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Explore SolutionsThe “Creating Growth and Jobs for a New Era” track at the 2024 World Economic Forum annual meeting covered pressing issues facing global labor markets amidst economic uncertainty.
Sessions tackled challenges around automation, the future of work, reskilling workforces, diversity and inclusion, the care economy and more. Panelists offered insight from government, business and civil society perspectives on imperatives and strategies for adapting to disruption in ways that expand opportunities.
Discussions revealed interlinked priorities around empowering workers, evolving employer cultures and securing talent access that cut across public and private sectors. The following summary highlights key themes and takeaways across featured sessions focused on growth, jobs and equality in the 21st century economy.
The Workforce Behind the Workforce
Speakers:
- Ricardo Hausmann – Founder and Director, Growth Lab, Harvard University
- Reshma Saujani – Founder and CEO, Moms First
- Michael Sen – Chairman and CEO, Fresenius SE
- Karien van Gennip – Deputy Prime Minister and Minister of Social Affairs and Employment of the Netherlands, Ministry of Social Affairs and Employment of the Netherlands
- David Edwards – General Secretary, Education International
The “Workforce Behind the Workforce” panel at the World Economic Forum tackled a critical issue facing companies today – how to ensure access to the essential care infrastructure and workforces that employees rely on in order to be productive.
As Michael Sen, Chairman and CEO of hospital operator Fresenius put it, “we realized that if the healthcare system, a very essential infrastructure, a very essential business with very important people, if this doesn’t work, the whole system collapses” (5:21). The same applies to other services like childcare and education that enable employees to work.
The panelists warned we are facing a major talent shortage crisis across critical workforces like healthcare. Sen highlighted an impending “gap of 10 million people” in healthcare alone by 2030 that must be addressed to have “a system relevant workforce behind the workforce” (5:21). Education Secretary General David Edwards similarly cited a “global teacher shortage of about 44 million teachers” to meet global education goals (16:31).
This gap threatens economic growth, with many companies like Fresenius “in dire need for professional people on frontline workers” across roles (33:11). Access to childcare also acts as a barrier, with American families facing crushing costs. As Reshma Saujani of Moms First noted, “40% of families in America are in debt because of child care” (27:19). Her organization works with over 130 major companies to expand childcare benefits, given offering such care has been proven to boost productivity and retention.
Panelists agreed individual companies and governments must work together to treat investments in care, health and education workforces as akin to defense spending in their economic importance. The panel demonstrated how access to essential talent has become a competitive imperative for global growth. Just as economies ground to a halt when schools and hospitals were overwhelmed by Covid-19, panelists warned that failure to invest in these critical workforces now could carry severe consequences.
Empowering Humans and Machines in Industry
Speakers:
- Justine Cassell – Dean’s Professor, School of Computer Science, Carnegie Mellon University
- Christine Bastian – Chief People and Inclusion Officer, Western Digital Corp.
The “Empowering Humans and Machines in Industry” session at the World Economic Forum provided an inside look at how two manufacturing facilities are navigating the future of work. A key theme was leveraging automation and AI to augment human capabilities rather than replace jobs.
As Sven from life sciences company Agilent in Germany explained, “Our focus has been on developing a collaborative environment where machines handle repetitive tasks, empowering our people to engage in more fulfilling and innovative roles.” (6:51) The factory has focused on “creating synergies between human creativity and machine precision.” (6:52)
One employee, Julia, described how “engaging with four technologies really changed my job. I went from observing machines on the shop floor to integrating cutting-edge solutions into our process. Upskilling has not only propelled my career, but also boosted my confidence.” (9:22)
Similarly, hard drive manufacturer Western Digital has worked to reskill nearly half its Malaysian workforce to “move them up from operators to technicians, and then from technicians to engineers, making them a full-fledged knowledge worker.” (Kael Bak, Western Digital, 16:45)
As Christine Bastian of Western Digital noted, it’s about “cultivating an augmented workforce who delivers business value through improved job satisfaction and more meaningful work.” (14:15)
An audience member reinforced the importance of trust and transparency around automation, stating “when the language isn’t honest about it, it actually destroys the trust. So it’s very difficult to say people at the center of it when you actually don’t see any people on the floor.” (27:44)
By highlighting real-world examples of empowering humans alongside intelligent machines, the session provided an aspirational yet pragmatic look at the factory of the future where both workers and companies can thrive.
The World in Numbers: Jobs
Speakers:
- Saadia Zahidi – Managing Director, World Economic Forum Geneva
- Erik Brynjolfsson – Jerry Yang and Akiko Yamazaki Professor; Director, Digital Economy Lab, Stanford University
The “World in Numbers: Jobs” session at the World Economic Forum provided an data-driven look at the future of work in the age of AI. As managing director Saadia Zahidi explained, the WEF’s research on over 800 companies shows that while the green economy transition may boost jobs, “when it comes to technology, the picture is a lot more mixed.” (0:44) There will be many roles created but also many displaced as AI “disrupts many tasks within roles.” (0:44)
The research predicts “nearly half” of skills in current roles will change in the next 5 years. (6:39) This requires a massive reskilling effort, with analytical and creative thinking topping companies’ priorities.
Stanford professor Erik Brynjolfsson was optimistic about harvesting “real productivity gains” from AI in 2024 and beyond. (6:41) But he stressed that requires proactively transforming work by using AI to “augment workers” rather than “replace people.” (15:20) As he put it, “Think about that augmenting, how you can make it an assistant and helper rather than replacing work.” (16:58)
Brynjolfsson cited real-world examples like AI for call centers boosting productivity over 10% in months while improving worker satisfaction. (13:50) Rather than an imminent threat, the emerging consensus was that AI offers opportunities to empower workers and create “more good jobs” if managed responsibly. (13:50)
Workers in Focus
Speakers:
- Judith Wiese – Chief People and Sustainability Officer; Member of the Managing Board, Siemens AG
- Jamie Heller – Business Editor, The Wall Street Journal
- Duncan Crabtree-Ireland – National Executive Director and Chief Negotiator, SAG-AFTRA
- Christy Hoffman – General Secretary, UNI Global Union
The “Workers in Focus” panel at the World Economic Forum tackled how automation and AI will transform skills needs and talent strategies in the years ahead. As Saadia Zahidi of the WEF explained, “when it comes to technology, the picture is a lot more mixed.” While new roles will be created, many existing ones face disruption, with nearly half of current workplace skills set to change in the next 5 years according to WEF research. (0:44)
This requires a massive investment in reskilling by employers. As Kael Bak of hard drive maker Western Digital outlined, “Our workforce development program is something that I’m proud of because it gives everyone a chance to progress in their career. We provide upscaling and reskilling opportunities, full-on job training, technical classes, gamification workshops and partnering with universities and colleges.” (16:45)
But panelists agreed reskilling is only part of the solution. Fostering a culture focused on “employability” rather than traditional “job security” is also key, as Judith Weis of Siemens argued. “Employability means if we agree that we are vested, you know, then we can make sure that the proposition you have and that you personify is something that is going to be meaningful going forward.” (28:52)
Maintaining worker trust via transparency and “human-centered” implementation of automation is seen as essential. As Duncan Crabtree-Ireland of Hollywood’s Screen Actors Guild urged, “decisions about the implementation of AI are not being made by AI, they’re being made by humans.” (6:11) Workers must “have an important role in participating in that decision making.”
The session revealed that business leaders dismiss the scale of workforce transformation at their peril. Proactively upskilling talent, evolving employer cultures and collaborating responsibly with workers are key strategies for both corporate competitiveness and social stability amidst AI-driven disruption.
Diversity in Practice
Speakers:
- Mina Al-Oraibi – Editor-in-Chief, The National
- Michael Ensser – Chairman, Egon Zehnder International (Schweiz) AG
- Lorenzo Simonelli – Chairman, President and Chief Executive Officer, Baker Hughes Energy Services LLC
- Caroline Casey – Founder and Director, The Valuable 500
- Anne-Laure Malauzat – Partner; Head, Europe, Middle East and Africa Social Impact Practice, Bain & Company Inc.
The “Diversity in Practice” panel at Davos examined tangible ways companies can advance DEI, given the clear data showing its benefits. As Baker Hughes CEO Lorenzo Simonelli stated, “Diversity does lead to better growth, better decisions being made.” (2:27) Speakers urged moving beyond theoretical cases to actual systems change. As Valuable 500’s Caroline Casey argued, “It’s not about the business case anymore…it’s about how do you do it. What are the systems that companies and organizations can really implement?” (35:48)
Accountability mechanisms like data and targets are crucial to drive change. As Casey asserted from experience, “I can’t believe after being 23 years doing this work that actually targets that data and those deadlines are essential.” (30:33) But panelists agreed DEI must become “core” to business. In the words of Bain & Company’s Anne Marie Engtoft Larsen, “Do it because it’s the right thing to do and because it’s at the core of your business.” (45:19)
An overarching theme was inclusion requires both individual expression and “collective grace,” per Casey. (23:55) Structural solutions must complement cultural change that encourages belonging, empathy and curiosity across differences. Inspiring case studies of ecosystems, coalitions and grassroots movements driving DEI provided reasons for optimism amidst polarization.
The Race to Reskill
Speakers:
- Saadia Zahidi – Managing Director, World Economic Forum Geneva
- Jeff Maggioncalda – CEO, Coursera Inc.
- Denis Machuel – CEO, Adecco Group AG
- Claudia Azevedo – CEO, SONAE SGPS SA
- Asheesh Advani – President and CEO, JA Worldwide
- Aisha Rimi – CEO, Nigerian Investment Promotion Commission
The “Race to Reskill” session examined how to rapidly accelerate skills development and lifelong learning to keep pace with technological change. As the World Economic Forum’s Saadia Zahidi explained, “44 percent of the core skills of anybody in a job at present…will be different in just four years’ time.” (7:36)
Coursera CEO Jeff Maggioncalda argued emerging digital models like online learning can make education “far more accessible and flexible” to allow “anyone anywhere” to gain new skills. (15:00) But panelists agreed driving change requires public-private collaboration. As Maggioncalda put it, “a vision and a priority” from governments, “backed up by money,” helps enable private efforts. (22:22)
New funding models are also imperative, with continuous reskilling necessary as jobs evolve. Sonae CEO Claudia Azevedo noted “the traditional model that we have of subsidized government education” must shift towards supporting lifelong learning. (33:41)
Advice for youthMaking focused on embracing uncertainty and change. As Nigeria’s Investment Promotion CEO Aisha Rimi told youth, “keep an open mind” as “some skills don’t translate,” but ultimately “follow your passion” as practical needs dictate. (44:33)
Overall the session covered the pressing need to collaboratively transform how skills are developed on an ongoing basis in the age of rapid technological change.
Advancing Racial and Ethnic Equity
Speakers:
- Shamina Singh – President, Mastercard Center for Inclusive Growth; Executive Vice-President, Sustainability, Mastercard International Incorporated
- Robert C. Garrett – CEO, Hackensack Meridian Health
- Luana Marques Garcia Ozemela – Vice-President, Social Impact, Ifood.Com Agencia de Restaurantes Online S.A
- Angela Williams – President and CEO, United Way Worldwide
The “Advancing Racial and Ethnic Equity” session examined tangible ways for companies to move beyond rhetoric to structural change that expands economic opportunity. Mastercard’s Shamina Singh argued “inclusion without inclusive growth that doesn’t scale, doesn’t make a difference.” (13:37)
Panelists outlined clear business imperatives for pursuing diversity, equity and inclusion. As Hackensack Meridian Health CEO Robert Garrett stated, “It makes good business sense to have an inclusive environment and have diversity at our core.” He noted diverse leadership teams see 10% higher earnings, while inclusive workplaces drive 20% greater productivity via innovation. (14:08, 29:06)
But speakers cautioned diversity efforts risk being mere “washing” without meaningful action. iFood’s Luana Ozemela defined this as “a disconnection between talking and acting” on transformation. (6:47) Singh urged moving beyond “political correctness to real action” via systemic change. (18:12) She warned data risks becoming a new “destiny determinant” limiting opportunities unless capability gaps are addressed. (45:30)
Panelists agreed this is a pivotal moment, with Garrett arguing “it’s time to double down, not to step back” on pursuing racial equity. (46:12) Collaborations between public, private and social sectors can create structural solutions, but ongoing commitment is vital to secure progress.
LGBTQI+ Inclusion at Work
Speakers:
- Sarah Kate Ellis – President and CEO, GLAAD
- Sander van ’t Noordende – CEO and Chair of the Executive Board, Randstad N.V.
- Milton Cheng – Global Chair, Baker McKenzie
- Martina Cheung – President, S&P Global Ratings, S&P Global
- Jochen Wegner – Editor-in-Chief, Zeit Online
The “LGBTQI+ Inclusion at Work” session explored the clear business imperatives and moral mandate for pursuing inclusive cultures. As S&P Global Ratings President Martina Cheung outlined, data shows companies embracing LGBTQI+ workers see better market value, cash flows and access to ESG investment. (10:20)
But panelists cautioned inclusion must move beyond “diversity washing” and shallow rhetoric. “You cannot outsource responsibility,” stressed Randstad CEO Sander van ’t Noordende (24:31), urging leaders own accountability. Doing “the right thing” for ethical reasons still matters most. (47:12)
Systemic culture change requires engaging “allies” across organizations and hierarchy levels, Baker McKenzie’s Milton Cheng argued. (21:07) Fostering safe, welcoming spaces for LGBTQI+ workers remains a global struggle, with same-sex relations still illegal in 70 countries, noted GLAAD’s Sarah Kate Ellis. (6:48)
Overall, the session covered the clear ethical and business drivers for pursuing substantive LGBTQI+ inclusion amidst continuing challenges. With progress made, panelists urged companies stay committed rather than pull back given political winds.
The Economics of Gender Parity
Speakers:
- Sri Mulyani Indrawati – Minister of Finance, Ministry of Finance of Indonesia
- Shereen Bhan – Managing Editor, CNBC-TV18
- Mike Henry – CEO, BHP Group Limited
- Gabriela Sommerfeld – Minister of Foreign Affairs and Human Mobility, Ministry of Foreign Affairs and Human Mobility of Ecuador
- Annette Mosman – Group CEO, APG Group
The “Economics of Gender Parity” panel at the World Economic Forum’s annual meeting in Davos featured an insightful discussion on how to drive progress towards gender equality, especially in light of a slowing of progress in recent years.
As the moderator Shereen Bhan pointed out early on, “progress has stalled when we talk about gender parity” (0:39). The latest data shows we are 131 years away from achieving gender parity globally (0:44). Yet equal opportunity for women has major economic benefits, with some estimates that it could add $12 trillion to global GDP and boost economies by 35% (1:15).
So what concrete steps can governments and companies take? Several panelists highlighted the power of setting tangible targets and holding leaders accountable. As Mike Henry, CEO of mining giant BHP explained, “I’ve become a convert strong supporter of needing to put firm targets in place within organizations in order to stimulate the right Focus, urgency and effort” (2:18). He noted how BHP set a “non-negotiable” goal to achieve gender balance in their workforce by 2025, which drove real progress from 16-17% female representation to now 35% (3:20).
Government policy also plays a crucial role. Gabriela Sommerfield, Ecuador’s Minister of Foreign Affairs, touted her country’s new “purple law” mandating gender parity across sectors as driving change, helping lead to 50% female representation among Ecuador’s government ministers (7:50). She passionately stated, “What we can see is that we’re working very very very hard and it’s we feel just the same, we have the same voice, we have the the same empowerment and it’s really great how the the Dynamics” (5:29).
Many panelists emphasized how achieving parity requires holistic organizational and cultural change. As Anette Mosman, CEO of APG Asset Management noted, tangible interventions like targets are crucial, but other steps like improving workplace flexibility, addressing unconscious bias in talent pipelines and embracing female leadership are key to effect lasting change (30:48).
Mike Henry succinctly summarized a main theme – the “perfect business case” for driving gender parity, given the commercial benefits his company has reaped from significantly improving female representation. As he concluded, “there is the perfect case for us to move forward as governments, as organizations, as individuals to push for greater parity across each of the sectors that we operate in” (42:30)
