Here's how to future-proof talent
Recent surveys have brought forth concerning insights regarding the Middle Eastern workforce, raising a key question: "How to navigate the future of work, addressing current challenges and skill gaps, in a sustainable way?"
With rising living costs and AI concerns, businesses are advised to take a deeper and more sustainable approach, including prioritising DEI practices, work flexibility, and employee care. These areas are critical, as employees are willing to stay with their current organisations even without increased compensation and bonuses. However, like any other region, the Middle East faces a non-negotiable challenge: a diverse workforce and their individual needs. To meet these diverse needs, organisations need to re-evaluate their talent strategies, even if it means rethinking some fundamental ones. Recently, in a conversation with People Matters, Pulkit Abrol, Managing Director of ACCA Asia Pacific, shared some effective strategies in this context, which are applicable globally.
Here are some of these strategies that are applicable universally:
#1 Evolving in line with changing work priorities
With evolving business priorities, one of the most striking changes is the increasing adoption of a "sustainable workforce," as organisations actively seek talent with expertise in ESG, reflecting green business strategy considerations.
Pulkit advised that companies need to regularly re-evaluate their talent strategies and explore ways to build more geographically diverse workforces that are productive and able to thrive in such complexity. While green skills are important, companies need to emphasise human-centric skills like critical thinking and problem-solving to navigate this shift in the evolving workplace.
#2 Pay & Perks
As businesses strive to meet the diverse needs of highly skilled talent for long-term retention, offering competitive compensation and benefits plays a key role. Pulkit underlined, “Regularly reviewing salary structures and benefits packages is crucial to staying an attractive employer in the market. This goes beyond monetary offerings – providing comprehensive healthcare benefits, flexible work arrangements, and investment in professional development opportunities can significantly improve employee satisfaction and loyalty.”
He added, “More often than not, employees seek employers who are invested in their long-term career development. Organisations can achieve this by implementing mentorship programs, skill-building workshops, or tuition assistance for relevant certifications. Highlighting clear career paths within the company will further incentivize employees to stay and build their future within the organisation. Fostering a culture of open communication is also essential. Regularly soliciting feedback, acknowledging achievements, and creating a sense of belonging can go a long way in boosting morale and loyalty. Employees who feel valued and heard are more likely to be engaged and invested in the company's success. Additionally, supporting better hybrid working environments, enhancing manager-employee and team culture, considering mental health and wellness, and managing multi-generational teams are actions leaders can consider.”
#3 Navigating cost of living crisis
The report also highlighted that over 60 per cent of the Middle Eastern workforce is dissatisfied with their current compensation. To navigate the ongoing economic crisis affecting their living standards, over 70 per cent of them are planning to ask for a pay raise in 2024. If employers in the region are not offering reasonable compensation, talent attraction and retention will become a challenge for them.
Pulkit said, “Global economic strains have put contractionary pressures on household budgets, making competitive compensation even more critical for employers to attract and retain skilled professionals. This translates to a real risk of talent attrition if organisations are unable to provide what employees now seek. In addition to competitive packages, employers can offer flexible benefits, allowing employees to choose options relevant to their needs, such as childcare subsidies or transport allowances. Furthermore, fostering transparent and open communication regarding financial constraints can also lead to a collaborative approach to finding solutions, potentially involving alternative benefits or flexible work arrangements.
Organisations can also build a strong company culture by promoting work-life balance and investing in employee well-being, significantly enhancing their employer brand.”
#4 The AI dilemma
The rise of Artificial Intelligence in workplaces has brought forth a wave of both excitement and anxiety. While AI automation allows time for strategic thinking, conducting complex analyses, and building relationships, the anxiety related to the "skills gap" is a significant concern.
To navigate these concerns, organisations need a multi-pronged approach. As Pulkit emphasised, “Organisations need to identify the required evolving skill sets. By understanding how AI will change workflows and pinpointing the areas where human expertise remains crucial, organisations can implement targeted training programs to equip employees with the technical skills needed to interact with AI tools effectively. This involves training in data analysis, machine learning basics, and understanding AI outputs. Additionally, fostering a culture of continuous learning by encouraging employees to explore new technologies, attend workshops, and stay updated on the latest advancements is the way forward.”
#5 Changing work dynamics
The increasing adoption of flexible work arrangements, whether hybrid or remote, has organisations finding ways to make it work without affecting business productivity. Since more than half of the Middle Eastern workforce feels more productive in a remote work mode, adopting this work arrangement requires organisations to consider several factors. Pulkit explained, “Organisations need to openly discuss the rationale behind the hybrid model and establish transparent guidelines for flexible work arrangements. This includes outlining expectations for communication, collaboration tools, meeting protocols for both in-office and remote employees, and a formal process for requesting flexible work arrangements.
Another critical aspect is fostering a culture of inclusion. Ensure everyone feels valued and heard, regardless of location. Promote regular check-ins, encourage virtual team-building activities, and invest in technology that facilitates seamless remote participation. Additionally, accommodate individual needs whenever possible. Explore flexible work schedules, offer resources to create comfortable home office setups, and organise mental wellness check-up sessions to address concerns about potential isolation for remote workers.
By prioritising clear communication, inclusivity, and adaptability, organisations can effectively manage the risks of hybrid work and bridge the gap between employee preferences and current arrangements. This will ultimately lead to a happier, more productive workforce.”
#6 Diversity in all aspects of workforce
Time and again, women's workforce participation is a highlighted area of concern in Middle Eastern workplaces. While increasing women's workforce participation promises to unlock a significant economic potential, organisations can also achieve sustainability as women workers offer long-term stability. All organisations need to do is - ensure support and offer additional non-cash benefits to their women employees.
Pulkit suggested, “Sponsorship, mentorship, and the promotion of women leadership serve as sources of inspiration for the next generation of women workers. In addition, targeted initiatives like unconscious bias training for employees at all levels, implementing flexible work arrangements, and developing gender-neutral parental leave policies are essential. Furthermore, by prioritising an equitable meritocratic promotion system that rewards talent, performance, and dedication, organisations can create a more level playing field for women.
Diversity, Equity, and Inclusion (DEI) initiatives should also go beyond gender to embrace age diversity in a multi-generational workforce. Understanding that experienced talent brings a wealth of experience and knowledge, while new talent offers fresh perspectives and innovative ideas, but different value systems and motivational triggers, is crucial. Lastly, rethinking policies and programmes to ensure organisations are conscious of their commitments is essential.”