RIYADH — Saudi Arabia has excelled in addressing labor-market challenges, supporting skill enhancement efforts and requalification, according to the inaugural annual report issued by the Global Labor Market Conference (GLMC). The first GLMC conference was organized by the Ministry of Human Resources and Social Development late last year. The second annual conference will be held in Riyadh on January 29-30, 2025. It will gather over 5,000 participants from around the world, including more than 200 prominent speakers, such as labor ministers from 40 countries, chief executives, international experts, and public-sector leaders from over 50 countries to discuss key challenges and opportunities in the global labor market. The GLMC report, which was prepared with the participation of 14,000 people from 14 countries worldwide, noted that the progress in addressing labor-market challenges aligns with ongoing efforts to achieve the objectives of Saudi Vision 2030, which focus on developing national competencies, enhancing workforce requalification, and reducing unemployment rates, thereby solidifying the Kingdom's position as a leading force capable of effectively addressing both local and global challenges. The report highlighted the profound changes global labor markets are undergoing, such as economic globalization, demographic shifts, and rapid technological advancements. It emphasized that continuous learning and skill development are essential for adapting to these transformations. The report also reflected the Kingdom's commitment to workforce development in line with Saudi Vision 2030 by focusing on economic diversification, creating new job opportunities, and enhancing the global competitiveness of the Saudi workforce. Such efforts contribute to building a sustainable and flexible labor market capable of keeping pace with rapid changes and achieving sustained economic prosperity. The report emphasized supporting comprehensive initiatives aimed at assisting young job seekers by enhancing education and training programs, developing skills, and bridging the gap between academic qualifications and market requirements, thereby ensuring better preparation for youth to seize future opportunities in the evolving global labor market. The report revealed growing concerns among more than half of the respondents about the potential obsolescence of their current skills in the near future. The figures highlight an urgent need for the majority of the workforce to develop skills to keep pace with the rapid changes in the labor market. The report indicated that increasing automation poses a threat to labor markets in many countries. While it has raised global awareness of the importance of skill development, the impact of demographic changes has been more pronounced in certain nations. Some participants noted that an aging population is a key driver behind skill enhancement efforts. In contrast, the influence of population aging was less evident in motivating skill development initiatives in other countries. The report highlighted the importance of cognitive, managerial, social, and emotional skills, along with skills in science, technology, engineering, and mathematics (STEM) for success in technology-driven labor markets. Moreover, it emphasized that cognitive skills, such as critical analysis, problem-solving, and innovative thinking, are the most crucial both now and in the future
