In a services driven global business competitive environment, the skilled ‘knowledge workers’ become its biggest asset. This talent pool has a globally competitive perspective; thrives on innovation, and has management skills that optimize an organization’s ability to compete.
In a global survey of 1,396 HR practitioners by Deloitte, seven out of 10 said that attracting new talent poses the greatest threat to competitiveness. Two-thirds put the inability to retain key talent as their greatest challenge; while a third pointed to workers with inadequate skills affecting their firm's ability to innovate.
Similar sentiment was supported in a joint survey done by Moutamarat and PWC interviewing 140 senior executives from various Arab countries. The report showed that improving people was the highest priority for 28% of Arab Industry leaders, and staff retention for 10%. Meanwhile these leaders regarded the “loss of key talent” as a major threat to their growth prospects, on par with “global terrorism”.
For many in the Muslim world, one of the greatest opportunities is in attracting back professionals in the diaspora working in global economic centers of the West and Far-East who have roots in the Muslim world. This diaspora is increasingly attracted to the region given the region’s emerging economies and entrepreneurial opportunities. In addition, those with no roots in the region are also being wooed to the region as witnessed by European executives who are running and managing many companies in the Gulf (Emirates Airline being a prime example).
Businesses which are able to create a strategic plan to attract and retain such talent will gain the critical competitive advantages in the coming years.
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