 Hello, good morning everyone. Good to see you. We are here to talk about the Global Workforce Survey conducted by PWC and then have a broader conversation about what this means around workforce trends and how we should be thinking about this particular moment where there is a lot of conversation about the great resignation about inequality, about skills, about education, about jobs. And hopefully to get us started, we have two people who could not be better placed to give us the best information on this. Bob Moritz, Global Chairman of PWC. Welcome, Bob. And Yunus Pricing, Chairman and Chief Executive Officer of Manpower Group. Welcome, Yunus. Thank you. Bob, let me turn this over to you. The report was produced out of a survey of over 52,000 workers, one of the biggest surveys of the Global Workforce at the moment, and so can tell us a lot about what the workforce is thinking. Over to you. Great, thanks, and good morning, Sadian. Good morning to the audience that's watching on the webcam as well. And we'll have the opportunity to take questions throughout the conversation that we had today. As Sadia said, we did a survey of about 50 plus thousand individuals. And I want to be very clear. These are people that are employed today that are thinking about job security, job opportunity, and what that future looks like. And this is separate and distinct from the other challenges that we have as we think about education, skills for other individuals that are not necessarily employed, which the WEF and many other organizations are focused on as well. The findings are very clear. When you look at the comments you have all seen relevant to the great resignation, the great reshuffle or whatever other terminology may be used, you see a significant number of employees concerned about their future employment and their job security. And that goes two ways. It goes from the ways of whether my job will be replaced by technology and automation, but equal is important and the power is now, we would argue in the hands of individuals that are employed, 20 plus percent are saying they are likely or very likely to be leaving their organization over the next 12 months. So when they think about their hopes and their fears, they're focused on a few different things from a job, career, opportunity, and job security perspective. First and foremost, they wanna make sure that they have a rewarding job. Rewarding has to get defined in new and different ways, though it's not just the work itself, they are looking for changes to that work, especially as you think about how automation can help reduce the monotony and some of the routine type of things that they do, but they're also interested in making sure that that part of that process, that that work is meaningful, not only to the strategy of an organization, but also to the purpose of that organization. So the work itself has to be connected to their own individual purpose, as well as the purpose of an organization and contribution to society overall. The second thing that they're very much focused on is how do I continue to have the skills necessary to be confident, not only the job I have today, but the job opportunities that will come tomorrow. And here again, we had a few different data points that demonstrate if those people feel they have their skills. They are more confident to ask for new and different opportunities. They are more confident to be willing to have a conversation about total rewards packages. They are more confident in terms of the purpose that they believe they are fulfilling as they think about that organization and job satisfaction as a result goes up. So not only does job satisfaction go up, but can only their belief in an organization, the strategy and what they're doing also as equal as important. The third thing that came through is they want an environment to have safe conversations. We are dealing with as a society many different challenges, some of them on the show today, here at WAF as well as throughout the next couple of days. And those challenges are big and important. And citizens of the world, employees of business opportunities are clearly interested in talking about the political situation, the geopolitical situation, the war, whatever the comments may be. And they are having those conversations at home, no surprise, but they are equally having those conversations with their coworkers. Most of the time those conversations, they feel is a positive output coming out of that because they can express a point of view, be respected in that one to one conversation. And there's an element of education and upskilling themselves in terms of how they feel about the challenge. But if they're not having that, nor do they feel safe, it's another example where a company is not provided the environment for respectful dialogue on topics that are top of mind for those individuals. So, Sadie, as we step back, we say organizations today have to reinvent the work to have purpose meaning and actually make sure it's got choice and optionality in it. They definitely have to do a much better job in terms of the skill sets and they need to bring the right leadership to create the right environment in a business community. So the future employees and the current employees actually have the opportunities to express themselves in an authentic and a transparent way. Great, thank you. Yunus, how are these three areas being addressed at Manpower Group? Well, it's really interesting to see at such a scale over 52,000 respondents that what we're seeing at a macro level and what we're seeing at the micro level in our own organization is really the evidence of this survey. So our employees are really voicing their views, not only on their compensation as we would traditionally think of it, but they are really focused on employment security, creating employment security, less so than job security. And by that I mean they understand that they will change jobs many times during the course of their careers. So if they're going to apply their talents to an organization, they're going to make purposeful decisions to join an organization that does a few things. Compensations levels of course have to be at the level that they think is attractive, but it's sufficient but not enough. They are also looking for organizations that give them an idea of what it is that they can contribute to in the grander scheme of things. So in our case, we are very clear about the value we want to create as an organization, but equally clear about the values that we represent. And in our case, our mantra and focus is around all of the things we're doing as a company to be successful is underpinned by our desire to provide meaningful and sustainable employment for millions of workers across the world. Because this bifurcation between the hands of the have-nots in terms of skills that we're seeing across the labor markets, which is reflected in bifurcated unemployment rates, bifurcated wage inflation rates, all of those ultimately also merge into society with a polarization of societies. And the employees are looking for some sort of sense around what it is that we do in the meaning that the work they do for Manpower Group in any given country globally, how that relates to the greater good for society. Because they recognize, just as Bob says, all of the tensions that's happening that they talk about in their families and that they talk to their colleagues about when they get home. Thank you. Let's pick up on that point around polarization of skills. Bob, what does this survey tell us about that? And also, what do you think are some of the solutions because the gap seems to be getting wider? Yeah, the gap is getting wider. And the reality is, as you look at the skills equation, so to speak, you've got what I'll call four basic elements. There's the technical requirements of that particular job, which is extremely important and has to be actually bedded into people's entry into those organizations and the jobs that they ultimately have. The second piece of the skills enhancement, particularly over the last couple of years that many organizations are focused on is the digital skills, necessary to transform what that work looks like and being able to take those digital skills and apply them and actually be allowed to innovate the work that they do in a meaningful way and engage such that they're not forced to do something different, rather they create and co-create something different as equal as important. The third thing that not a lot of companies are doing right now is to actually get the employee based to understand the ESG skills that are needed going forward. They, as an organization, are gonna have to define what they do and report on that and be held accountable to that. They're gonna need their employees to be part of that change program and demonstrate that and actually by doing so, there's actually, particularly in the S and the G, a benefit in terms of how do we think about talent, talent management and the role in society overall. And the last one I do wanna go to is the continuation and focus on the soft skills. If we're gonna talk transparently about some of the social issues that are out there, the EQ is equally as important than some of the tactical things that are necessary to make this actually be a focus. Now, the informed corporates are doing a good job of extending education in the formal system to a lifetime of learning while they are employed. And to Jonas's point, enabling them to see the opportunity that may not guarantee employment in that particular job today, but rather guarantees some form of employment in the organization they're in or somewhere else. And it is very interesting because the other angle which we haven't talked about much yet is the ease of mobility. The ease of mobility of moving from one company to another through technology is trained radically. The power in people's hands to do an interview, to pursue an option, much easier in a virtual world, we saw that in the last two years. But let's go to the other side of the equation. The employer is able to leverage different platforms right now to say, okay, go do the search. Let me use in an automated fashion the information and the analytics. And I don't have to spend a lot of time searching for these people anymore. I can go through a LinkedIn or other aspects and say, give me 72 different applicants and I can narrow it down fairly quickly. So the cost and the time and energy has been reduced significantly. So it's not surprising that people have the optionality. And again, we believe probably about a fifth of people, I wanna repeat that, a fifth of the people that are employed today in the survey, which we think is represented in society, is saying I'm likely or very likely to leave in the next 12 months. So that context is really important. Reengineering the work and going to those skills is really important for an organization to have any hope of actually pretending the talent they wanna hate. Thank you. Jonas, if we step back, the fourth industrial revolution, this change in technology, all of this got accelerated over the course of the pandemic. The entire sort of boundaries of industries have been redrawn over the course of the pandemic. And now there is the green transition, which is absolutely necessary, but will of course also disrupt workforces. What do you see as the big trends in the labor market? What's interesting and just as you point out, Sadia, a lot of the trends that we see today were pre-existing trends before the pandemic. So demographic changes in terms of lower birth rates, meaning there's less people to do the work, exacerbated by pandemic, when people are out of the workforce due to health and care issues, which gave us really glimpse into the future work, what it looks like when demographic trends play fully out in a lot of Western and US markets, but also increasingly in many emerging markets. The acceleration of digital clearly enabled most companies and employees to pivot very quickly and adjust to a new environment. It's amazing what you can do in an emergency. It takes us decades to try and change behavior, but when you actually have to, and we have the tools, we can radically pivot in a very short period of time, which is a very good learning. Companies adjusting to this new environment as well, very quickly, so building greater supply chain resilience. We talk a lot about the end of globalization, which we don't think is real at all, but we do think absolutely that companies are working on making supply chains more resilient to absorb these rapid changes that can occur. And then last but not least, individuals are really having the power as it relates to accessing opportunities in the market just like Bob says. So the friction between leaving an employer if lying in U1, the level of transparency is unprecedented. All of the people in the market, most people in the labor market know exactly how much more they would make joining this employer three kilometers away, starting at 7 a.m. as opposed to 6.30 a.m. It's fully transparent, and which is why you're driving just as Bob says, less friction and more people being willing to make the choice because it's not a mystery, it is very transparent, and the opportunities are transparent as well. So those I would say are the trends that were preexisting and that are accelerating. What we think is going to be the lasting legacy of the pandemic is really the absolute awakening and realization that getting greater control and managing a work-life balance is possible. There is no trade-off between productivity and more flexibility, and this is something we know workers have been asking for for a very long time, and this pandemic has shown that it can be done, and it is very high on the list of things that talent and workers are looking for, flexibility. So we think that is going to be a structural change that is different in the labor markets of tomorrow and the future than it was in the labor market before the pandemic. Can I pick up one point that Jonas is on to, which is several people are asking the question now whether this is an episodical change, and if the economy continues to deteriorate with the number of headwinds that are out there, won't the challenges that we're dealing with be reversed? We would argue based upon the survey results and the fundamental demographic shifts that Jonas talked about, that the power in people's hands, coupled with the technology-enabled more mobility, and their need to actually behave in new and different ways while they're at work is gonna sustain any kind of economic change. Some may say the labor markets will ease up, et cetera, et cetera, but that may be the case as we think about employment statistics, but the underlying and fundamental changes that we're talking to in terms of what companies need to do now to enable success with their people and for their people, that fundamentally is gonna be different. So I don't think we're gonna see that shift. I'm not sure if you see it the same way, but... I think it's a great point, and we actually see it exactly in the same way. Now, there is but one caveat, and that is that it's absolutely going to be true for people with skills. So people have the skills will be able to choose their opportunities, choose and how and when they engage, and despite whatever slowing of growth might come or not, they will have the opportunity because of these fundamental drivers. People without skills or being unskilled, they however will have a tough time participating fully. And that is what we're concerned about when we look at these survey results. We know that employers are taking care of their own workforces, but many of those that are not covered by the survey that are outside of the environment where skills are provided by their employer, they're at risk of falling behind. So what you're seeing right now occurring, though with demographic evolution and post pandemic, is that essential workers have discovered they're essential. So the power right now is with essential workers, frontline workers that have not seen wage inflation for a long time. That is where wage inflation is increasing the fastest due to the shortage of people, but those are equally the ones that will be the first to feel any slowdown and any shift in consumer demand and changes to economic growth. So it is a beneficial moment right now, although in real terms with inflation in some places, not in real income levels, but it's definitely something that we see in exactly the same way, Bob. Bob, in the survey, I'll take one more question from both of you before opening it up to the audience. This point around inequality and the various types of divisions that have occurred in the workforce. There's one that you point to in the survey which is around those who actually are able to do hybrid work or virtual work and those who are not, whose job by its very nature requires them to be in-person, on-site, and very often to Janus's point, those happen to be essential workers as well. What are the trends you're seeing there? Yeah, it's clear when you look at the transition that we're in the part of right now in terms of in-office versus hybrid versus virtual, 45% of the individuals that we surveyed, and again a 52,000 plus type of survey process, 40 plus percent of them would say, I can never do my job 100% remotely. So coming back to that point in terms of I got to be in the office for the social interaction, for the learning and the skilling that may not be able to be done entirely, virtually, is super important. So understanding what I need to be back in the office for, why I need to be back in the office, and who else should be in the office with me, is really important. And corporates need to do a good job of actually incenting people to come back, but more importantly, people need to understand when I am going there, it's not to just replace what I was doing at home over the last two years and being in a Zoom call or otherwise. The second thing that we have to be focused on is there is a differentiation between male and female as you think about the survey results. Women are still feeling less satisfied with the job that they have by close to 10% of the totality of the survey results that we've got. They feel less confident in terms of doing what is necessary to actually ask for those skill sets and or ask for the raises that they believe they deserve. And that power is in their hands. Again, this comes back to do we have the right culture in an organization to enable that to come to life and have those conversations. And that's the new definition of leadership that's gonna be required to operate in a hybrid world. And that's gonna be harder for leadership and management in terms of new skill sets. And I'm gonna argue that new skill sets are not necessarily limited to just the employees of an organization. It's gonna be equal important to the leaders of an organization that have to lead in new and different ways going forward. Thank you. Jonas, your views. Yeah, no, I think Bob is exactly right. It's going to be more about organizations creating a magnet as opposed to a mandate for people to come back. Why are they coming back? But as you point out, Sadia, there's a lot of talk about hybrid, but most people forget that 60% of the workforce in the most developed economies have had zero flexibility during the pandemic. More than likely they've actually been working all the way through the pandemic as frontline workers, as nurses, as truck drivers in warehouses. So sometimes we spend a lot of time agonizing over hybrid work and forgetting that it's about 40% in the best case of any developed economy and in most cases a lot less. But amongst those that are able to do, so that would indicate one thing, we will have to be able to figure out ways to provide the level of flexibility also to those that haven't been able to enjoy it during the pandemic or we will drive even further bifurcation between the haves and the have nots. Not only do they have to suffer maybe more pressures around needing to upskill and reskill, they also don't get the benefits of having increased levels of flexibility and control of their lives. But overall, I think it's important to remember this part of how this works out in terms of hybrid work, three-day work, in and out, whatever it is, is still going to play out. Whatever you read now, six months from now, it's going to be different. With the exception of the desire of people to want to have additional flexibility. And there are, if you look at ads for jobs, 5% of the jobs today are being advertised as fully remote. 17% of jobs that are being advertised today are being advertised as fully on-premise. So the vast majority of jobs have a form of flexibility built in because that's what employees want, that's what workers want. And that is what organizations are going to figure out how to offer. And I am confident and believe that that is exactly what is going to be the change after the pandemic that employers are going to have to think about getting worked on in a very different way. And Bob, I think you've mentioned a really good point. The leadership of a workforce that is more flexible is very different from a traditional workforce. Middle management used to have visibility and daily interaction with everyone that was doing the work that needed to get done. And today, those leadership skills have to change dramatically because a lot of the work gets done in different ways with a lot less control and visibility. So it's less about the output control and more about the outcome expectation, which is a very different management philosophy. And worse, it is something that's going to take time to learn and also to learn that as we are evolving this, our visibility into people's lives increases. So the attention to mental health and wellness will be an important component of leaders' jobs to also take into account the full picture of the individual and understand what stresses and pressures may be bearing down on them as they are navigating their work tasks. Thank you. We have a little bit of time for questions from the room. Please go ahead, Mr. Park. Thank you for a wonderful presentation. I have a question about U.S. labor market. You know, U.S. unemployment rate is historically low in these days and even lower than pre-pandemic levels. So it's very tight market recently. But I see some changes in this market recently. On demand side, some tech companies start to rail some of their employees and they even cancel their offers. And supply side, as you know, some young people are contrary to the great resignation which was very popular after the outbreak of pandemic. They try to cancel their only retirement and they want to come back to their job. So there are big changes in supply and demand side. So how long will this kind of low-level unemployment will go? And how do you predict this labor market? Thank you, which one of you would like to start? So we'll try and address both sides of the questions. On the demand side, some industries are clearly scaling back, but also remember that they are scaling back from what was a huge peak in demand. Generally, the pandemic caused an anomaly in terms of demand for goods and services as people were at home, they were consuming more, they were changing their consumption behaviors. A lot of it went online, a lot of digital platforms boomed to levels that we haven't seen ever before. So the fact that some of that is cooling off, I don't think is an indication necessarily of a broader slowdown, but rather the specific industries that had spikes in demands that might be normalizing. On the supply side, you are starting to see people coming back to work that had left. In terms of those that were available pre-pandemic and that are available to now, we're just about back to where it was pre-pandemic, but we still have about a million and a half people that are not in the labor force today that used to be in the labor force pre-pandemic. Mostly half of it is about people retiring early and the other half is still individuals that were engaged in the hardest hit industries such as hospitality and leisure. And that part is now starting to come back and they're being coaxed back with better pay, better benefits and consumers are now starting to shift as well in terms of their consumption pattern, more experience, more travel, more vacations and more eating out. So we think that both of these will start to come back and feed into the labor market so that they become a little bit more balanced. So it is a very tight labor market. Some of that is still driven by supply challenges and still pent up demand and goods and services so if both of those come down we could establish a little bit more of a balanced labor market in the US. Still tight, but a good and healthy labor market nevertheless. Three points in addition to what Jonas said. Number one, to your very specific question, how much time will we see this phenomenon happen? We believe that over the next 12 to 18 months you're gonna see those shifts now start to come through as people come out of the pandemic, the economic environment changes and that very much as sector to sector but also company to company when you look at those organizations. The second point I wanna raise is the fact that as you look at the labor market and it's almost like with GDP are the definitions of labor market appropriate and fit for purpose as we think about what the new world order is gonna look like. And if you think about the number of people that left the labor market that basically said I'm going to retire but now have come back and changed their minds, they may not come back in looking for full-time employment, they may look for a part-time employment or maybe even go into some form of consulting arrangements. So the definition of labor of who's on my payroll versus who's of a contractual relationship is gonna probably be different particularly with the number of people that figured out over the last two years how to work and manage that work-life flexibility and prioritize what's most important to them. The labor statistics will not pick up that piece because it's being seen as them not being active in the labor market pursuing work. So we've gotta be careful to make sure that we've got the right definitions of labor itself. The last point I wanna raise is the obligation on the corporates. What we're gonna see is as they think about what their portfolio is today and what it needs to be over the next two to three years you are gonna be seeing some shifts in terms of how much labor do I need in that business versus another business and this is where it comes back to this point on skills. What we're finding is the automation that we are still learning about over the last two years is only now getting into the redesign of what I'll call the routine work that has to get done. I don't need as many people for that so the reductions are not surprising as they think about getting better prepared for a potentially economic slowdown and the use of technology. Like Jonah said, we've only sped up the trends we were already seeing and now you're seeing the end result of that. The question is can I take that talent and redeploy it with new skills to put it into other areas where I need human intervention, human interaction with the right skills to actually prioritize the upside that they're looking for? And just a point of that, which I think is really interesting. Six years ago, had we had this conversation, all of the focus would have been automation is going to take all the jobs and we should all be thinking about basic income. And instead, the trend that we described happened but the trend drives for greater and different skills all the time. Not replacing job elimination and worrying about people won't having enough to do. No, there's plenty of demand for people but the demand shifts to different skills. So I think that's essentially what in the end the survey is illustrating is although the trend as we identified it six years ago is increased digital transformation, the outcome is not figuring out how we pay people that aren't going to be working. The real outcome is going to have to be how do we reskill and upscale workforces and those that aren't in the workforce at scale so they can participate in this structural change. Can I use one more point on this? Think about all the conversations we're having on supply chain right now. Apply supply chain thinking to human and labor. And that's what we're talking about right now is do we have shortages? Yes, we have shortages, we don't have enough people with the right skills. So we truly have a supply issue and then the change in terms of the dynamics of what do I need, when do I need it, how do I need it is radically changing. And organizations are not as good as predicting what do I need and when I need it. That's why you're going to see some of the changes going forward. Thank you. We have time for an extremely brief question. Okay, so for our online audience, the question is about the gender gap. So I think we've got three themes that come through. One was already embedded in previous studies which was women in particular and other minorities were definitely more negatively impacted by the effects of the pandemic and there's a number of reasons statistically and academically that we know those answers in terms of what happened and why it ultimately came out that way. You're seeing that play out in the survey process when you look at women, particularly minorities, and then I'm also going to go to the difference between baby boomers, Gen Z, et cetera. Women definitely came across as less confident, less satisfied in the work and less satisfied in the organizations to provide the environment that I described earlier. And that's really important as you're thinking about having those safer conversations to say, what do I need? When do I need it? And are you giving it to me? And the Jonas's points on total rewards, when we think about rewards, everybody goes automatically to compensation. It's not just the compensation, it's compensations, it's mental wellbeing, it's the upskilling, it's the benefits that come that allow me to deal with my work and life challenges ultimately and that's where there's a bigger gap. No surprise when you think about gender and minorities as we think about those representations going forward. It's interesting the Gen Z group, if I go to the various classifications from an age and a tenure perspective, the Gen Z group came out much more worried about job security because of automation. And that's an interesting phenomenon because you would have think they were better fulfilled and better prepared for the challenges around technology than perhaps baby boomers, but they actually see it probably more so in terms of radical changes that are yet to come. And so it's another phenomenon that leadership teams around the world have to be very focused on, particularly as you think about the recruitment process to get them into organizations. Yeah, and only to add to that, we think that some of this was the pandemic anomaly driving the certain sectors where women were overrepresented as part of the workforce and so therefore they carried a lot more of the burden just as Bob describes. The lasting legacy of flexibility should and could be a really good benefit for a lot of women to ease your engage into the workforce and stay in the workforce and work the way they want on the positive side that could be a benefit to women. But to Bob's point, a lot of it also depends on the culture of the organization because we are yet to see what happens with workforces that do work remotely. And very purposeful evaluation of talent, whether they work remotely or they have more flexible, less flexible is really important. But when things change rapidly, if we revert back and there is a culture of presenteeism in that company, you could have very adverse effects instead and women could fall behind in their career development because they've made choices with the available flexibility. So for now, I think we should have cautious optimism in terms of women being able to more fully participate in the workforce as we need them to based on the demographic trends, their skill levels are higher than men's, educational outcomes are higher than men's so we need them in the workforce fully represented to drive growth and prosperity but exactly how to manage that is yet to play out after the pandemic. Thank you very much. I think we could easily all talk about this for at least another hour. I know that I have several more questions but we are out of time. Thank you very much for joining us Jonas. Thank you very much Bob and thank you for sharing the results of the Global Workforce Hopes and Peers Survey from PWC here in Davos. Thank you very much. Thank you. Thank you. Thank you.