GCC business leaders say quality HR can boost company profits by 12 per cent
Top GCC business leaders have said that excellent HR departments can boost their company profits by 12 per cent, according to a new survey. And increasing profits by 12 per cent would add a huge boost of $14 billion to GCC listed company profits.
HR bosses from sectors including banking and oil and gas were interviewed as part of the biggest ever survey of its kind, spanning seven countries and conducting over 1,000 interviews. And UAE HR bosses made up 19 per cent of the executives surveyed, which is nearly one fifth of respondents and totals approximately 200 interviews.
Led by Professor William Scott-Jackson and his team of experts from Oxford Strategic Consulting, the new research shows how improving HR can deliver great benefits to businesses, governments and employees.
Bosses already know how important top quality HR are to their businesses, with 80 per cent saying that it is key to the success of their company, their country and the GCC as a whole. But despite a huge majority already knowing that HR is critical for the success of their businesses, only 25 per cent of leaders rated HR in the GCC as excellent, compared to global standards. And as a potential new way of raising standards, 55 per cent of GCC business leaders believe that training and development of employees is needed to boost HR effectiveness.
More results from this new research from Oxford Strategic Consulting, sponsored by energy company Saudi Aramco and the Arabian Society of Human Resources Management, will be unveiled at the 12th International ASHRM Conference and Exhibition on February 11 at The Atlantis Hotel in Dubai. The topic of engaging young nationals is expected to be covered, which is an important subject, considering the Nationalization targets that are currently set in many GCC countries.
Professor William Scott-Jackson from Oxford Strategic Consulting, said: “This unique report is a ground-breaking development for HR in the GCC and it promises to deliver real business benefits in the long term. We have made every key finding in this report meaningful and strategic by relating them to business objectives. Business and HR leaders will see exactly how our findings can help them to boost business performance while building a more engaged and loyal workforce.”
And Scott Druck from Oxford Strategic Consulting, who carried out research interviews with UAE bosses, said: “One of the key issues that has emerged from this report is engagement. We’re really pleased that we’ve found important GCC-specific ways to engage and inspire workers, especially young nationals, as well as key success factors for HR in the GCC. Training and development has also been identified as a key area where companies can improve their employees’ contributions. We plan to use the research to build a number of new training plans and a practical toolkit to assist HR professionals, leaders and employees.”
Professor William Scott-Jackson will deliver a presentation called “HR in the GCC: A New World HR for the New World Economy” at the 12th International ASHRM Conference and Exhibition on February 11 at The Atlantis Hotel in Dubai.