Davos 2024: 3 key takeaways for the future of work

At this year’s World’s Economic Forum in Davos, leaders converged to discuss the theme of “Rebuilding Trust”. Among the many critical issues on the agenda, participants took to the stage to share insights on what today’s global shifts mean for the future of work. 

Focus less on jobs and more on skills

The green transition and continued rapid advancements in digital technology – most notably GenAI – have all shaken the world of work, fundamentally changing the nature of roles and companies’ needs almost overnight. This has accelerated the shift from a job-based economy to a skills-based one.

“Talent is now really top of mind in all C-Suite discussions,” said Denis Machuel, CEO of The Adecco Group.

Recruiting, retaining and now retraining talent will be essential for organisations to maintain a competitive edge in a world in transformation. To start, leaders must fully understand their workers' current skillset and prepare them for inevitable evolutions in their roles. Fostering transferable skills, promoting non-linear career paths and creating a culture that empowers workers to take ownership of their development will safeguard worker wellbeing along with the health of organisations in turbulent times. “You must invest in people as you invest in technology.”

Moreover, fostering an adaptable workforce is a robust insurance policy, buffering companies from future shocks or shifts – whatever is in store.

Shaping a world of work for everyone

Alongside the importance of skilling, flexibility and inclusion have dominated discussions about work, in large parts through the lens of remote or hybrid work. Yet a holistic view of what flexibility means encompasses far more than kitchen-top Zoom calls versus back-to-office mandates.

Only a small percentage of workers are office workers. For service workers, frontline workers and others whose roles do not permit remote working, flexibility may look considerably different. Additionally, widely-held assumptions about inclusivity need to be carefully thought through. For example, the idea that working from home is especially important for women may reflect harmful biases. "This is the reinforcement of stereotypes that these women really need time to do all the unpaid care that we expect them to do,” explained Valérie Beaulieu, Chief Sales & Marketing Officer at The Adecco Group. I really think that flexibility, thought holistically, can be a chance for women if it is something that both men and women can embrace.” ething that both men and women can embrace.”  

Another important focus in inclusion and flexibility is building a workplace that supports workers with disabilities. Leaders have a nuanced responsibility — to deeply care about inclusion while maintaining a focus on skills and capabilities, not disabilities. One solution is to model inclusion from the top down. Christophe Catoir, President of Adecco, stressed, “inspiration and role models are so important in leadership and in management,” highlighting the immense benefits of two executive members at the Adecco Group being open about their own disabilities and experience. Their transparency helped open discussions about eliminating barriers, as well as challenging entrenched biases and dismantling them. 

These challenges underscore the rising importance of human skills, especially in leadership. Meaningful inclusion and people-centered policies can only be driven by people who both understand and are invested in the teams they lead.

People should remain at the centre of progress

The emergence of GenAI has transformed the workplace with dizzying speed. Leaders are now grappling with the paradox of embracing the power of AI while safeguarding their workers. Getting this balance right is not only important for companies, but critical to ensure sustainable growth and wider social wellbeing.

“The risk with AI is that it’s not an equaliser [but] it brings a bigger divide if people aren’t ready.” said Denis Machuel, discussing the importance of approaching innovation in the workplace with people at the centre. “There is significant risk of creating a two-speed workforce: those who are equipped to navigate the GenAi transition and those who get left behind.” This will demand active planning, continued investment in skilling, a responsible use of AI and an ongoing dialogue with workers.

Executives will need to walk the tightrope between leveraging technology for efficiency while protecting people’s employability, and maintaining an empathetic, emotionally intelligent leadership. This new type of leader will be critical to success, but most are unprepared – many of today’s executives and managers lack the technical and soft skills to carry teams through transitions. In fact, only 43% of executives believe their company’s leadership team has sufficient AI skills and knowledge to understand the risks and opportunities offered by the technology, according to our newest upcoming research.

Thoughtfully implemented, AI will augment human efforts, rather than displacing workers. Ultimately, the goal of integrating technology should not be to replace humans in the workplace, but to empower them and unlock human potential.

The road after Davos

Leaders today have grappled with a rapid succession of international crises, technological shifts and changing worker expectations – a pattern that shows no signs of slowing.

However, with cooperation and a laser focus on people’s wellbeing, technology can support – not threaten – overall inclusion and diversity in the workplace. Through responsible innovation, building trust between leaders and workers and ethical leadership, the challenges and changes of today can help shape a stronger, more humane workplace for all.