Three Lessons From The World Economic Forum’s Growth Summit 2023

Ben Wright is the Founder and CEO of Velocity Global, which offers a global work platform to employ anyone, anywhere, anyhow.

Despite the disruptions from Covid-19, the growth of international migrants has been robust in the last two decades. The United Nations estimates that international migrants represent about 3.6% of the global population—up from 2.8% at the start of the century—with roughly one-seventh of the world’s inhabitants estimated to have migrated at least once in their lives. Migration is part of today’s globalized world, and its impact on the future of work cannot be underestimated.

While a wide range of factors play into what work will look like in the coming years—from AI to climate change—these types of statistics underscore the need to build an equitable, inclusive and sustainable workplace for the world’s people. What’s more, when thinking about migration, I think we need to consider the other side of the coin as well: Creating borderless opportunities for talented people and allowing them to work in their home country. We live in a time when that is not only possible and beneficial for workers, it’s good for business and the bottom line.

I had the opportunity to gather with international leaders in Geneva, Switzerland, for The World Economic Forum’s Growth Summit in early May, where we discussed topics related to three themes: “enabling resilient growth, developing human capital and accelerating economic equity.” I walked away with some core takeaways that I think employers and talent alike should consider when it comes to a global workforce.

Sustainable Growth Through Diversity Begins With A Good Framework

The business case for a diverse workforce has never been stronger. Global research shows that organizations that prioritize gender, ethnic and cultural diversity outperform their peers in profitability. To start changing your work culture to be more diverse, you can implement diversity and inclusion policies in your hiring and promotional policies. This will result in more diverse viewpoints and experiences within your business, ultimately leading to improved decision making and innovation.

Good working frameworks are the key to successfully implementing corporate strategies that prioritize sustainable diversity efforts. One example of such a framework is The Good Work Framework. As companies consider the post-pandemic landscape and the future of in-person, hybrid and virtual work, these principles can establish a new benchmark for job opportunities by promoting fair pay, providing flexibility and delivering on well-being, among other tenants. The way companies seize the opportunity now to change the frameworks of work will help determine whether society will see positive outcomes in the years to come.

Democratizing Jobs And Opportunities Helps Lift All Boats

Leaders at the World Economic Forum spoke at length about building a future of work that creates jobs and opportunities for all people. At a time when a bigger wealth gap is emerging between the world’s richest and poorest people, democratizing access to jobs and opportunities can accelerate economic equity.

One way to help achieve this is to be intentional with how we’re approaching placing people in our companies. There are several examples where this is already happening today. One of those is building flexibility into working arrangements. From April 2022 to April 2023, the unemployment rate of workers with disabilities dropped by 32%, according to the Bureau of Labor Statistics, due to more flexible work arrangements now available to them. Workers who had previously experienced bias and high barriers to entry now have access to new opportunities.

Outside of flexibility, companies can provide training programs that build upward mobility and access for workers who may not be otherwise qualified. But training is not just a prerogative for equity; it’s also critical due to the changing nature of jobs. According to the World Economic Forum’s Future of Jobs Report, in the next five years, almost a quarter of jobs (23%) (download required) are expected to change. Skills predicted to be more important include leadership, flexibility, resilience and agility. Training for these forward-looking skills can allow an organization to better compete in the years ahead.

Finally, partnering with a global work platform is a great way for companies to hire, pay and manage talent from anywhere, simply and compliantly. If governments begin to take these partnerships seriously, this can help raise awareness and opportunities for all people and allow more organizations to employ a borderless workforce.

Threats And Opportunities Of AI

Technology is continuing to advance, and participants at the forum agreed that AI presents both threats and opportunities. Overall, I don’t believe that AI will take jobs; it will simply augment our abilities to excel. AI can help provide a starting point or context, allowing people to do their jobs faster and more efficiently. There are already examples of this: A corporate finance professional using AI to analyze complex spreadsheets for errors or a scientist using AI to generate initial hypotheses to speed up the process of drug discovery.

While AI will need careful consideration in the years ahead—with ethics and regulation to think about—it’s more likely that someone leveraging an AI “co-pilot” (such as the above examples) will reap its benefits. Therefore, it’s wise to spend some time thinking about where you can leverage AI in your foundational workplace systems or within the training programs for your workforce.

Now is the time for business leaders and policy-makers to take hold of the transformations happening in order to ensure that future investments and public-private partnerships translate into better jobs and opportunities for all. It starts by taking a closer look at how diversity, frameworks and new technologies are affecting the future of work and orienting around those factors. This can not only help you be ahead of the competition but also do good for the world.

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