World Bank Collaborates with Global Labor Market Conference to Shape Future Work Policies
A New Partnership for the Future of Work
In a significant move to redefine the landscape of labor regulation, the World Bank has entered into a three-year partnership with the Global Labor Market Conference (GLMC). This collaboration aims to significantly influence labor policy and regulation as we progress into the complexities of the 21st century. The partnership builds upon an existing Knowledge Partnership between the two institutions, focusing on delivering innovative approaches to global labor challenges.
Upskilling Future Labor Market Decision Makers
A key component of this partnership is the establishment of training programs designed to cultivate a new generation of labor market policymakers. These individuals will primarily hail from nations within the World Bank's mandate, becoming equipped with essential insights, skills, and knowledge to foster equitable labor markets. The rapidly shifting dynamics of the global workforce, driven both by the rise of developing nations and technological advancements, necessitate skilled policymakers capable of navigating these challenges.
The GLMC Labor Academy is set to be the cornerstone of this training initiative. Collaborating with Takamol Holding, the program aims to develop international experts who will impact labor market policies across varying ecosystems, particularly in middle and low-income countries. The first session of this immersive academy has just taken place in Riyadh, coinciding with the second edition of the GLMC. Participants from over 26 nations convened to engage with experts from the World Bank, benefiting from their vast experience in labor markets, social protection, and skills development.
Creating In-depth Discussions through Policy Labs
To address specific policies and their impacts on labor market outcomes, the partnership will also establish GLMC-World Bank Policy Labs. These platforms will encourage deep discussions about viable programs and their importance in enhancing workforce skills development. The inaugural policy labs will take place during the ongoing GLMC event, focusing on critical topics such as youth unemployment and the importance of private sector involvement in skills formation.
Safaa El Tayeb El-Kogali, the World Bank's Country Director for GCC Nations, emphasized the significance of this expanded collaboration. She expressed pride in the ongoing relationship between the institutions and described this new phase as a collective mission to address the rapid changes in the world of work, including the rise of artificial intelligence, youth unemployment, and green jobs.
Research and Insights for Inclusive Labor Markets
A notable output from this partnership is the upcoming research paper titled "Making Labor Markets Work for the Youth." This document examines the challenges faced by inactive youth aged 15-24, evaluating socio-economic impacts and proposing intervention strategies to improve their labor market prospects. The research aims to serve as a reference point for emerging economies seeking to create more dynamic and inclusive labor markets.
As automation and digital transformations continue to reshape global industries, it is critical to gear up labor market policies. The World Bank and GLMC partnership embodies an innovative effort to anticipate these changes and equip the next generation of policymakers with the right tools to navigate these uncharted waters, ensuring a more inclusive, sustainable, and prosperous global workforce.