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Gulf Press > Uncategorized > Saudi Arabia shows major progress in global labor market indicators
Uncategorized

Saudi Arabia shows major progress in global labor market indicators

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Last updated: 2024/07/30 at 5:01 PM
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Saudi Arabia has shown remarkable progress in global indicators related to flexible working arrangements, ease of finding skilled employees, and equal pay for equal work, according to the World Economic Forum’s (WEF) 2024 reports. The Ministry of Human Resources and Social Development (HRSD) has played a vital role in enhancing the Kingdom’s global standing by introducing new work patterns such as flexible work, freelance work, and telework programs, creating more job opportunities for Saudis. The country has climbed seven places in the flexible work arrangements index, now ranking 14th globally, and has moved up three places to rank 4th globally in the ease of finding skilled employees index since 2021.

The Ministry of Human Resources and Social Development (HRSD) has implemented several initiatives aimed at supporting the training and qualification of national workers. One such initiative is the “Skill Verification Program,” conducted in partnership with the Ministry of Foreign Affairs, which verifies the qualifications and skills of expatriate workers from 128 countries. The Ministry has also launched the Wa’ad National Training Campaign to provide 1,155,000 training opportunities by the end of 2025, targeting goals such as training 12% of Saudis annually, establishing sectoral councils for skills, and creating national professional standards for over 300 professions. Additionally, the Skills Accelerator Initiative aims to develop high-level skills and enhance productivity for 162,000 private sector employees.

In the Global Gender Gap Report, Saudi Arabia has moved up two places in the equal pay for equal work ranking since 2023, now placing 13th globally in 2024. The participation of women in the labor market has risen, reaching 34.1% in the first quarter of 2024, with an economic participation rate of 35.8% for Saudi women over the age of 15. Efforts to promote women’s empowerment have increased the percentage of women in senior and middle management positions to 43.8% in the first quarter of 2024. The Ministry aims to further raise women’s participation to 40% in the near future, showcasing Saudi Arabia’s commitment to gender equality in the workforce.

These efforts have significantly strengthened Saudi Arabia’s global position and demonstrated the Kingdom’s ability to influence the labor market. The country has seen a record number of Saudis working in the private sector, increasing from 1.7 million in 2019 to over 2.3 million in 2024. Additionally, the unemployment rate has declined to 7.6% in the first quarter of 2024, indicating positive growth and job opportunities in the country. Saudi Arabia’s focus on enhancing flexible work arrangements, supporting the training and qualification of national workers, and promoting equal pay for equal work has placed it as a leader in the global labor market.

In conclusion, Saudi Arabia’s efforts to improve flexible work arrangements, finding skilled employees, and promoting equal pay for equal work have significantly elevated the country’s global standing in the labor market. The Ministry of Human Resources and Social Development has played a crucial role in implementing various initiatives to support national workers and empower women in the workforce. With record numbers of Saudis working in the private sector and a declining unemployment rate, Saudi Arabia continues to demonstrate its commitment to creating job opportunities and fostering a more inclusive and diverse workforce. The Kingdom’s progress in these areas not only benefits its economy but also sets a positive example for other countries striving for labor market growth and equality.

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News Room July 30, 2024
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