LABOUR MARKET TENDENCIES IN THE ERA OF THE FOURTH INDUSTRIAL REVOLUTION
In the era of the Fourth Industrial Revolution, technological change is also transforming the labour market. Technological and structural unemployment is simultaneously present in the economy, as well as the labour shortage causes many problems for the firms. The labour market has to respond to both demographic and technological change, while workers’ expectations and workers’ preferences are transformed in the digital era. The biggest fear in the new technological era is related to robots, which generate the loss of jobs because they can substitute human resources in an efficient way. Technological changes typically threaten lower-skilled workers doing routine tasks, while the need for a high-skilled workforce combined with creativity is increasing. This asymmetry of training already appeared in the earlier industrial revolution, but nowadays digital literacy, as well as the technological knowledge necessary for the operation of machines and equipment, are becoming a basic skill, so new competence requirements are formulated for the employees. In the era of the Fourth Industrial Revolution, not only robots cause problems in the global labour market, but also international trends that cause major transformation in both the supply and demand side of the labour market. Effective labour market adaptation to technological change can be the key to competitiveness in the new technological era. This research aims to provide a short analysis of the differences in the European labour market in the era of the Fourth Industrial Revolution. The labour demand and supply will be analysed in order to highlight the main tendencies related to the qualitative features of labour market in the new technological era.