Last week the world’s most influential voices gathered in Davos, Switzerland, for the 2024 World Economic Forum, an event that invites us to explore the issues and challenges facing global society. While the agenda had a strong focus on geopolitics and the global economy, it also provided a chance to examine the opportunities lying in wait for corporations and people in 2024.
Reflecting on a week of key decision making under the theme of “rebuilding trust,” this year will bring new opportunities for collaboration and empowerment. From the rise of artificial intelligence (AI), its regulation, and its impact on the future of the workplace, to ongoing conflict and the global economy — there are many learnings ICF is taking into 2024.
The Opportunity of AI and Emerging Technology
The most discussed topic at the World Economic Forum this year was the risk of unregulated generative AI and the dangers posed by increased misinformation, particularly on social media platforms. While this raises concern, the technology also presents an enormous opportunity for technological and regulatory collaboration across borders. President of the European Commission Ursula von der Leyen said she was a “tech optimist” and is excited to see where AI can take us.
The opportunities for AI in coaching are boundless, and coaches are already recognizing the potential. Over one in three coaches (34%) agree that AI will be the next disruptive innovation in coaching, and 29% agree that AI will make it easier to run their coaching business, according to the 2023 ICF Coaching Snapshot: Future of Coaching, which was commissioned by ICF and conducted by PricewaterhouseCoopers. Coaches are also embracing technology to complement their work and make coaching more accessible. For example, there is a broad consensus among coach practitioners that digital coaching platforms can facilitate and enhance access to coaching, both for people around the world (84%) and for employees in organizations (82%).
A survey from the International Monetary Fund (IMF) released during the Davos event revealed that nearly 40% of global employment could be disrupted by the rise of AI. Despite business skepticism, emerging technologies provide an opportunity to embrace a skills-first workplace — through retraining, upskilling, and arming employees with the tools they need to feel empowered and thrive.
Having already begun to plan for AI’s impact on coaching, we’re excited to support coaches around the world on this issue. It’s clear that as we grow to understand more about emerging technologies, coaching will play a key role in helping businesses to adapt to the evolving workplace, and it will be fascinating to watch our profession leverage these technological advances.
Evolution of the Workplace
As digital tools evolve the world around us, the future of the workplace is evolving at pace with them. A fascinating piece from McKinsey on key business themes from Davos highlights the need for businesses to focus on collaboration and upskilling in new ways in order to keep up with this evolution.
With transformation happening at such speed, businesses that remain agile in the face of change will emerge with a distinct advantage over competitors. Research discussed at the event found that compared with peers in slow-moving companies, leaders in fast-moving organizations report 2.1 times higher operational resilience and 4.8 times higher innovation. Coaching plays a crucial role in upskilling in line with transformation, as well as supporting businesses in applying more agile business practices.
According to recent research about coaching in organizations, 92% of respondents agreed that coaching helps employees to understand, embrace, and implement upskilling. And 53% of respondents went on to say that their organization had a major coaching focus on upskilling for their employees.
Attaining and retaining talent was another key discussion point at the event, as it was revealed that between 20-30% of critical roles aren’t filled by the most appropriate people. A focus on skills-based hiring could help organizations access new talent pools, but it shouldn’t hold them back from recognizing the undeniable value of continuous upskilling and training for existing employees.
Looking Ahead, What Role can Coaching Play?
The World Economic Forum has painted a clear picture of what the world of work will look like in 2024, with digital transformation leading the way and a greater emphasis placed on new skills to go alongside this rapid evolution. Coaching is — and will continue to be — a key resource for individuals and businesses learning how to adapt to continuous improvement and transformation. As the themes of this year’s Forum unfold in front of us, we’ll focus on equipping coaches with the skills and knowledge that will be integral to transforming societies — building on our mission to advance coaching excellence, impact, and value worldwide.
