< Previous30 CEO MIDDLE EAST – LEGACY EDITION JULY 2023 inkedIn, to mark its 20th anniversary has shared exclusive insights regard- ing the ever-dynamic job industry, hiring insights and trends. “20 years ago hiring was impersonal… LinkedIn drove a short towards passive re- cruiting,” said Arda Atalay, Head of MENA Private Sector LinkedIn Tal- ent Solutions. Today, more than 700,000 com- panies use LinkedIn Talent Solutions to find, source and hire talent. Every minute, 13 hirers turn on the #hiring profile ring to share job opportunities Today, more than 700,000 companies use LinkedIn to fi nd, source and hire talent LINKEDIN JOB INSIGHTS REVEALED: ‘SKILLS ARE THE NEW CURRENCY’ Career opportunities. Today, more than 700,000 companies use LinkedIn Talent Solutions to find, source and hire talent TALENT BY NICOLE ABIGAEL LJULY 2023 CEO MIDDLE EAST – LEGACY EDITION 31 “AT LINKEDIN, WE BELIEVE THE BIGGEST CONNECTOR BETWEEN PEOPLE AND OPPORTUNITY IS SKILLS” Employment. Job seekers in today’s world highly value flexibility, upskilling and career advancement opportunities with their network, the data unveiled. Eight people get hired every min- ute through the LinkedIn network. The use of AI is also becoming increasingly prevalent in the job industry. “We are also exploring a number of new ways to embed generative AI in our products, from streamlining the recruiter and job seeker journey, to the recruiter journey and job seeker journey to changing the way we learn digitally,” Ataly said. During the years from 2000-2010, exponential growth was observed in employment opportunities. The data revealed that the number of compa- nies founded in the UAE increased by 10 times resulting in increased opportunities on LinkedIn. This led to the opening of the LinkedIn MENA office in Dubai in 2012. In the UAE, remote job opportu- nities dropped by 67 percent year on year, although, hybrid job listings saw an increase by 38 percent. “While the UAE has been an out- lier in EMEA with hiring continuing to trend positively until mid 2022 and the hiring rate in UAE being signifi- cantly higher than it was in 2020, it has also witnessed a decline this year,” Ataly explained. Companies are increasingly adopting a skill-based approach to hiring, over 75 percent of recruitment professionals globally believe that skills-first hiring will become a prior- ity over the next 18 months. Unlock opportunities with LinkedIn The data reveals that skills are being prioritised over formal qualifica- tions. “Our data already shows that by prioritising candidates’ skills over their formal qualifications, companies have the potential to expand their talent pools on average by nearly 10x. Not only that, but our data also shows that more than 45 percent of recruit- ment professionals on LinkedIn today rely on skills to fill their roles, enabling ‘quiet quitting’ (where people do the bare minimum of their job require- ment) to ‘conscious quitting’ (where people leave their employers to work for a company that better matches their values), priorities have shifted and organisations need to adapt to remain relevant. Job seekers in today’s world highly value flexibility, upskilling and career advancement opportunities. “Gen Z in particular value diversity and career development opportunities. In the UAE, Gen Z is 48 percent more likely to prioritise seeking mentorship in the workplace than the previous generation, and 39 percent more likely to seek opportunities to develop new skills than Gen X.” The top three reasons for job switch 1. Higher pay – 37 percent 2. Better work-life balance – 34 percent 3. Confidence to land better roles – 31 percent TALENT them to build more diverse teams and stay competitive,” said Ataly. “At LinkedIn, we believe the big- gest connector between people and opportunity is skills.” On the platform over 500k videos covering more than 39k skills and 100 hours of learning are consumed every minute. “The need to respond to employee needs in order to attract and retain talent has increased. Trends like 32 CEO MIDDLE EAST – LEGACY EDITION JULY 2023 oday, technology companies need to be more aware of their values and surround- ings than ever before. As technological advancements continue to grow and an increasing number of people look up to tech-driven solutions, technology firms are on the pedestal to highlight trans- quote – “with great power comes great responsibility,” and that responsibility falls firmly on tech companies. As a result of the increasing influ- ence, concepts such as “techlash” have been highlighted as having adverse effects on large tech firms. In fact, the 2020 Best Countries Survey revealed that 74% of people said that the power of tech firms should be restricted. As a result of this poll, some regions even created frameworks establishing regulations that they anticipate will limit the power of major technology corporations. The UAE made a federal Personal Data Protec- tion Law – the PDP – which provides a legal framework to ensure the safety and privacy of individuals’ private information. However, privacy issues existed even before these laws came to be. By the time regulations were im- plemented, the matter had already surpassed the boundaries of specific areas. The legislation failed to keep up with technological advancements, and its belated arrival and cumbersome bureaucratic procedures made many consider it inadequate. Some countries have yet to es- tablish legal provisions to safeguard individuals’ data from misuse. It is imperative to continuously update leg- islation over the next 20 years to align it with the ever-evolving technological landscape and its impact on society. Technology must serve humanity Techlash has resulted in high demand for companies to showcase respon- sibility, where technology can be leveraged to serve humanity rather than the other way around. To achieve this, people must be placed at the centre of technology, i.e., technology must prioritise people’s needs and be developed accordingly. This extends beyond privacy concerns. It is crucial to ensure that technology is employed responsibly, Business leaders and CEOs in the industry must lead the way towards responsible use of technology TECHNOLOGY FIRMS ARE CHANGING TO MEET NEW MARKET DEMANDS Call to action. Business leaders and CEOs in the industry must lead the way towards responsible use of technology, Jensen says TECHNOLOGY BY THOMAS JENSEN, CEO, MILESTONE SYSTEMS T parency and showcase responsibility. Business leaders and CEOs in the industry must lead the way towards re- sponsible use of technology. Over the past two decades, tech organisations have become increasingly powerful, leading people to greater expecta- tions. However, we’ve all heard the JULY 2023 CEO MIDDLE EAST – LEGACY EDITION 33 “SOCIETY EXPECTS TECH COMPANIES TO PRIORITISE RESPONSIBLE TECH PRACTICES” Data privacy. The UAE introduced the federal Personal Data Protection Law – the PDP – which provides a legal framework to ensure the safety and privacy of individuals’ private information particularly as we advance into the 21st century. We think that responsi- ble technology will become a prereq- uisite for future growth and even a license to operate. Maintaining the status quo is no longer viable, busi- nesses following this path may observe their customers disengaging. The role of tech firms is evolving. As the digital generation steps in, people’s expectations of technology become distinct from before. Many corporations have recognised this shift, taking measures to adapt to their new role. It is incumbent upon us to leverage technology to benefit soci- ety and not merely generate profits. Although the ultimate objective of a tech firm is to make profits, it is also vital to showcase robust support for a responsible approach towards how companies develop technology, how their partners sell it and how consumers use it. This approach is worthwhile since there is abundant proof that responsible technology practices are not a luxury but a means to secure future success. A fresh perspective on legislation Rather than a reactive approach, meeting the next generation’s expec- tations will necessitate technology companies acting as collaborative partners with policymakers. This entails working with governmental bodies to establish effective legislation that safeguards fundamental human rights while promoting innovation and delivering the benefits of technology to both current and future generations. Technology CEOs must aim to do more than simply commit to a directional approach that places the onus on partners and customers. One method is to dedicate a specialised team with a mandate to develop a framework and collaborate with poli- cymakers to help formulate effective legislation that respects people’s and society’s interests. protests follow, and soon people begin to turn away. The licence to employ When we look around, we see that responsible technology is becoming a prerequisite for companies to operate. Customers’ preferences are changing in this direction, and technology firms have the power to lead the way and make a difference. It is crucial to act now. To take the first step, companies should consider committing to the UN’s Guiding Principles on Business and Human Rights (UNGP) and tailor spe- cific actions to their business. This can include creating a responsible innova- tion program for product development, training sales organisations and business partners on responsible technology principles, and incorporating responsible technology principles into the due dili- gence process for business transactions. Again, society expects technology companies to prioritise responsible technology practices. While tech corporations may not be perfect, they are responsible for collaborating with each other and legislators to con- tinue progressing toward this change. Responsible technology is more than just the right thing to do; it is a tech company’s duty towards society. TECHNOLOGY Addressing the responsibility challenges now The challenge of responsibility is currently unfolding in the realm of technology. However, because technol- ogy is advancing rapidly, it is a journey rather than a one-time event, and responsible technology principles con- sistently evolve. We have witnessed the consequences that led to Techlash, and to avoid repeating this, it is critical to learn, adapt and grow constantly. Of course, some companies may hold on to the belief that adhering to a business-as-usual approach is still vi- able, talking about responsibility while prioritising short-term profits. How- ever, history has shown that when the interests of society are disregarded, 34 CEO MIDDLE EAST – LEGACY EDITION JULY 2023 FINAL THOUGHTS ny resident of Dubai, or visitor during the last 12 months, can’t have failed to spot the massive and ongoing out-of-home advertising campaigns being activated by Saudi Arabia on some of the most visible billboards and locations along Sheikh Zayed Road. NEOM, Alula, Oxagon, Trojena, The Line, New Muraba, Red Sea Resort: All of Saudi’s mega and giga projects are already being promoted even though they are, in most cases, still many years from completion. All of these initiatives are central to Saudi’s Vision 2030 initiative and all require massive funding to be fully completed, deployed and operated before they can start to realise their own income streams. As such, the Saudi-led cuts to global oil production that surprised markets at the beginning of April and propelled prices back above $80 per barrel for the fi rst time since November 2022 shouldn’t be seen as such a shock in the overall scheme of things. Saudi’s multi-year seismic societal and economic change programme relies upon high energy prices to fund the transition so further moves to keep oil prices buoyant are likely. This comes after oil had dropped to a low of $66 per barrel in March (now around the $73 mark), down from highs of $120 in early June 2022. Natural gas has followed an even more precipitous slide from a peak of just over $9 per MMBtu in August 2022 to around $2.30 now. The story of both of these commodi- ties in the last 12 months obviously confounds most predictions made at the start of Russia’s war in Ukraine that foresaw cripplingly high energy costs being sustained as a result of the confl ict, and Russia’s exclusion from Western markets as a result. However, a combination of low-demand, warm winter conditions, high inventories and supply from alternative sources has meant that markets, after the initial shock and dislocation in spring 2022, quickly dropped, much to the joy of businesses, motorists and households around the world, but to the chagrin of Middle Eastern governments, precipitating the actions we have just seen to boost oil prices again. This is also being played out to a shifting, complex and correlated geopolitical situation which sees Saudi-US relations at a low ebb. The Middle East is increasingly engaged with China and remaining studiously unaligned on Russia-Ukraine and, most surprising of all, is a rapprochement between Saudi Arabia and Iran that makes for a particularly interesting dynamic following the Abraham Accords. This all points to an increasingly assertive region confi dent of acting without US patronage and in its own interests. With Saudi and the rest of the GCC countries all pursuing their various Vision initiatives, these interests coalesce around maintaining high income streams from the sale of oil to markets in the east and west, so we can expect to see further manipulation of capacity and output to maintain prices at levels that will continue to fund these vital projects in the years ahead. UNDERSTANDING THE MIDDLE EAST’S ENERGY STRATEGY Saudi-led global oil production cuts come as the region continues massive investment plans A BY JOE HEPWORTH, MIDDLE EAST DIRECTOR, OCO GLOBAL Expertise. Hepworth is an experienced economic development, international trade and foreign investment advisorTHURSDAY 5 TH OCTOBER 2023 GROSVENOR HOUSE, DUBAI, UAE Introducing the Education Excellence Awards - honouring the teachers, leadership teams and support staff, providing world class education in Dubai. 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