Staff Report
Dubai: Dubai Chamber of commerce has launched today, the 10th cycle of the Mohammed bin Rashid Al Maktoum (MRM) Business Award, and the 2nd cycle of the MRM Business Innovation Award during the international conference in Dubai.
The conference was attended by dignitaries, government and business leaders and global industry experts from the UAE and around the world, held at Dubai’s Emirates Towers.
The high-profile event, entitled “Drivers of Growth in Organisations of the 21st Century: Harnessing the Human Factor” was organised by the Dubai Chamber of Commerce and Industry in line with the objectives of the National Program for Happiness and Positivity and UAE Vision 2021.
Held under theme “Happiness and Positivity”, the event was attended by Ohood Al Roumi, UAE Minister of State for Happiness and Well-being, and several other local and international speakers who highlighted some of the most pressing challenges faced by organisations today, as well as effective strategies to drive efficiency and productivity in a fast-changing business world.
“Today, we live in a rapidly changing world, with new technologies transforming the labour market. Human capital – which represents the mastermind and driver of growth – will be the one factor that sets the most successful organisations apart. Organisations with happy,
motivated and engaged employees will be more productive and profitable. Purpose-driven organisations that help and focus on their employees will thrive. Those that do not go in this direction face the risk of falling behind,” said Al Roumi.
During a special address, Hamad Buamim, President and CEO of Dubai Chamber and Chairman of the Steering Committee for the Mohammed Bin Rashid Al Maktoum Business Award, highlighted key factors driving organisational growth in a fast-changing business
world, as well as the importance of harnessing the human factor in achieving business objectives.
“With increasing work pressures, changing customer requirements, and fierce competition on the rise, the determinants of success for a 21st century organization are evolving, and evolving fast. Keeping pace with these changes is critical for organisations to sustain their foothold in the market,” said Buamim.
Dubai Chamber’s President and CEO noted that it has never been more important for organisations to think outside the box and harness the human factor to remain resilient and competitive. He explained how the Mohammed bin Rashid Al Maktoum Business Award Program has helped companies in the UAE and GCC build capabilities in these areas,
and revealed that over 150 companies have been awarded for their outstanding achievements since the award was established.
Hagel noted that barriers to entry and movement are coming down across the world, and explained how this trend is intensifying competition and forcing companies to rethink the way they are running their organisations. He noted that the short-term and profit-driven
approach taken by most established organisations today has left little room for employee learning, improvising, and problem solving, adding that many organisations fall short when it comes to motivating employees and creating a work environment where people can be
passionate in their roles.
“By rethinking and redesigning the work environment, we can unleash and amplify the passion of workers, so that they are doing something other than predictable and routine tasks. This is key to navigating rapid change and disruption. With regards to the Fourth Industrial Revolution, it is not an opportunity, but an imperative. There is a huge opportunity to be had if we can understand what is required to create that passion in the workplace,” said Hagel.
Leading the session Sushant Upadhyay, Senior Client Partner, Korn Ferry Hay Group – UAE, pointed out that despite the fact that most business leaders see technology as the top
value generator, recent research conducted by the company has shown that talent is actually the most important asset to organisations.
Morris Pentel, Customer Experience Designer and Chairman of the UK-based Customer Experience Foundation spoke about the important connection between the physical and digital customer experience, which he said is merging aspects of sales and service. He stressed the need for companies to understand the needs of their customers and employees, who can help guide organisations towards achieving their goals and objectives.
UK-based Future of Work and Leadership Expert Simon Walker led a session covering the importance of “Leveraging Organisational Capabilities Ahead of Competition.” During the session, he identified several barriers to organisational agility, experimentation and rapid
execution which included organisational structures, processes, culture, and leadership.
The conference concluded with an interactive panel discussion that addressed opportunities and challenges associated with forces that are shaping the future of business. Sharing their insights during the session were John Hagel, Sushant Upadhyay, Morris Pentel, and Simon
Walker who agreed that organisations must do more to harness the human factor in order to enhance their competitive advantage.
