The creation of new jobs in Saudi Arabia is vital to the recovery of the kingdom, the head of the International Monetary Fund (IMF) has told the government, as she looks to promote the growth of staffing numbers in the Saudi private sector.
On a visit to Saudi Arabia, Christin Lagarde, managing director of the IMF, said that in a growing economy like Saudi Arabia, it is important for companies operating in the private sector to continue to take on staff, and highlighted the issue as one of two "clear priorities" alongside the providing of housing.
"Accelerating private sector growth that can generate employment opportunities for Saudi nationals entering the labor market will be key.
"Access to housing and job creation are clear priorities and initiatives are underway in both these areas," Ms Lagarde said.
Companies choosing to hire staff can not only give a boost to the employment figures in a country, but can also bring an improvement in their own fortunes in the long run. By hiring more staff in a growing economy like that in Saudi Arabia, companies can serve to increase productivity, boosting their income, as long as the market continues to grow.
On top of this, when hiring more employees, companies are putting more money back into the pocket of the average person, increasing consumer confidence and, in turn, spending, meaning that the private sector, and particularly retail and manufacturing, will see a growth in revenue as a result of bringing in more employees.
Last year, a project in Saudi Arabia also helped companies to breed their staff of the future, through a series of initiatives which were launched in order to help youths get into the labor market, according to Gulf News.
The project, entitled Bab Rizk Jameel – meaning decent income – helped both companies and young people alike. Through a series of job placements, young people can benefit from the chance to gain some experience in jobs to boost their CVs, while companies were able to assess young workers, potentially finding their top performers of tomorrow, as well as getting a head start on training young people.
Posted by Lee Thrace
