CEO Challenges: Attracting and Retaining Saudi Talents in a Transformative Market

Saudi Arabia's labor market has undergone unprecedented growth in recent years,driven by the visionary 2030 Vision, spearheaded by Crown Prince Mohammed bin Salman. This vision aims to diversify the Saudi economy, establish the kingdom as a focal point within the Arab and Islamic worlds, and transform it into a formidable investment hub. The profound impact of Vision 2030 on the labor market is undeniable, as it has evolved into one of the most dynamic and captivating markets in the region.

This transformative journey has not only created new job opportunities in previously non- existent sectors, such as entertainment, but has also breathed new life into industries that were previously underdeveloped, including tourism, sports, logistics, and mining. Moreover, newly introduced laws have limited certain fields to Saudi nationals only, further shaping the labor landscape.

The rapid and exhilarating transformation in the kingdom has generated a significant demand for skilled professionals, leading to intense competition among companies vying to attract and retain top talent. Industry leaders face immense pressure, with a limited pool of skilled workers available and high turnover rates.

However, these challenges can be converted into opportunities for molding and guiding the emerging generation of executives who will steer Vision 2030 toward success.

Adaptations must be made, mindsets need to evolve, innovative hiring strategies and retention plans must be implemented, and a new work culture should be cultivated to align with the ongoing extraordinary changes.

Here are some strategies to assist companies in navigating these shifts:

1. Implement a Robust Assessment and Selection System: Utilize readily available tests and assessments to ensure that you bring the right employees on board. These tests should NOT only measure candidates' job knowledge, skills, and their adaptability to a changing environment, but also their team and company’s culture fitment. A strong hiring process is the initial step in reducing the need for continuous searches for skilled workers.
2. Invest in Employee Development and Training: Training not only enhances performance and efficiency but also instills confidence in employees, making them feel valued. Numerous online training platforms are available for companies to use, but being innovative and creative in topics and deliveries become imperative in retaining talented staff. Additionally, consider enrolling employees in seminars, workshops, clear and flexible career path plans or assigning them to branches in other cities or even countries for on-site learning experiences.
3. Implement a Coaching Culture: Pair new hires with experienced staff who can provide guidance, skill development, and introduce them to the company's culture. This approach can also incentivize employees to improve their performance with the goal of gradual promotion to more senior positions.
4. However, employees expect a professional coach to handle their development, which raise the question are our managers and supervisor equipped with the proper tools and skills to enable them to have that trusted advise or guidance?
5. Offer Competitive Benefits and Retention Plans: Emphasize the importance of such programs, particularly for retaining high-performing employees and those with specialized skills. Develop creative and appealing retention packages, such as performance-linked bonus plans, long-term cash incentives, generous pension plans, and company shares.
6. Create an Attractive Work Environment: Focus on providing clear policies and consistent practices, development and growth opportunities, transparency, and introducing a flexible hybrid work model. Additionally, maintain open communication channels, actively listen to employee concerns, empower and appreciate them, and ensure high morale within the workforce. These strategies, among others, can help foster employee satisfaction,engagement, loyalty and retention.
7. Family Business Transformation: while family businesses play a major role in the Saudi economy, it is high time for new thinking, mindset and best practices with professional management, concepts and technologies. This will not only assure the strong contribution and continuation of such businesses but also will create an attractive environment for talents.

Companies should perceive these changes as investments with substantial returns. Empowered, contented employees who feel connected to the company's success are less likely to seek opportunities elsewhere. A stable and satisfied workforce, especially comprised of top performers, not only will conserve resources but also will contribute significantly to the realization of Vision 2030's overall success.