GLMC 2023: Shaping The Future Of Global Labor Markets Through Collaboration And Innovation

The Global Labor Market Conference (GLMC), hosted by the Kingdom of Saudi Arabia on Dec 13-14, proved to be a pivotal event addressing the challenges faced by the global labor markets in an ever-changing landscape. The conference served as a comprehensive platform, bringing together a diverse spectrum of stakeholders, including government officials, policymakers, labor leaders, academics, and artificial intelligence experts.

Throughout the event held in Riyadh, Saudi Arabia, the GLMC showcased unparalleled inclusivity and hospitality, welcoming luminaries from around the world. The conference aimed to foster an environment where thought leaders could converge to discuss and forge solutions for the pressing challenges of the labor market.

The morning's events were immediately preceded by a ministerial roundtable discussion, during which H.E. Minister Al-Rajhi received minister-level labor officials from over 24 countries. Engaging in a collaborative exchange, participants delved into discussions about the most pressing opportunities and changes facing labor markets. Together, they considered joint efforts that can be undertaken to address these challenges, setting the stage for a comprehensive exploration of global labor dynamics.

During a session on Job Skills for Future Workforces, Jawad Khan, Director at Public Investment Fund, emphasized the urgency of adapting to the evolving work landscape. "The OECD forecasts that over the next decade, one billion jobs and an equal number of people will experience transformative changes. By 2030, one billion individuals will need retraining and reskilling." Khan's poignant words resonated, highlighting the imperative for swift adaptation in the face of transformative shifts in the global workforce.

The visionary minds participating in the GLMC engaged in meaningful conversations, recognizing the intricate balance between strong economies, stock exchanges, and robust labor markets. The conference's primary goal was to unite a cohesive cross-section of all labor market stakeholders, reflecting the understanding that global labor market challenges necessitate collaborative efforts.

Prof. Carl Benedikt Frey, Director of Future of Work at the Oxford Martin School, University of Oxford, shed light on the diverse effects of technology: "Some technologies can create new industries, tasks for labor, products, and jobs, while other technologies may automate existing tasks and activities. It stands to reason that different types of technologies can have differential impacts on the labor market."

GLMC proved to be a global platform, paving the way for a future where disruptive workforce trends fail to cast a shadow on global economies and investors. As a premier initiative on the future of the labor market, the event went beyond rhetoric, offering effective insights into the uncertainties pervading the global labor market.The conference covered a wide selection of topics related to labor markets worldwide, including the impacts of artificial intelligence and demographic changes, debates on regulation, climate change, upskilling, talent gaps, talent retention, shifting worker expectations, and more. Insightful knowledge-sharing sessions were held, featuring prominent speakers such as ILO Secretary General Gilbert Houngbo and NEOM CEO Nadhmi Al-Nasr.

The presence of these industry luminaries added a layer of credibility and anticipation to the event. GLMC's impact is expected to reverberate beyond the conference halls, positioning itself not just as an event or a summit but as a catalyst for change that brings clarity and sustainable solutions to the future of the workforce.

In an industry grappling with uncertainties and unexpected shifts, GLMC succeeded in bringing much-needed stability with a global perspective. As the conference concluded, stakeholders left with valuable ideas and insights, laying the groundwork for actionable strategies to revive the global workforce markets.