"The dream of yesterday is the hope of today and the reality of tomorrow": Safa Al Hashem
“There is no doubt that the private sector has brought about prosperity and development of the economy as well as our society. Even as we pass through trying times with the global financial meltdown the Private-sector corporations still contribute significantly to our economy.
The private sector’s involvement in economic development can take many forms, from major multinationals to small and medium enterprises (SMEs), and range across a wide diversity of sectors, including manufacturing, agriculture, and the industrial sector.
As we cruise through the 2008 global economic turmoil, it has become more obvious than ever that the private sector is the only solution to making our way back to stability. And this can be achieved through transparency and implementation of good Corporate Governance. Corporate Governance has to assume a much greater significance in the private sector now to encourage a culture of transparency and accountability.
The private sector has to increase its focus on its Corporate Social Responsibility (CSR) initiatives as well. CSR spans the three pillars of sustainable development – economic, social and environmental – and encompasses a vast field of voluntary action by business. CSR is about responsibility, not just compliance. If, in this way, CSR is conceived as a means of self-regulation by business, it can help minimize regulatory burdens for business and narrow the gap between the society and the private institutions.
In the current global scenario, the private sector has to play a major role in building a more durable, integrated financial system by developing a strong foundation for successful crisis resolution. We need to develop a mature market, which is based on stable relationships among players and through initiatives to call for values of good governance, transparency and cooperation. While doing so it must also be ensured that practices adopted be continuously reviewed.
By taking an initiative in implementing necessary policies and enhancing core capabilities by encouraging executive education and on the job training, the private sector can lead the country into economic and social development and elevate the standard of living.
Finally and most importantly, private sector should invest in the younger generation. This should be in the form of training or setting up intermediary organizations where young, talented youths should be trained to take up the mantle of businesses in the upcoming years. For this, private entities should form partnerships in support of this agenda to help more youth succeed financially, more skilled and to help employers find and develop a more qualified work force with this local talent.
Founder, Chairman & Managing Director of Advantage Consulting, Safa Al Hashem has over 22 years of experience in applying best practices to translate business strategies into attainable objectives at a micro-level and conflict resolution. She was recognized as the ‘Female CEO of the Year’ at the CEO Middle East Awards 2007 and received the ‘Businesswoman of the Year’ Award at the 7th Middle East Businesswomen and Leaders Achievement Award held by the Middle East Excellence Awards Institute UAE in 2008. She also features on the list of prominent women personalities identified by Kuwait’s Parliament Committee on Women’s Affairs. The Arabian Business Magazine also listed her as amongst the GCC’s top 100 executives. A Kuwait University graduate (BS in English Literature), Safa also holds an MBA from the University of Southern California. She is a Certified Organizational Development Specialist and a Certified Targeted Selection Interviewer.
As an Arab recent graduate, I agree that it is important for the private sector to “invest in the younger generation”. It is not easy to find a job in the Arab market although we, the youth, have invested in our education, and often, in a country other than the country of origin. The employer seems to always want a “highly experienced” caliber. How can we be highly experienced when we aren’t given the chance to start at the first place?