How To Attract & Retain Top Talent in Saudi Arabia

With the global talent shortage projected to reach 85 million people by 2030, Saudi Arabia faces a significant challenge. Business leaders must take proactive steps to attract and retain top talent to maintain economic momentum and achieve their organizational goals. This article delves into the strategies necessary to win the talent war in Saudi Arabia, emphasizing the crucial role of company culture.

Saudi Arabia’s Economic Growth and Job Market

Saudi Arabia is experiencing unprecedented economic growth, positioning itself as the fastest-growing G20 economy in 2023. The nation saw an overall growth rate of 8.7%, with a notable 4.8% increase in non-oil GDP, driven by thriving sectors like retail, construction, and transportation.

Mega Projects and Job Creation:

• NEOM and Trojena: These ambitious projects are set to contribute significantly to the GDP and create approximately 380,000 jobs by 2030.
• 2030 World Expo in Riyadh: Expected to generate around 250,000 jobs, further bolstering the job market.

As a result, Saudi Arabia’s unemployment rate has plummeted to its lowest point in history, now at 4.9%. However, the rapid economic expansion also highlights the pressing need for skilled workers, with an estimated shortfall of 663,000 by 2030, potentially resulting in unrealized revenue of $206.77 billion.

Beyond Competitive Salaries: The Role of Company Culture

Attracting and Retaining Top Talent: Winning the talent war requires more than just offering competitive salaries. Companies must cultivate a strong organizational culture that resonates with potential employees. A positive workplace environment, where employees feel valued and engaged, is crucial for both attracting and retaining talent.

A Gallup survey revealed that 24% of Saudi employees are actively seeking new job opportunities, up from 11% in 2019. Including those open to new opportunities, the total rises to 48%, indicating a substantial challenge for employers in retaining their workforce.

Developing Talent: Investing in employee development is essential for retaining top talent. Companies should focus on enhancing their employees’ skills, knowledge, and competencies through continuous learning and upskilling programs, coaching, and leadership development initiatives. Personalized development plans can help meet individual career aspirations and needs, ensuring a pipeline of skilled employees ready for key roles.

Strategies for Success

To successfully attract and retain top talent, Saudi companies should implement the following strategies:

1. Foster a Positive Company Culture:
   • Create an inclusive and supportive workplace environment.
   • Promote employee engagement and satisfaction by aligning company values with employee goals.
2. Invest in Talent Development:
   • Offer continuous learning and upskilling programs.
   • Implement coaching and leadership development initiatives.
   • Develop personalized training plans to cater to individual career paths.
3. Leverage Expert Partnerships:
   • Collaborate with talent development experts like FranklinCovey to transform organizational culture and behavior.
   • Utilize comprehensive frameworks and tools to enhance personal effectiveness and leadership skills.

By prioritizing company culture and investing in employee development, Saudi businesses can effectively navigate the talent shortage and secure a competitive edge in the marketplace. For more insights and solutions on winning the talent war in Saudi Arabia.