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Gulf CEOs remain optimistic on economic growth
DUBAI - Despite widespread concern of a rapid slowdown in Gulf economies, Chief Executive Officers (CEOs) in the region remain significantly optimistic on growth prospects, according to a survey.
The inaugural 2008 CEO Census — Middle East, published by Stanton Chase International an executive search consultancy, found that 87.1 per cent of CEOs were ‘optimistic’ or ‘very optimistic’ on business growth in the next two years. The survey of 302 Gulf CEOs also found that 69.3 per cent of CEOs believe economies in the region are facing a shortage of leadership talent pointing to the fact that in the ‘war for talent’ rules and procedures in the UAE make it difficult for older CEOs with maturity and experience to relocate and obtain a residence permit. It added that many younger CEOs do not have the talent and background demanded in a more developed economy and regional economies risk losing and often do lose on maturity and quality.
The survey also said that retaining talent is becoming increasingly problematic in the UAE as rising inflation and high accommodation costs hinder good talent from moving to the UAE.
The survey ascertained the time period a top executive would plan to stay in the same position averages from two to five years, however, the length of this period seems to be getting longer rather than shorter. Although, open to suggestions, most top executives would not be interested in immediate changes in their career and are quite focused on their current position.
This is a significant change in a market that until now has been considered so unbalanced that changing positions even within a one-year period was considered a common and acceptable market practice.
Unsurprisingly, the development of a personal and professional network seems to be the most important factor for career development. However, emphasis is also placed on international experience, soft skill development and mentoring, indicating that top executives are not opportunists but plan their career carefully. Besides the personal network, the services of an executive search company are also vital when examining new career opportunities.
The survey found that the profile of top executives in the UAE and GCC region is shifting, accommodating the changes caused by the ongoing international economic crisis as well as by the growing maturity of the market.
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