Saudi Arabia recognised for tackling labour-market issues

Saudi Arabia has demonstrated exceptional performance in tackling labour-market issues and promoted initiatives to improve skills, according to the first annual report published by the Global Labor Market Conference (GLMC).

The progress in addressing labour-market challenges is in line with ongoing efforts to achieve the goals of Saudi Vision 2030, which center on improving workforce requalification, developing national competencies, and lowering unemployment rates.

The GLMC report, which was prepared with the participation of 14,000 people from 14 countries worldwide, solidifies the Kingdom’s position as a leading force capable of effectively addressing both local and global challenges.

The report emphasised the significant changes that are occurring in labour markets throughout the world, including demographic transitions, economic globalisation, and the quick development of technology.

The GLMC report highlighted how crucial skill development and ongoing education are to adjusting to these changes. By emphasising economic diversification, generating new employment possibilities, and raising the Saudi workforce’s level of global competitiveness, the report also demonstrated the Kingdom’s dedication to workforce development in accordance with Saudi Vision 2030. These initiatives help create a flexible and sustainable labor market that can adapt to quick changes and achieve long-term economic success.

According to the report, job markets in many nations are at risk due to growing automation. The impact of demographic shifts has been more noticeable in some countries, even if it has increased awareness of the value of skill development worldwide.

According to some participants of the GLMC conference, initiatives to improve skills are mostly motivated by an aging population. In other nations, however, the impact of population aging on the motivation of skill development programs was less noticeable.

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.

The first GLMC conference was organised by the Ministry of Human Resources and Social Development late last year. The second annual conference will be held in Riyadh, Saudi Arabia on January 29 and 30.

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.