The Davos 2024 forum, part of the World Economic Forum, emphasized the critical need for workforce reskilling and upskilling in response to technological advancements and shifting job landscapes. The Future of Jobs Report 2023 predicts significant job transformations, with 69 million new roles emerging and 83 million being phased out, especially in digital, green, and energy sectors.
The Davos 2024 forum, a part of the World Economic Forum’s Annual Meeting in Switzerland held from Jan. 15 to 19, has put a spotlight on the urgent need for reskilling and upskilling the workforce.
In an era marked by rapid technological advancement and changing job requirements, the World Economic Forum’s Future of Jobs Report 2023 highlights a significant shift in the employment landscape. It forecasts that 23 percent of jobs will experience considerable changes in the next five years, leading to the creation of 69 million new roles while eliminating 83 million existing ones. This shift predominantly affects the digital, green, and energy sectors, demanding a proactive approach to equip the workforce with necessary skills.
Here are some highlights from the forum:
Embracing generative AI
Jeff Maggioncalda, CEO of Coursera, Inc., brought attention to the transformative role of generative AI in workforce development. He emphasized its potential to bridge performance and experience gaps, particularly benefiting those with less experience. This approach democratizes opportunities, offering equitable access to skill development.
Higher education reevaluation
Harvard University’s Michael Sandel, a notable author and professor, called for a reevaluation of higher education. He advocated for a stronger focus on vocational and technical training, emphasizing the societal need to respect and recognize skilled trades as vital to the economy.
Managerial empowerment
Alexi Robichaux, co-founder and CEO of BetterUp Inc., stressed the importance of empowering frontline managers. He suggested that companies should provide these managers with tools to foster their teams’ development, particularly in technological skills.
Power of collaborative partnerships
Asheesh Advani, President and CEO of JA Worldwide, emphasized the significance of partnerships in the reskilling revolution. He highlighted the successful collaborative efforts between governments, businesses, and educational institutions in making skill development programs accessible and relevant.
Public-private collaboration
Aisha Rimi from the Nigerian Investment Promotion Commission underscored the importance of public-private collaboration, especially in countries like Nigeria with large youth populations. She emphasized the necessity of vocational training and a national qualification system developed through partnerships between the education sector and private investors.
Balancing technology
Denis Machuel, CEO of Adecco Group AG, drew attention to the need for balancing investments in technology and people. He highlighted a study indicating that only 43 percent of top leaders are prepared for the challenges of generative AI, advocating for a recognition of human resources as valuable assets.
Exemplary collaboration
Maggioncalda also recognized Kazakhstan’s effective collaboration between its government and businesses in education. He praised the policy frameworks established by the Ministry of Higher Education and Science in Kazakhstan, which included credit transfer systems and the provision of industry certificate licenses.
Expanding online learning access
Coursera, under Maggioncalda’s leadership, is set to redefine online education with its ambitious Vision 2024. The platform, renowned for offering everything from short courses to master’s degrees, has witnessed substantial growth, reaching over 129 million learners. Coursera’s strategy revolves around AI-enhanced learning, making education more accessible and inclusive. The introduction of the AI-powered learning companion, “Coach,” marks a significant innovation in personalized education.
Spotify model for educational content
Coursera is leveraging AI in aiding partners in course creation and content development. This approach, similar to Spotify’s model, enables efficient and cost-effective production of educational materials, allowing content creators to generate revenue based on user consumption.
Innovative ventures
Coursera’s introduction of pathway degrees represents a significant step in online education. These programs offer learners a starting point in fields like data science or business administration, with the option to progress towards full degree programs.
