The year 2024 marked a significant turning point in the global labor market, characterized by unprecedented levels of executive turnover and rising unemployment rates. This period of turbulence was driven by a confluence of factors, including economic uncertainties, technological advancements, and geopolitical events.
A Year of Executive Shake-ups
A striking feature of 2024 was the exceptionally high rate of CEO departures. According to Challenger, Gray & Christmas, a staggering 1,991 CEOs left their positions by November of that year. This surge in executive turnover was particularly pronounced in the non-profit and government sectors, which collectively accounted for 438 departures. The healthcare and technology industries also experienced significant executive changes. These figures underscore the tumultuous nature of the business landscape and the challenges faced by leaders in navigating a rapidly evolving environment.
In Thailand
Thailand was not immune to the global labor market disruptions. The National Economic and Social Development Board (NESDB) reported a concerning increase in long-term unemployment, with the number of individuals jobless for over a year rising by 16% compared to the previous year. This figure is particularly alarming given that a substantial portion of the long-term unemployed were recent graduates. The primary reason cited for prolonged unemployment was the inability to find suitable employment.
The labor market of 2024 was marked by significant upheaval and uncertainty. As businesses and individuals adapt to these changing conditions, it is essential to focus on developing the skills and competencies needed to succeed in a rapidly evolving world. By understanding the underlying drivers of labor market trends, policymakers, businesses, and individuals can better prepare for the challenges and opportunities that lie ahead.
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