Towers Watson unveils big ME expansion plans
Riyadh, April 15, 2014
Towers Watson, a leading human resources consultancy, has announced is set to open a new office in Riyadh next month as part of its Middle East expansion strategy.
With over 20 years’ experience in the region, Towers Watson aims to address the growing needs of human capital services in Saudi Arabia, which currently makes up for 60 per cent of its business requirements.
Dr Ahmad Waarie, the managing director of Towers Watson, said: “We are very excited about this expansion as Saudi is one of the largest growing economies in the world and there is a strong need and will to operate at the highest international standards. We at Towers Watson will work with our partners to help them achieve this.”
Towers Watson will be meeting the growing demand by providing talent & rewards services, investment consultancy, risk & financial services and benefits & retirement solutions to various industries, such as: oil & gas, telecom, finance, healthcare, construction, government/public sector, as well as family-owned conglomerates.
“As the Saudi market rapidly expands with substantial investment in manufacturing, construction, professional services, healthcare and education, the requirement to attract and retain key talents has become critical. Organizations in both the private and public sectors are looking for major re-organization requiring holistic, integrated solutions covering organization design, workforce planning, talent management, reward, employee engagement, change management and communication. In essence they want better corporate governance, focus and clarity around roles plus a highly skilled, energised workforce,” remarked Jim Matthewman, the lead consultant at Towers Watson.
According to him, Towers Watson has had a long standing relationship with its clients, offering qualified training and performance management services through its on the ground bi-lingual consultants.
The Global Workforce Survey 2013 (GWS), a recent study conducted by Towers Watson, reflects Saudi employees are hitting a 'productivity wall'. Only 6 out of 10 employees believe they have the necessary tools and resources to achieve performance and even fewer feel they have access to the training needed for them to be productive.
Additionally, a quarter of Saudi employees need to overcome substantial obstacles to complete their task and only 51 per cent feel they have their supervisor’s support on such scenarios.
The GWS also revealed that less than 40 per cent of employees in Saudi feel their ideas and suggestions are sought in the organization and that organizations act on the feedback given by employees.
The study showcased the difference in thinking among employees and their managers. On one hand, the managers believe that they are not able to give enough recognition to employees for their work while, on the other hand, employees think the reverse – which leads to communication gaps.
The Pulse Survey, another recent study conducted by Towers Watson, reveals that Saudi Arabia will experience an average of 3.6 per cent increase in salary budget in 2014, with technology and pharmaceuticals the highest sectors, at 4.3 per cent of projected increase. Additionally, examiners observed an increase of 6 per cent in housing allowance adjustment from 2013 to 2014.-TradeArabia News Service