The problem of work, I think, can be stated as follows. Work, since it occupies a solid part of our waking lives and is necessary for individual sustenance and a functional society, is a particularly influential force in shaping our identities. In this respect, work is what Volf calls a "fundamental dimension of human existence." However, much of work in modern industrial society is deeply alienating.
Volf believes that this is a problem so fundamental that it can only be adequately addressed on a theological, religious level, as any attempt to do so on a political or psychological level lacks normative values, without which human activity is directionless. As such, the book is likely to be unpalatable to most modern individuals who read it, though I believe it is still a valuable text to the secular mind.
Volf's "Toward a Theology of Work" offers (the beginnings of) a theological framework to understand the importance of work in modern society and in personal life. Broadly, I think the book can be broken down into three main parts: (1) a review of contemporary understandings of work, focusing on Adam Smith and Marx's views (as the progenitors of capitalism and socialism, respectively), (2) an outline of his pneumatological theology of work, and finally (3) a discussion on alienation.
Volf's pneumatological theology of work is founded on the doctrine of "new creation", which is rooted in an interpretation of the apocalypse in Revelation as a transformation of rather than the destruction of the world as we know it. This interpretation views "new creation" as a fundamental reaffirmation of the original creation, and thus frames the telos of human history as a process of bringing about a New Jerusalem. As such, human work ought to be viewed in the context of this ultimate cosmological narrative, and as being in service of the Holy Spirit. In particular, Volf underscores the importance of developing, acquiring, and manifesting "charisms" (i.e., gifts from God) as central to fulfilling work.
The dialectical significance of such a theology should not be lost on the reader. Volf's theology is a major break from the Protestant understanding of work as "vocation" (it is more suitable to the dynamic nature of modern employment). It breaks from Smith's discussion of the division and consequent alienation of labor (it affirms the utility of a market economy but rejects the necessity of alienation of labor). Finally, it breaks from Marx's view that humans are fundamentally constituted by their work (it acknowledges the existential importance of work, but roots human value and dignity in the transcendental rather than in the professional, thereby addressing the problem of alienation).
The book falls short in some respects. Primarily, since it cannot offer policy recommendations, it can be read in a way that encourages a disquieting acceptance of alienation (though Volf is aware of and does address this possibility). Of course, there is also the problem that making religious or normative claims is no longer politically correct in modern society. However despite these objections, as a sketch of a plausible answer to the problem of work, I think it makes great strides.