In­vest­ing in hu­man cap­i­tal

PerVi­dar Lund­berg, Client Part­ner, Hyper Is­land, analy­ses a re­cent study byTheWorld Bank which urges GCC coun­tries to de­velop a sys­tem that can trans­form growth-in­duc­ing in­no­va­tions for knowl­edge-based economies.

TravTalk - Middle East - - SPECIALFEATURE - TT Bureau

How does hu­man cap­i­tal in­vest­ment con­trib­ute to­wards travel and tourism in UAE?

When we look at emerg­ing mar­kets such as the UAE and the Mid­dle East, sev­eral re­cent re­ports con­sis­tently sug­gest that the GCC should fo­cus on the de­vel­op­ment of tal­ent and in­vest more in its hu­man cap­i­tal. How­ever, fact re­mains that a high per­cent­age of the work­force is made up by in­flux of ex­pats from around the world. This makes in­vest­ing in the hu­man cap­i­tal even more chal­leng­ing in an ex­pat driven econ­omy, where ev­ery­one is tem­po­rary. Hence, in the GCC, it is im­por­tant to con­sider the mul­ti­cul­tural back­grounds of the pop­u­la­tion and work to­wards set­ting a solid foun­da­tion for this unique yet dy­namic econ­omy. What are the key ar­eas that need at­ten­tion by stake­hold­ers in tal­ent growth sec­tor?

Hav­ing a clear idea about the core of the busi­ness is vi­tal. Young tal­ent re­quires a big­ger picture and bolder ideas than just mak­ing a profit. The hype around vi­sion­ary lead­ers like Elon Musk and Mark Zucker­berg is spread­ing as a gen­eral re­quire­ment and se­lec­tion cri­te­ria. Com­pa­nies also need to have a vi­sion and talk about their cul­ture in a way that feels at­trac­tive to young tal­ent. The sys­tems in the work­place need to be adapted ac­cord­ing to the way they pre­fer to work, col­lab­o­rate and bal­ance their lives. What skills and jobs will Mid­dle East and North Africa be look­ing at?

Be­ing a part of a global com­mu­nity (Face­book, In­sta­gram, Twit­ter, etc), I don’t think the re­quire­ments will be dif­fer­ent in this re­gion. In a global en­vi­ron­ment, history, her­itage and cul­ture will be even more im­por­tant, and in that sense travel, tourism and hos­pi­tal­ity are great ar­eas for young tal­ent to work in. Will the travel sec­tor be chal­lenged by tech­nol­ogy? Yes, tech­nol­ogy will for sure dis­rupt travel, tourism and hos­pi­tal­ity, and it al­ready has to a large de­gree. How­ever, in a dig­i­tal era, the need for pro­found ex­pe­ri­ences, feel­ings and fas­ci­na­tion is more ev­i­dent than ever. As travel and tourism is in a great po­si­tion to pro­vide those ex­pe­ri­ences, the op­por­tu­ni­ties are far big­ger than the threats. In the cul­tur­ally rich ar­eas of EMEA, the op­por­tu­ni­ties for suc­cess are end- less. The mix of her­itage, cul­ture and new tech­nol­ogy should make the travel and tourism in­dus­try par­tic­u­larly in­ter­est­ing for young tal­ent.

In the GCC, it is ex­tremely im­por­tant to con­sider the mul­ti­cul­tural back­grounds of the pop­u­la­tion and work to­wards set­ting a solid foun­da­tion for this unique yet dy­namic econ­omy

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