Business leaders in the Middle East and North Africa (Mena) region have expressed confidence and optimism in the region’s labour market for next year, according to a recent study.

The first Mena Labour Market Confidence Index revealed that the about 51 per cent of the respondents believed 2015 will be as good as this year for employment, while 42 per cent expressed optimism for their organisations.

The new flagship study included 1,250 organisational and HR leaders from across the region and was conceptualised by Informa, organisers of the upcoming HR Summit and Expo, which will run from October 20 to 22 at the Dubai International Exhibition Centre.

The research was exclusively designed and led by The Talent Enterprise, a leading human capital think-and-do tank.  

It focused on understanding the labour market growth outlook from experts throughout the region on employment, wages, youth employability and nationalisation.

The study found that about 46 per cent of respondents believed the overall economic outlook in their countries has improved for the better, while 45 per cent stated it has remained the same.

More than 75 per cent said the region’s labour legislation is progressive, clear and supportive towards employment, while about 68 per cent of leaders highlighted a continued trend for restrained, moderate expansion, with 20 per cent indicating rapid expansion and growth.

Talent acquisition, nationalisation and developing the younger generation came up as the top human capital priorities.

Ramy Bayyour, show director of the summit and expo, said: “We hope that the Labour Market Confidence Index helps inform and shape the overall policy and HR direction in our nations and organisations.  The region currently faces some extraordinary opportunities and challenges with regards to its talent.

“With its projected levels of economic growth, an unprecedented increase in its youth population, some of the fastest rates of increase amongst female participation in the workplace in the world, and dramatically changing patterns of immigration, we are witnessing a laboratory for labour market reform.”

David Jones, managing director of The Talent Enterprise and labour market economist, said: “We are absolutely delighted with the overwhelming participation and interest in this study from leaders across the region. This is the single largest effort of its kind, unprecedented in scope and scale.

“Clearly highlights the role that HR professionals need to play in shaping the future of the region in terms of human capital development, especially in the UAE in preparation for Expo 2020. We need to build a resilient, skilled and diversified workforce contributing to all sectors of the economy.”

Meanwhile, regional and international heads of HR and business leaders will join the speaker list, addressing audiences on topics including talent management, HR for start-ups and SMEs, compensation and performance and professional development at the summit.

The Middle East HR Excellence Awards will run alongside the conference and exhibition, which will showcase the best HR talent in the Middle East and honour professionals in the public and private sectors. - TradeArabia News Service