5 Takeaways from Davos 2024 impacting Human Resources Management
Nurlan Shikhaliyev
Strategic Human Resources Management I HR Tech I People Analytics
In the job market, half the global labour force might need reskilling by 2025.?In schools, if current trends continue, many students will continue to lack the skills necessary to thrive in the future of work.
Accelerated progress on better education and upskilling could add $8.3 trillion to Global GDP by 2030.
2. Putting Skills First is important for Building Efficient and Equitable Labor Markets.
Employers need to rethink their limited focus on using educational achievement and previous experience as proxies for the skills they require. Such an approach perpetuates the scarcity of talent and excludes many people who would otherwise be hugely valuable in the workplace.
A “skills-first” approach focuses on whether someone has the right skills and competencies for a particular role, rather than how the skills have been acquired.
3. GenAI could reshape the way we work.
GenAI is a powerful tool that could place employees at the forefront of innovation, enabling them to create value while also enhancing their roles. By using genAI responsibly to automate repetitive and time-consuming tasks, generate creative content and advise as an intelligent co-pilot, these employees can redirect their efforts toward more strategic and high-impact activities.
GenAI could transform as much as 40% of people's working hours in certain jobs performed across modern industries like telecommunications and media.
This figure show occupations that has higher potential for automation.
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4. GDP as a metric does not indicate the quality of growth and its impact on the health of people and planet.
The world is just halfway towards innovative, inclusive, sustainable and resilient growth.
5. Recruitment and development of talent requires change.
In Europe, around one in 30 jobs currently remain unfilled - or 2.9% - which is the highest rate ever recorded.
In the US, meanwhile, there are over 3 million more job openings than there are unemployed workers - at 9.6 million and 6.4 million respectively.
Talent shortages and tight labour markets impact economic growth. Six in 10 businesses say skills gaps in the local labor market are impeding their business transformation.
Six key learnings from the lighthouse organizations.
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1 年I enjoyed reading your insights on EXP, customising the employee experience by designing personalised paths, will boost reskilling and ultimately help people in finding purpose.
Instrumentation & Automation Manager | FS Engineer| ISO 50001|
1 年The global job market is changing rapidly with advancements in technology, and development of skills are required to ensure that the workforce remains relevant and capable.