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Currently, the world is facing an unprecedented challenge which is "youth bulge" with a high rate of unemployment. It is argued that the employability challenges will be compounded by the impacts of the Fourth Industrial Revolution (4IR) and Society 5.0, and "Open talent economy" is the new economy replacing traditional permanent employees with talented "free lancers" to perform the required work from anywhere in the world. Currently, institutions around the world prefer to employ those who have skills for specific projects. Gig economy primarily depends on two forms of work: "crowd work" and "work on-demand". In addition, in the last five years, "artificial intelligence" (AI) has begun to replace people in many of routine jobs, and will continue to replace people in new unimaginable jobs that may arise in the future due to the continuous developments of smart technologies. Accordingly, there is increasing trend that calls for the necessity of preparing a flexible or liquid workforce able to constantly adapt itself to the requirements of fast-changing labor market, and establishing a culture of flexibility in moving between businesses according to the needs of the labor market.