The Saudi Arabian Ministry of Human Resources and Social Development recently released the Global Labor Market Conference (GLMC) Annual Labor Market Dynamics report.
This comprehensive report, ‘Navigating Tomorrow: Mastering Skills in a Dynamic Global Labor Market’, highlights the urgent need for lifelong learning and upskilling amidst rapid technological changes, economic globalization, demographic shifts, and climate change.
The report underscores the Kingdom’s commitment to workforce development, aligning with the Vision 2030 goals by focusing on economic diversification and job creation.
Discussions at the GLMC are aimed at supporting comprehensive initiatives designed to assist young workers, including enhancing education and training programs, fostering entrepreneurial skills and bridging the gap between academic qualifications and market demands to ensure that young workers are well-prepared for the future labor market.
Skills obsolescence
According to the report, over 50% of people in major economies, including the USA, China, India, Spain, Brazil, Saudi Arabia, and Nigeria, fear their job skills could become partially or fully obsolete this decade.
Workers are increasingly pushing for opportunities to retrain in the face of powerful global forces, especially in markets experiencing rapid technological industrialization.
Barriers to upskilling
There are several barriers hindering upskilling efforts. A combination of poor collaboration between the public and private sectors, limited time, and financial constraints are significant obstacles.
Climate change
The report also highlights the importance of cognitive, management, socio-emotional, and STEM skills for thriving in today’s tech-enabled labor market. Cognitive skills, including critical analysis, problem-solving, and innovative thinking, were rated as the most essential, both now and in the future.
The findings suggest a growing awareness of automation and the need to develop human skills that will help people succeed in the technology-driven world economy.
The Global Labor Market Conference will host its second annual meeting at the King Abdulaziz International Convention Center in Riyadh from January 29-30, 2025. The event will convene over 5,000 attendees and feature more than 200 international speakers, including 40 labor ministers, CEOs, international experts, and public sector leaders from over 50 countries, a press statement concluded.
