Rethinking the pace of labor investment has never been more appropriate. 2020 kicked off with a devastating pandemic, forcing countries to remain in complete isolation to prevent the spread of the virus and overload their health systems. Although in a few months, there are already indicators - at least in the short term - of the economic downturn and rising unemployment as a result of this situation. However, we still understand how much the pandemic will affect our daily lives. We are already seeing the changes around us - the changing work patterns, the need to terminate employees, the restructuring of some businesses, the changing job profiles, the change in the required qualities and competencies of employees meeting the new normality. That is why now, more than ever, is the best time to look at opportunities for workforce development.
This edition of the Inovantage report examines the changing approaches to human capital. In particular, the specific areas in which companies can invest in the development of their human capital in order to be fully prepared for the future of work. Because their most valuable asset today is people - those who are able to learn and adapt to new circumstances. That is why investments in skills development and retraining, in flexible forms of work and lifelong learning are crucial for the future of businesses today.
The report examines labor investment in the context of employment, education and the economy. Global labor development trends are analyzed, but the focus is on Central Europe and the regions of the Middle East and North Africa, including Greece, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Croatia, Romania, Bulgaria, Serbia, Turkey and The United Arab Emirates.
Key findings:
• More skilled workers lead to better productivity, better individual incomes and more security in a frequently changing labor market.
• Ensuring that workers' skills meet future expectations for a change in the labor market, reduces shocks caused by technological change and leads to proactive adaptation.
• Workforce skills are a long-term advantage for individual organizations that invest in retraining and upgrading their employees.

• Flexible forms of work allow under-represented groups to have better access to the labor market, while reducing the risk of long-term unemployment.
• Many countries are lagging behind in flexible practices, but recovery from a pandemic can involve significant changes in the workplace.
• For real flexicurity, social security systems need to be changed and adapted to the new labor market.
• Lifelong learning is a more comprehensive form of training and retraining and is often regulated as part of companies' public policies.
• Lifelong learning is needed to prepare societies for technological change and an aging workforce.
• Lifelong learning benefits all major stakeholders in the workplace, including employees, employers and institutions.

Source: https://adeccobulgaria.com/