Growth amid global chaos
The Arab world needs to create 75 million jobs in the next 10 years to keep up with the fast-growing population set to enter its workforce, according to Booz and co. But are HR teams ready?
Despite the turbulent Arab Spring, looking ahead CEOs in the Middle East are optimistic, with 60% ‘very confident’ of their revenue growth prospects for 2012, according to Pwc’s latest global CEO survey. Underpinning growth strategies is the ability to obtain and develop the necessary talent to strengthen organisational capabilities. CEOs are clearly committed to this, with 43% expecting to grow headcount by more than 5% in 2012, opposed to 28% globally.
Yet meeting demands will be tough: nearly half (47%) believe hiring is becoming more difficult in their industry which could impact growth. So what does this mean for HR?
Leith Ramsay, director at Michael Page Middle East, believes the region is at a tipping point: “Because of flat growth elsewhere, emerging markets are tasked with redressing the balance. The biggest challenge for multinationals is managing a sustainable talent pipeline to deliver their aggressive growth targets. Employers have to keep topping up the talent pool at all levels. Succession planning is key.”