent of the work force.\"\n- Millennials face compounded financial pressures — education costs, housing delays, retirement uncertainty — implying prolonged \"financial catch-up.\"\n- Technological change presents both job creation and displacement risks; response emphasized: lifelong learning.\n\nSource: IMFBlog post \"Tomorrow's Workplace\", May 31, 2017.\n\n---\n\n Content in this bundle\n\n- Millennials and the Future of Work - FINANCE & DEVELOPMENT June 2017 - IMF\n  - Millennials and the Future of Work - FINANCE & DEVELOPMENT June 2017 - IMF (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Millennials and the Future of Work - FINANCE & DEVELOPMENT June 2017 - IMF (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Finance & Development\n- Millennials face myriad challenges\n- changing nature of work itself\n- uncertainty of retirement income\n- financial catch-up\n- lifelong learning\n- five millennials from around the world\n\nSource: https://www.imf.org/en/blogs/articles/2017/05/31/tomorrows-workplace"
    }
  ],
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    "[Markdown version](/en/blogs/articles/2017/05/31/tomorrows-workplace/index.md)",
    "[Structured JSON version](/en/blogs/articles/2017/05/31/tomorrows-workplace/index.json)",
    "[Bundle manifest](/en/blogs/articles/2017/05/31/tomorrows-workplace/bundle-manifest.json)",
    "Published: May 31, 2017",
    "Publication date: May 31, 2017",
    "Theme: Millennials and the future of work; impacts of technology and economic conditions on young adults",
    "Platform: IMFBlog — a forum for views of IMF staff and officials",
    "Institutional note: The IMF is based in Washington D.C. and is \"an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.\"",
    "Traditional trajectory: Baby boomers and Generation Xers often secured regular full-time jobs with benefits such as paid leave and a generous pension.",
    "Current reality for millennials:",
    "Timing: Millennials entered the workforce \"during the most severe global economic crisis since the Great Depression.\"",
    "Youth unemployment: In many countries, youth unemployment \"spiked at over 20 percent of the work force,\" and \"it remains stubbornly high.\"",
    "Long-term financial challenges cited:",
    "Consequence: \"Millennials will play financial catch-up for years to come, and will bear much greater personal responsibility for their financial future than their parents,\" write Lisa Dettling and Joanne Hsu from the US Federal Reserve.",
    "Positive: The digital economy \"has enabled the creation of millions of new jobs.\"",
    "Negative / risk: \"Artificial intelligence and robotics may soon displace even complex human activities such as driving a car, providing health care, and giving legal advice.\"",
    "Implication: \"Staying competitive in tomorrow’s economy will therefore require lifelong learning,\" writes the IMF’s Nagwa Riad.",
    "Voices: Five millennials from around the world were asked for their views.",
    "Highlighted quote from Kathy Gong of China: \"Our future depends on the young people because they are at the core of creativity, the force behind breakthrough innovation, advocates for a fairer society, and drivers of economic growth and societal improvement.\"",
    "Tone: Optimism paired with determination to create a better society.",
    "Structural shift in employment patterns toward freelance and sharing-economy work; specific statistic: \"About 40 percent\" of U.S. independent workers who earn a living as freelancers are millennials.",
    "Persistent labor market damage from the global economic crisis; specific observation: youth unemployment \"spiked at over 20 percent of the work force.\"",
    "Millennials face compounded financial pressures — education costs, housing delays, retirement uncertainty — implying prolonged \"financial catch-up.\"",
    "Technological change presents both job creation and displacement risks; response emphasized: lifelong learning.",
    "**Millennials and the Future of Work - FINANCE & DEVELOPMENT June 2017 - IMF**",
    "[Finance & Development](http://www.imf.org/external/pubs/ft/fandd/2017/06/index.htm)",
    "[Millennials face myriad challenges](http://www.imf.org/external/pubs/ft/fandd/2017/06/burke.htm)",
    "[changing nature of work itself](http://www.imf.org/external/pubs/ft/fandd/2017/06/sundararajan.htm)",
    "[uncertainty of retirement income](http://www.imf.org/external/pubs/ft/fandd/2017/06/soto.htm)",
    "[financial catch-up](http://www.imf.org/external/pubs/ft/fandd/2017/06/dettling.htm)",
    "[lifelong learning](http://www.imf.org/external/pubs/ft/fandd/2017/06/riad.htm)",
    "[five millennials from around the world](http://www.imf.org/external/pubs/ft/fandd/2017/06/youth.htm)"
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