Saudi Arabia Advances Globally in Several Indicators Per WEF Reports

According to reports released by the World Economic Forum (WEF) for 2024, the Kingdom of Saudi Arabia has achieved significant global progress in indicators of flexible working arrangements, ease of finding skilled employees in the labor market, and equal pay for equal work. The Ministry of Human Resources and Social Development (HRSD) has worked tirelessly to enhance the Kingdom's global position in its field. Since 2021, the Kingdom has risen seven places in the flexible work arrangements index, now ranking 14th globally for 2024. The Ministry has bolstered the traditional labor market by introducing new work patterns, including flexible work, freelance work, and telework programs, creating more job opportunities for Saudis. Regarding the ease of finding skilled employees index, Saudi Arabia has also made great strides, advancing three places since 2021 and now ranking 4th globally in 2024. The Ministry has launched several initiatives and programs to support the training and qualification of national wor kers, including the "Skill Verification Program" in partnership with the Ministry of Foreign Affairs, covering 128 countries to verify the qualifications and skills of expatriate workers. The Ministry has also supported job seekers through the parallel training initiative, which aims to empower women and increase their participation in the labor market by providing training programs focused on fundamental and technical skills, career guidance, and employer-provided tasks to ensure graduates' success in the labor market. The Ministry has launched the "Wa'ad" National Training Campaign initiative to provide 1,155,000 training opportunities by the end of 2025. This initiative is part of the Ministry's strategy to support and train national cadres in partnership with the private sector. The campaign aims to achieve several targets, including training 12% of Saudis annually, establishing 12 sectoral councils for skills in collaboration with the private sector, and creating national professional standards for ove r 300 professions. Another initiative, the Skills Accelerator Initiative, targets 162,000 employees in the private sector to develop high-level skills and improve their productivity. In the Global Gender Gap Report, Saudi Arabia has advanced two places in the equal pay for equal work ranking since 2023, placing 13th globally in 2024. The share of women in the labor market has increased, reaching 34.1% in the first quarter of 2024, with the economic participation rate of Saudi women over the age of 15 at 35.8% during the same period. Efforts to promote women's empowerment in the labor market 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 raise the target of women's participation to 40% in the coming period. These efforts, among others, have contributed to strengthening the Kingdom's global position and demonstrating its ability to influence the labor market. The Kingdom has achieved 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. Source: Saudi Press Agency