Labor Market successfully Accepted the Vision Challenges

There is no doubt that Vision 2030 provided a significant challenge to the Saudi labor market, which was reflected in governmental and regulatory restructuring, to some extent legislative, to meet the realities and aspirations of the future. Confusion, complexity, and ambiguity in the implementation procedures, work plans, competencies, and abilities required for success were undoubtedly the result. The state’s financial soundness has been re-engineered, as have governmental and private performance indicators, and numerous bodies and centers have been established to cover gaps in the government machinery and speed progress toward the vision’s objectives. In accordance with the vision plan, many important government agencies have been reformed, merging or separating with or from other organizations.
All of this has complicated and sometimes miraculous implementation ramifications, and it has been and continues to be a major issue for decision-makers, first-class executives, and all employees of those parties. The Saudi labor market, which may have been before the vision, suffers from relative idleness and coldness low rates of Saudization, and a lack of trained national competencies in technical and technical specialties, as seen after the first five years of this dreamy and ambitious vision expired, and he emphasized my saying that perhaps he succeeded in absorbing the vision’s challenge. And the achievement of goals and dreams through hard effort and dedication.
In many sectors, local and worldwide venues, and at all scientific, technical, and practical levels, national competencies are confronting visionary challenges. An elite of competencies erupted at the dawn of this vision’s radiance, competences that had previously settled in the second grade, and they have since demonstrated that they are up to the task and capable of leading us to the vision’s righteousness. This phenomenon is not restricted to leaders; it has spread to the lowest levels of the labor market, instilling determination, endurance, and achievement in everyone. The Kingdom improved 13 rankings in the labor market efficiency index for 2019 compared to 2018, according to the World Economic Forum (Davos). This includes the Kingdom’s improvement in five sub-indicators that assess various aspects of labor market efficiency.
The Kingdom’s hosting of the G20 presidency was one of the first signs of the labor market’s acceptance of the vision’s challenge. This is a pure conglomeration of worldwide experiences and expertise gathered by the Saudi market, which was purchased with gold rather than sold with it. However, there are still many impediments and challenges in the way of the market’s full potential. A study conducted by Misk Academy in 2020 to analyze the demands of the Saudi labor market indicated that there is a gap between the current and future workforce’s needs and skills. This finishes the labor market’s current and ongoing dilemma, which is the scarcity of competencies and their scarcity. It’s worth mentioning that a lack of national skills is a major impediment to transformation and economic success. Due to a lack of internal competences, external competencies must be used, which might be costly and limiting.
It may also cause national initiatives to be disrupted, as well as raise salaries for the few remaining competencies, resulting in an increase in operating costs, which may lead to a decrease in development and capital investments. The scarcity of competencies in labor market economics also reinforces polarization between economic sectors, lowering the elite of competencies in the highest-paid sectors while depriving lower-paid sectors of the required competencies, resulting in a lack of comprehensive development and economic growth balance.
This skill scarcity situation is not exclusive to the Saudi labor market. Rather, it is a worldwide issue that affects most countries in varied degrees and with varying consequences. It arose as a result of the rapid advancement of work technologies, communication and information technologies, increased globalization rates, and traditional educational institutions’ inability to keep up. However, it is a situation that poses a serious threat to the Kingdom’s Vision 2030.
The answer may lie in a true desire for transformation and change, in a thorough examination of the Saudi instance in particular and in the search for visions of immediate and long-term answers. Redoubling efforts and investments to create the essential competencies could also be one of the answers proposed. And if, by Vision 2030, we were able to close the gap between the absent and the present in terms of labor market needs for human competences, we would have a better chance of achieving the vision’s objectives. The labor market has clearly absorbed the difficulty of the vision, but the challenge of a talent shortage still exists, discouraging ambitious endeavors.