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Article Title

The New Deal at Work

Authors

Peter Cappelli

Abstract

The traditional employment system with secure, lifetime jobs offering predictable advancement and stable pay has given way to a new, more open-ended arrangement that is continually being negotiated between employer and employee. Evidence is presented both about the factors driving this new relationship and the subsequent changes in labor market outcomes. Tighter labor markets have, perhaps temporarily, shifted power from employers to employees, leading to new problems for employers and fundamental challenges to traditional models for management. These developments also raise new challenges for society and in particular to the long-standing interest in protecting employees from some of the destructive aspects of market forces.

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