Sabine Vinck, Associate Dean, Executive Education, London Business School, comments:GCC companies have for years enjoyed a rich pool of expatriate talent to choose from, a trend that has contributed significantly to the region’s strong growth. However, with economic recovery in the West, many expatriates are staying at or returning to, home. As hiring returns to pre-recession levels in the Gulf, regional companies are experiencing a widening talent crunch.
As it continues with its ambitious economic development plans, the Gulf requires innovative thinking and strong execution. Attracting, and more importantly retaining top talent, is essential.
Individual life and work decisions often come down to a set of trade-offs that must be balanced. Talented, sought-after professionals look for appropriate compensation but also career advancement, professional development opportunities and a chance to be part of a rewarding journey or experience. Firms will retain talent most effectively by taking a holistic approach to talent management which addresses all these factors.
Employers need to create a long-term culture, focusing on professionals looking to establish their careers here rather than expatriates who stop by in the Gulf to avail themselves of tax benefits.