Middle East Association praises OSC research showing great HR boosts profits 12%

Top GCC business leaders have found that excellent HR departments can boost company profits by 12 per cent, according to research performed by Oxford Strategic Consulting. This would add a huge $14 billion to GCC company profits.

The research report investigated how GCC companies can use HR best practice to develop the skills they need to succeed, especially in nationals.

Peter Meyer, CEO of the Middle East Association, said, “This new research shows how important HR is to companies in the GCC. We look forward to more research by OSC that examines the best ways that companies can train and develop their workforce.”

The Oxford research surveyed over 1,000 Senior Executives and HR leaders from the largest companies across seven GCC countries, making it the biggest ever survey of its kind. UAE leaders made up around 20 per cent of the executives surveyed, with the remainder split between Saudi Arabia, Oman and other GCC states.

The research shows that business leaders recognize how important top quality HR is 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 the importance of HR, only 25 per cent of leaders rated HR as excellent compared to global standards.

Scott Druck, CEO of Oxford Strategic Consulting and project leader for research interviews in the UAE, 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.”

The original research was sponsored by energy company Saudi Aramco and the Arabian Society of Human Resources Management (ASHRM). Researchers from the University of Oxford and top universities from across the GCC also contributed to the research project.