Jobs and growth in 2024 according to the World Economic Forum (Davos)

The World Economic Forum's 2024 Annual Summit, held in Davos-Klosters, Switzerland, from January 15-19, brought together the world's top leaders under the theme "Rebuilding Trust." The meeting focused on analyzing crucial global challenges and priorities, including security in a fractured world, job creation and growth in 2024, artificial intelligence as an economic and social driver, and strategies for climate, nature and energy.

With regard to trends and prospects for the global labor market, the discussions held at this event can be summarized 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

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 center of a more prosperous future. This involves collaboration between governments, business and civil society to address challenges such as climate change, conflict, economic uncertainty and technological advances.

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 jobs, skills, health and equitable opportunities was emphasized. Sustainability and the promotion of inclusion in highly diverse environments are two of the areas that will most affect the labor market in the coming years.

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, the correct transfer of knowledge and development of critical skills enables a greater capacity to attract talent in developed and developing markets. 

Resilience and global digital jobs

The change in work models implies a growing need for resilience on the part of companies. But on the other hand, new global digital jobs are clearly an opportunity to leverage talent globally. Digital and technology professionals will continue to be essential, but, in addition, the incorporation of digital competencies by "traditional" professionals must also be emphasized. 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 world.

Hence the importance of having a good international talent attraction strategy. This is something that ENEX can certainly help you with. With partners in more tan 50 countries all around the world, Direct and Executive Search worldwide has never been so close!

Key predictions for the job 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 labor market. Some of the most important are:

·        Concentrated demand in specific sectors: There will be greater demand for jobs in areas such as health, social care, consumer experiences, customer services and those supporting the green transition.

·        Rise of AI and digital jobs: AI will replace some jobs, but will also create new ones. There will be high demand for highly 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 hybrid. Higher-paying roles, especially in healthcare, will require face-to-face work.

·        Emphasis on skills and retraining: 23% of the world's workers are expected to change jobs in the next 5 years. This high mobility implies the need to constantly develop new skills.

·        Increased participation of women in the labor market: More women in the labor market will facilitate the reduction of gender gaps and an improvement in labor equality.