Technology Key to Future of Business

Speaking during ‘Guru Day’ at the ongoing Middle East HR Summit in Dubai, Lynda Gratton, Professor of Management Practice at London Business School, explained that in Europe and the United States, those born in the 1950s were now approaching retirement, leading to an ageing population and, with it, the problem of funding pensions.

The problem is being compounded by a declining birth rate. “By relaxing immigration rules, it is hoped that overseas workers will be able to contribute towards the shortfall. However, the western economies would now have to add a looming recession into that equation,” she warned.

“Businesses can grow only in three ways - through cost-cutting, mergers and acquisitions and, finally, through innovation. That’s where ‘Generation Y’ can be of great use. Technology will be key to the future of business. It will value-add with all of the benefits of cost, speed and flexibility, and fully engage those embarking on their career paths,” added Prof Gratton.

The summit will conclude tomorrow.

lily@khaleejtimes.com