The state of the labor market during the transition to the fourth industrial revolution

Abstract

The article discusses the issues of one of the industries that is undergoing changes due to the
development of the digital economy – the labour market. The labour market directly affects the economic,
social, and political life of society. Currently, the world, which is under the influence of the process of
scientific and technological globalization, is facing trends, the subtleties of which are not fully disclosed.
Socio-economic changes occurring in society as a result of such trends have a significant impact on the
labour market. The emergence of this process in science is associated with the beginning of the “Fourth
Industrial Revolution”. As a result of the digitalization of the labour market, humanity is going through
a period of transition from classical labour skills to new transformed labour relations. Due to the changes
in such a transitional period, each state makes one of the foremost goals – to meet the requirements of
globalization. Not legally fixed, but actively applying in the social environment, knowledge of the new
requirements of the current time becomes relevant. The article examines the requirements and risks arising
from the inequality of digitalization in the labour market, adapted to the consequences of scientific and
technological progress. The study identifies the factors that influenced the transition from the classical
model of the labour market to a new global model in the short term, and identifies the resulting risks. It is
worth paying attention to the role of human capital in the new labour model. The application of the theory
of adaptation studied by classical sociologists in the digitized labour market is relevant. The new version
of the labour model poses the problem of a shortage of qualified specialists. And the inability of low-skilled
specialists to meet the requirements of the new era affects not only the psychological state, but also affects
the degree of the country’s economy