Over 50% of people in major economies, including the US, China, India, Spain, Brazil, Saudi Arabia, and Nigeria, fear their job skills could become partially or fully obsolete this decade.

 

This fear is particularly pronounced in Brazil (61%) and China (60%), with more than half of the respondents in the US (51%), India (55%), Spain (54%), Saudi Arabia (56%), South Africa (57%) and Nigeria (59%) expressing similar concerns, the Global Labour Market Conference (GLMC) Annual Labour Market Dynamics report said. 

 

Workers are increasingly pushing for opportunities to retrain in the face of powerful global forces, especially in markets experiencing rapid technological industrialisation, said the comprehensive report, "Navigating Tomorrow: Mastering Skills in a Dynamic Global Labour Market" released by the Ministry of Human Resources and Social Development of the Kingdom of Saudi Arabia. 

 

Lifelong learning

This highlights the urgent need for lifelong learning and upskilling amidst rapid technological changes, economic globalisation, demographic shifts and climate change. The report underscores Saudi Arabia's commitment to workforce development, aligning with the Vision 2030 goals by focusing on economic diversification and job creation.

 

Discussions at the GLMC are aimed at supporting comprehensive initiatives designed to assist young workers, including enhancing education and training programs, fostering entrepreneurial skills and bridging the gap between academic qualifications and market demands to ensure that young workers are well-prepared for the future labour market.

 

Technological anxiety and barriers to upskilling

The study reveals that a significant portion of workers in China (36%) fear that computers and robots could eventually replace their jobs. This concern is also prevalent in India (26%), Australia and Vietnam (25%), the USA and South Africa (24%), Saudi Arabia (23%), and Brazil, the UK, and Nigeria (21%). China and India, together, account for the largest technically automatable employment potential in the G20, highlighting the global scale of this issue.

 

However, the report identifies several barriers hindering upskilling efforts. A combination of poor collaboration between the public and private sectors, limited time, and financial constraints are significant obstacles. Despite over 60% of respondents reporting that employers have opted to re-skill employees, over 40% identified lack of time as the most significant barrier to further developing skills, closely followed by financial constraints (39%). Additionally, 19% of respondents felt that the current educational system was out of step with the new skills context.

 

Trust in business for upskilling

Interestingly, respondents showed significantly more confidence in businesses (49%) to support upskilling and reskilling efforts compared to governments (20%), NGOs or community organisations (19%), or unions (12%). Only in Saudi Arabia (35%) and India (31%) did the government enjoy a substantial share of trust to support these efforts. Trust in government was markedly lower in most other markets, including the US (15%), UK (12%), and Norway (9%).

 

Climate change and essential skills

Climate change had a limited determining impact on respondents' decisions to upskill or reskill. However, markets like China (41%), Vietnam (36%), India (32%), and Nigeria (26%) recorded the greatest need to upskill due to climate change. 

 

The report also highlights the importance of cognitive, management, socio-emotional, and STEM skills for thriving in today's tech-enabled labour market. Cognitive skills, including critical analysis, problem-solving, and innovative thinking, were rated as the most essential, both now and in the future.

 

The findings suggest a growing awareness of automation and the need to develop human skills that will help people succeed in the technology-driven world economy. 

 

While aging populations were seen as less of an important factor driving upskilling in Europe and Japan, certain Asian countries, such as China, India, and Vietnam, viewed demographic shifts as a more significant issue encouraging upskilling, with nearly 50% of Chinese respondents citing this trend.

 

The Global Labour Market Conference will host its second annual meeting at the King Abdulaziz International Convention Centre in Riyadh from January 29 to 30, 2025. The event will convene over 5,000 attendees and feature more than 200 international speakers, including 40 labour ministers, CEOs, international experts, and public sector leaders from over 50 countries.--TradeArabia News Service