The World Economic Forum’s 2024 Annual Meeting, held in Davos-Klosters, Switzerland, from January 15 to 19, brought together the most important world leaders under the theme “Rebuilding Trust”. The meeting focused on analysing crucial global challenges and priorities, including security in a fractured world, job creation and growth in 2024, artificial intelligence as an economic and social engine, and strategies for climate, nature and energy.
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With regard to trends and prospects for the global labour market, the debates held at this event can be summarised in four blocks:
- A new economic framework for a prosperous future.
- Balancing growth, innovation, and inclusion.
- Knowledge transfer, skills development and AI.
- Resilience and digital jobs.
Jobs and Growth in 2024: A New Economic Framework for a Prosperous Future
Discussions on job creation and growth in a new era highlighted the need for a renewed economic framework that puts people at the centre of a more prosperous future. This involves collaboration between governments, businesses, and civil society to address challenges such as climate change, conflict, economic uncertainty, and technological advances.
Jobs and growth in 2024: Balancing growth, innovation and inclusion
Participants discussed how to balance the drivers of growth and productivity with the complexity of innovation, inclusion, sustainability, and resilience. The need to align investments in economy, technology and environment with investments in employment, skills, health and equitable opportunities was emphasized. Sustainability and the promotion of inclusion in environments of high diversity are two of the areas that will most affect the labour market in the coming years, aspects in which, from our field of action, we can help you from the Consulting and Organisational Transformation Area of Psicotec.
Jobs and growth in 2024: Knowledge transfer, skills development and AI
The importance of transferable skills and knowledge was highlighted. In this area, it is worth highlighting the tremendous potential of AI to facilitate personalized learning and maximize productivity. In addition, a correct transfer of knowledge and development of critical skills enables a greater capacity to attract talent in developed and developing markets. From Psicotec’s Training and Talent Development Area we offer various solutions aimed at promoting the development of personal, relational and leadership skills, true levers that will allow future personal and organizational growth.
Jobs and Growth in 2024: Resilience and Global Digital Jobs
The change in work models and typologies implies a growing need for resilience on the part of companies. But on the other hand, new global digital jobs present an opportunity to harness talent globally. Digital and technological professionals will continue to be essential, but, in addition, the incorporation of digital skills by “traditional” professionals in organizations must be influenced. Thus, the current labor market will be transformed into a global talent market, in which it will be increasingly common to have customized teams located in different parts of the planet.
Hence the importance of having a good strategy for attracting international talent. Something in which we can undoubtedly help you from the Search, Selection, Executive Search and Headhunting Area of Psicotec. It is the origin of our business that, since 2022, we have relaunched thanks to our adhesion to the ENEX Global Direct Search Network: Today we help you search for the professionals you need in more than 50 countries around the world.
Key predictions for the labor market
Beyond these areas on which participants were able to reflect, the World Economic Forum highlighted some key predictions for the near future of the global labour market. Some of the most important are:
- Demand concentrated in specific sectors: There will be greater demand for jobs in areas such as health, social care, consumer experiences, customer services and those that support the green transition.
- Rise of AI and digital jobs: AI will replace some jobs, but it will also create new ones. There will be a high demand for high-skilled digital jobs, such as software development, finance, and healthcare management.
- Decline in high-paying remote work: There will be fewer high-paying jobs available remotely or hybridly. The highest-paying roles, especially in the healthcare sector, will require face-to-face work.
- Emphasis on skills and reskilling: It is expected that 23% of the world’s workers will change jobs in the next 5 years. This high mobility implies the need to constantly develop new skills.
- Increased participation of women in the labour market: More women in the workforce will facilitate the reduction of gender gaps and an improvement in labor equality.
For more information on what was discussed at the World Economic Forum 2024:
- Future of Growth Report 2024: https://es.weforum.org/agenda/2024/02/asi-es-como-lograr-un-buen-crecimiento-segun-los-expertos-de-davos/
- Workforce and employment: https://es.weforum.org/agenda/employment-and-skills/
At Psicotec we are committed to the talent and development of our teams and organizations. If you have any HR needs, we will be happy to help you find the best possible solution.