Economist Jutta Rump on the Topics of the Labor Market 2030 and Generation YZ
Like few other researchers, German economist Jutta Rump is dedicated to studying the new generations and their perspective on the world of work. "Changes are being driven that employers must adapt to," says the professor of human resource management. Jutta Rump will be speaking at the South Tyrolean Knowledge Forum in Bolzano on September 14th. Her topic: The labor market in 2030 and Generation YZ. Maria Christina De Paoli:Ms. Rump, in your research, you focus on the trends in the labor market and their implications for employers. What should the economy in Europe prepare for in the next 20 years?Jutta Rump: The current transformations are embedded in a potpourri of megatrends that are simultaneously taking effect and influencing each other. Digitalization, individualization, and demographic developments are just a few examples. What is new is the question of personnel. In the future, employers will have to intensively address how to qualify, motivate, and keep their employees healthy.
Maria Christina De Paoli:And what factors will drive the most significant changes?Jutta Rump: For most companies, success today depends on investments made in innovation and technology. But it also depends on the human factor. What good is the best business idea, the best business plan if my employees do not support it, if they are demotivated or not sufficiently qualified?
Maria Christina De Paoli: You claim that certain things could have been done differently earlier to address the current changes. What exactly?Jutta Rump: Take, for example, demographics and the increasing aging of our society. We should have started addressing this issue 40 years ago when birth rates suddenly dropped after the post-war baby boom. If we had invested in the compatibility of family and work back then, we wouldn't be facing this huge problem today.
Maria Christina De Paoli:To what extent are employers prepared for future developments? How much investment is already being made in the knowledge, skills, motivation, and health of employees?Jutta Rump: The general shortage of skilled workers has accelerated a change in mindset in recent years. Today, employees ask themselves, "Is this a good employer?" If the answer is "yes," they will go there, if not, they won't. A lot has happened out of necessity. But much more will need to happen. In the future, companies will need an even stronger brand - towards their customers, but also in the labor market. This is the only way to remain attractive and competitive as an employer.
Maria Christina De Paoli:Are there differences between industries and depending on the size of the companies?Jutta Rump: Every company can and must take action. It is not always about large investments, but rather about a basic attitude, a philosophy. The working atmosphere, corporate culture have nothing to do with money. And one more thing: employees today want to be deployed according to their strengths and talents. This is the only way to handle 50 years of high productivity.
Maria Christina De Paoli:Regarding digitalization: What risks does this new phase of industrialization pose for the labor market?Jutta Rump: There are always risks, but I also see opportunities in the current development. If certain tasks are replaced by technology, people will have more time for other things. A time that should not be wasted but used to drive new developments, find new ideas, and promote innovations.
Maria Christina De Paoli: What can and should the Baby Boomers learn from the new generations of workers?Jutta Rump: The values and socialization patterns of a Baby Boomer are completely different from the foundations of a young person who grew up in the 2000s. Generations Y and Z (those born after 1985 and 1995, respectively) will have to work for half a century in the future. For these people, a good work-life balance will become increasingly important, which sounds reasonable and rational under these circumstances. The new generations seek work that brings joy and meaning. They can also say no. And these are precisely the things that Baby Boomers should learn.
