The impact of the digital economy on the labor market in the Czech republic

Abstract

Many developed countries have been engaged in the Fourth Industrial Revolution for a number of years, fundamentally changing the nature of industry, energy, commerce, logistics and other parts of the economy and society as a whole. The digitization of the economy takes place in a wide range of sectors. In the context of digitization and robotization, human capital requirements will change. Business competitiveness, public performance and state power are conditioned by a number of factors, including the quality of human capital. Vision of Industry 4.0 reflects the overall trend towards a society that is increasingly encouraged by the computerization and cybernetization of most processes in the area of manufacturing, service and state functioning. These changes will have a major impact on the required qualifications and the labor market in general, taking into account also the social aspects of these impacts. New principles of work organization will be promoted, changes in the role of staff, changes in the structure and occupations of most professions, new skills will be required, impact on employment and unemployment will be reflected. The aim of this paper is to map opportunities and threats and changes in the requirements for the knowledge and skills of Y generation workers brought by Industry 4.0. The research methodology is based on the comparison of the researches conducted in the Czech Republic and the questionnaire survey focused on Y generation. This paper explores the latest technological trends and innovations. This paper brings a new insights into employment with the focus of current generations on the labor market, and recommendations for managers.