The 54th World Economic Forum (WEF) Annual Meeting was held from January 15 to January 19, 2024, in Davos, Switzerland.
Davos 2024 Few Takeaways
- Strength of India
- AI Deployment
- Hiring/ Upskilling
- Work from Office
Strength of India
According to the Press Information Bureau (PIB), “Women-led Development agenda resonates globally at the WEF 2024, with committed support from WEF and over 10,000 businesses worldwide. Moreover, The Forum meeting was the announcement of the launch of a “Global Good Alliance for Gender Equity and Equality”
The McKinsey report also suggested the strength of India, “India is transforming rapidly as one of the fastest growing large economies in the world. When it comes to technology, talent, healthcare, and other areas, its future in 2024—and beyond—is worth paying attention to.”
On Davos Diaries 2024, Gautam Adani, shared a LinkedIn Post sharing, “If the first major theme at WEF 24 was about rebuilding trust, the second was about the rise of India.”
“The consensus was that while India is well on its way to approaching the $30 trillion GDP target by 2050, it has the potential for even higher growth, given its young workforce.”
AI Deployment
McKinsey report has highlighted the findings including that the Gen AI is poised to transform roles and boost performance across functions such as sales and marketing, customer operations, and software development. In the process, it could unlock trillions of dollars in value across sectors from banking to life sciences.
IBM Chairman and CEO Arvind Krishna said, “India will be at the forefront of AI deployment. Given the scale of India’s data sets, it will be remarkably useful. I have to applaud the Indian government’s initiatives in AI, and building AI centres of excellence.”
In the LinkedIn post Gautam Adani said, “As expected, every discussion also touched upon the advent of technologies like AI and the possibility of this adding further momentum to India’s growth.”
Satya Nadella, CEO, Microsoft, said on AI, “There seems to be a broad consensus that is emerging technologies along with benefits. We have to think about it simultaneously.”
“The world is coming together and saying we need new technology, we need some guardrails and we need norms of how we deploy this technology (safety, trust, etc)”, he added.
Hiring/ Upskilling
Moreover, McKinsey report have also highlighted that in many organizations nearly between 20 and 30 percent of critical roles aren’t filled by the most appropriate people. The skills-based hiring could help organizations access new talent pools.
Wipro Chairman Rishad Premji in an interview with Moneycontrol, said, “Have a strong, open mindset to skilling, reskilling, skilling, reskilling constantly being open to learn and to leverage the technology.”
“Look at it as an enhancer, as an augmenter of your capacity, and not as a threat to you”, he added.
Work from office
In an interview with Money Control, Cognizant Chief Executive Officer Ravi Kumar S emphasized, “The veteran business leader said that Cognizant wants to take work to where people are, rather than bringing people to where work is. Our hybrid work thesis is flexibility is not at odds with productivity.”
In the World Economic Forum (WEF), TCS CEO and MD K Krithivasan said, “Our return to office policy worked well. Almost 65 percent of the associates are working from the office at least for three to five days. And we are improving the numbers.”
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