Page 9 - Monaco Economy 131

“Around 23% of jobs are expected to change
by 2027, including 69 million jobs that have
been created and 83 million that have been
scrapped ...” According to the World Economic
Forum’s (WEF) latest Report on the Future
of Employment, a veritable revolution is
underway in the short and medium term. As
shown in the estimates of 803 companies
surveyed , employers foresee a net reduction
*
of 14 million jobs, that is 2% of current
employment. Macro-trends, including the
green transition, ESG standards and the
localisation of supply chains are the main
drivers of job growth. While economic
challenges such as high inflation, slowing
economic growth and supply shortages pose
the greatest threat. “Over the past three years,
against a backdrop of COVID-19, together
with geopolitical and economic changes,
people around the world have experienced
upheaval and uncertainty regarding their
lives and livelihoods. Rapid advances in
AI and other technologies now risk adding © FreePik
even more to the uncertainty ”: said Saadia
Zahidi, Chief Executive Officer of the WEF. This need should encourage the private and even the French Minister of Social Affairs,
The good news is that there is a clear public sectors to consider concerted action to Christophe Robino, stresses in this issue that
solution to ensure resilience. Governments ensure a smooth transition to the jobs of the higher wages are a key for attracting, as is a
and businesses must, through investment, future. This includes Monaco, where vocational mobility policy that would improve commuter
support the transition to the jobs of tomorrow training is virtually non-existent due to a lack services (see Zoom ME n°130). For example,
via education, retraining and social support of funding. Today a partnership between while pay is lower in France, Monegasque
structures that can ensure that individuals FEDEM and the State enables companies employees work 39 hours rather than 35. In the
are at the very core of the future of work.” to benefit from a government rebate of banking sector, for example, “major financial
30% (excluding VAT) of the total invoice for centres in European capitals or further afield
The need for training foreign languages, French for foreigners, IT/ offer more attractive salaries, or at any rate
In a world where technologies are evolving office automation, digitalisation, reception more attractive packages than we offer”,
at breakneck speed, the professions of the techniques, management/accounting, payroll acknowledged Jean Castellini, in charge of
future are obviously linked to Big Data and management, anti-money laundering (LCB/ state finances at the time.
AI. “The roles of data analysts and scientists, FT-P-C). For training courses in management, In conclusion, in this fast-changing world
Big Data specialists, AI and machine learning communication and human resources, the of work, and faced with constantly evolving
specialists and cybersecurity professionals government rebate is 25% exclusive of tax of professions, our reading grid has changed.
are expected to increase by an average of the total cost of training, capped at €10,000 Education must adapt, and lifelong learning
30% by 2027. AI is expected to be adopted by per year and per company. is becoming an essential key to adapt to the
almost 75% of the companies surveyed, and In the WEF report, 36% of companies new demands of the job market, developing
this will result in a high turnover. Indeed, 50% of acknowledge that offering higher salaries employees’ skills in order to guarantee that they
organisations expect that jobs will be created, could help them attract talent in response to are employable. According to a study carried
and 25% expect that jobs will be lost ...” states the cost-of-living crisis. According to the latest out by Dell and the Institute for the Future,
the survey, which also bets on a growth in jobs IMSEE figures, salaries have certainly risen 85% of the jobs in 2030 do not yet exist...
related to the green transition, climate change in Monaco. In 2023, half of all private-sector Monaco Economie explores these issues in
mitigation and agriculture. employees earned more than 3,256 euros this special report.
Another underlying trend: “A shortage of skills gross per month (with the median salary up
and the inability to attract talent are the main 5.2% on 2022), while the gross average salary *The Future of Employment Report maps out the jobs and
skills of tomorrow, keeping pace with the rate of change. This
obstacles to transformation, pointing to a was 4,841 euros. One employee in ten earned is the fourth edition of the report, which was first launched in
clear need for training and retraining in all less than 2,241 euros gross, while the highest- 2016. It aims to analyse how macro-trends and the adoption of
business sectors. Six out of ten workers will paying sectors were (inevitably) financial technology are likely to reconfigure labour markets and shape
the demand for jobs and skills over the 2023 – 2027 period.
need training before 2027, but at the present activities (6,305 euros gross), information The Future of Employment Survey gathers the views of 803
time only half of all employees seem to have and communication (4,195 euros gross) and companies, collectively employing over 11.3 million workers in
27 industry sectors and 45 economies from all regions of the
access to adequate training opportunities. wholesale trade (3,747 euros gross)... However, world.

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