USA
To create the “American Workforce of the Future,” experts believe that companies must actively leverage existing digital technologies and be prepared to adopt new innovations. Companies that have not yet achieved high productivity can learn from market leaders by following these steps:
• Develop a clearly defined digital strategy.
• Mobilize the entire workforce for successful implementation of innovations.
• Be flexible and focused on continuous development and growth.
• Engage specialists with technological expertise to implement new projects.
From the government side, policies can support the intangible assets economy by creating favorable conditions for its growth. Reforms regarding intellectual property and competition policy can provide opportunities for innovation by addressing situations where overly broad protections or industry dynamics suppress competition. Such changes should be carefully distributed across sectors and even individual companies.
The government can also directly support innovation by coordinating value chains, refining regulatory standards, and optimizing policies to ease restrictions on new investments.
Agencies like NASA have successfully done this in the past, creating new ecosystems for high-tech manufacturing. Policies that simplify land-use rules can do the same for areas like renewable energy by facilitating the construction of solar, wind, and geothermal power plants, as well as the necessary electrification infrastructure. Federal legislative solutions, such as the CHIPS Act of 2022 (a law supporting domestic semiconductor manufacturing and authorizing various federal science agency programs and activities) and the Bipartisan Infrastructure Law (part of the Infrastructure Investment and Jobs Act, which allocates up to $108 billion for public transit – the largest federal investment in public transportation in U.S. history), can have a significant positive impact, as they offer potentially promising opportunities to expand research and development.
In striving for environmentally friendly production, business leaders and policymakers face the challenge of balancing the speed of this transition with its affordability. To do this, policymakers and other stakeholders may need to reconsider their strategies, taking into account different timelines and transition costs across various industries and regions.
It is important to focus efforts on three key areas.
First, there should be a focus on proper capital allocation and the creation of new investment structures to promote and expand innovative solutions. This also includes developing incentive mechanisms and risk management for existing assets.
The second area involves managing changing demand and supporting innovation by investing in research and development, as well as creating new production ecosystems.
Finally, attention must be given to the social consequences of the transition by helping workers retrain and offering programs for economic diversification in regions that may suffer during the process of this change.
However, it is worth noting that one of the major challenges in the U.S. is the relative stagnation in certain geographic areas where the economy struggles due to low productivity and a lack of jobs. This issue affects some cities as well as remote rural areas. These economic problems are often tied to social issues, such as declining life expectancy and rising rates of drug dependence. Interestingly, many workers prefer to stay in their home regions despite economic difficulties due to cultural factors and other advantages of living in these areas. Many skilled professionals also prefer to work and live in large cities, making it harder to recruit them in other regions.
To address these challenges, many local initiatives aim to “revitalize” these areas. Some have been successful, while others have not delivered the expected results. For example, some initiatives targeting worker support, such as tax incentives, have proven insufficient. To effectively solve these problems, more detailed research is needed to determine the most effective methods and directions for action.
Prepared by: Ruslan Sultanov, independent expert
