A radical rethink on management approaches to build bonds of trust in workplaces and enhance employee engagement has been called for by the world’s top leaders at an ongoing business forum in Dubai.

The two-day Leaders in Dubai Business Forum, which sets the stage for renowned experts in management and leadership to share their insights, opened on October 26 at the Dubai International Convention and Exhibition Centre.

Speakers at the forum also stated that the prevailing global economic climate will force a positive change in working environments, with employees who uphold human values, define goals and recognise performance, standing to benefit in terms of employee retention and higher financial returns.

“Human rights and ethos apply to corporate world as much as they are relevant to the world at large. You and I are created to be part of a delicate network of interdependence – this applies to every community and team of which we are a part,” Nobel laureate and rights campaigner Archbishop Desmond Tutu told the audience.

“Recognition is the accelerator of business performance and the chief driver of employee engagement,” said Chester Elton, management expert and best-selling author, citing the findings of his 10-year study of over 200,000 people.

“Almost 79 per cent of the employees leaving a job are known to do so due to lack of appreciation. The average pay rise one gets out of shifting jobs is merely three per cent.”

Elton, co-author of the critically acclaimed research The Carrot Principle, added that there exists a major perception gap on appreciation within organisations, with the top management often less convinced on the results of such an approach.

Speakers at the session also stressed the need for upgrading management techniques to modern day challenges.

"Much of what we know now as management was laid out in the early years of this century,” said Gary Hamel, the renowned strategist, ranked as the ‘World’s most influential business thinker’ by the Wall Street Journal.

“Today’s management and managers need to adapt to the changing economic and social landscape,” he added. – TradeArabia News Service