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Region shifts to human capital management

BY A STAFF REPORTER / 10 March 2006

DUBAI — The region's corporate world is going through a paradigm shift in the way it manages its people, thanks to the development in the science of human capital management, a leading senior human resources development professional in the UAE said at the first event of the Dubai Knowledge Village Training & HR Breakfast Club held this week.

Yahya Abdulla Al Marzouqi, Training and Development Manager, Borouge, part of the ADNOC Group said: "People are the most crucial capital in all organisations that are eager and enthusiastic to maintain a competitive edge in the market. It is only through people that organisations reach higher limits. Therefore, we need to shift from the typical human resources notion to human capital.  In the current business world, one thing remains constant and that is change."

"The other factor of the "success equation" is leadership. People and leadership are the two faces of one coin. Leadership can make the key difference in ushering change in the practice of human development in the region," said Al Marzouqi. "Organizations have to be headed by leaders and not managers. Managers maintain systems, while leaders create new opportunities and approaches."

"Many organisations resist change within their systems, be it technical or non-technical. For example, many organisations don't have retention schemes, rewards and recognition, career development and counseling sections."
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