Monday 23 May 2022

Human capital ‘key to Saudi Vision 2030’

DUBAI, May 17, 2016

Building human capabilities around leadership, engagement and well-being will be key to maximising the success of Saudi Vision 2030, a sweeping set of reforms for economic progress, according to Oxford Strategic Consulting is an Oxford and GCC based consultancy that specialises in building human capital across the GCC and Europe.

The comprehensive and ambitious transformation agenda set forth in the Vision 2030 will require qualified and confident leaders from the government, private sector and local communities, the report said.

Leadership can be rapidly developed by providing technology assisted help (such as iLeader on smart phones), by providing leadership experiences early and by guiding leaders through real life situations so their skills can be accredited, according to Oxford Strategic Consulting research.

Saudi Vision 2030 depends on a strong private sector, which includes SMEs and family firms. It is possible to assess and prepare individuals to build SMEs or to take the lead in their family enterprises, the consultancy said.

The skills needed by aspiring entrepreneurs, however, differ from those of professionals in larger government entities and private firms. Instead, entrepreneurs require training in healthy risk-taking and business attitudes to overcome the particular challenges faced by SMEs.

Saudi citizens must be engaged in order to support the country’s transformation. Saudi Arabia has done an excellent job communicating the need for change through the Vision 2030 and emphasizing the central role of citizens in this vision.

The next step involves taking practical steps to increase the engagement of Saudi citizens. Increased employee engagement can help boost productivity and decrease waste in key government and private sector organizations.

It is also important to ensure that strategic country changes positively affect the well-being of Saudi citizens, according to Oxford Strategic Consulting.

Promoting well-being delivers physical and mental health benefits as well as enables citizens to overcome challenges in their professional and personal lives, the consultancy said.

Leadership, engagement and well-being should be utilised to further develop national expertise in the key strategic sectors of investment banking, military manufacturing and tourism.

Human capabilities in these sectors will need to be competitive in the global market, so programmes that identify critical differentiating capabilities in these sectors should be launched within the near future, according to Oxford Strategic Consulting.

 The King Salman Program for Human Capital Development will help ensure that human capital is effectively deployed within the government sector, the report noted. – TradeArabia News Service

Tags: Oxford Consulting | Saudi Vision 2030 |

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