(MENAFN - The Peninsula) Qatar needs to gear up itself to win tomorrow's 'race for talent'. The war for talent is on and it's only going to get fierce in the coming years, three top global experts said yesterday.
Growing global competition, changing demographics and persistent 'geographic mismatches' make it important for an emerging economy like Qatar to attract and retain talent. Emergence of new markets and expansion of workforces to these markets exacerbate the situation.
KPMG's Global Head of People and Change, Mark Spears; Global Advisory Leader for Energy and Natural Resources Hilda Mulock Houwer; and Leader, Global HR Transformation Centre of Excellence Robert Bolton, were talking to The Peninsula after meeting their key clients, including major energy companies, in Qatar yesterday.
Mark said talent managers need to be holistic in their approach and to look for ways to make the organisation unique. They must address a much broader array of talent risks. He wanted young Qataris need to be encouraged to move into industries where there will be a future skills gap.
There is soon going to be a huge shortage of skills and experiences in the energy and natural resources sector as the experienced older generation retire and fewer young people will be eligible to enter in this field.
The oil and gas companies in the Middle East are expected to face a renewed competition in attracting talents and retain them. While tax breaks are certainly a lure, recruitment competition from more developed countries may mean that Qatar is not a first choice of destination for highly skilled people to relocate.
On the need for Qatar repositioning itself to the changing environs Mark said: " I do not ask the companies to jump into the bandwagon in a hurry. The important thing is that the organisations should start with their business objectives and identify the issues that might meet their targets"
The organisations that increase their investment in human capital must analyse whether it is really paying off, Mark said.
Hilda explained: "There is a massive skill shortage in the global oil and gas industry. A tax-free package offer is not merely enough to attract talent to the region. In the oil and gas industry, an estimated 50 percent of the workforce will be retiring in the next few years. The other 50 percent falls under-40 age. You got a huge gap to fill. The enormous development in the US energy sector exacerbates the situation," she noted.
Organisations in Qatar need to start working on professional strategic way and identify the gaps existing in their businesses.
Robert stressed the need for the region realising technology as an effective tool to manage talent. Companies need to think broader.