Social scientists at the University of Southampton have developed an economic model to help understand how different policy pathways can address labour and skills shortages caused by ageing populations. The model, which simulates national economies from countries across Europe, explores the effects and trade-offs of different policy strategies, including AI, robotics and migration, over five to ten years.
Several recommendations to consider for developing socio-economic policy to address skills shortages were highlighted as a result of the research. Migration and job automation were found not to be magic bullets, but could be important parts of multidimensional policy strategies which focus on attracting workers to labour market sectors facing shortages, as well as addressing gender gaps in the workforce and offering flexible and decreased hours in sectors to make labour markets more attractive.
Find out more
Image: Jsme MILA, Pexels