Career

Engaging India’s Workforce of the Future

24 January, 2019
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“The accelerated advance of technology in India will influence the human-work dynamic in significant, and unexpected, ways.”

Digital technologies in India are driving sweeping transformations throughout workforces and operational processes across a spectrum of industries. These changes, however, have employers and employees wondering how automation and modern technologies will impact not only employees’ jobs and lives, but how employers engage with the needs of an evolving workforce. Let’s explore the trends that are revolutionizing workforces in India:

How will technology-led disruption define the future of work?
 

The accelerated advance of technology in India will influence the human-work dynamic in significant, and unexpected, ways. The relationship between people and machines will be a constantly evolving association that will balance the benefits of automated processes and machine learning with human emotions and intelligence. Research shows that innate cognitive human abilities—such as emotional intelligence and capacity to innovate—cannot be replaced by machines. Future workforces will be shaped around this reality. For example, while most banking transactions in India are possible online, the human element is still key to investment advice and interactions with wealth relationship managers. Future technologies will automate tasks and enhance productivity while also elevating the impact of human relationships.

How has digital transformation changed the workforce?
 

Traditionally, tech firms in India set the tone for the hiring season by employing large numbers of graduates from engineering schools that are assigned to a pyramidal organizational structure. The first three layers of the pyramid, organized according to years of experience (1-3 years, 3-6 years, and 6-9 years), contributed to roughly 80 percent of the total headcount. However, from a budgetary perspective this number represented no more than 30 percent of the total non-executive wage bill. This organizational structure has changed significantly as pyramid designs were replaced with diamond architectures where some entry-level work is automated, improving margins and streamlining efficiencies by having mid-level engineers focus on building technical skills that will deliver value well in the future.

Tech jobs in roles such as IT support and project management are the first to be automated, resulting in decreased headcounts of more than 15 percent in some companies. Other tech fields are a mixed bag of increased or reduced headcounts based on experience levels. Tech jobs are being automated in the areas of remote infrastructure, software testing and release, and applications development. However, headcounts are increasing in data services, UI/UX, cloud computing, and solutions architectures that bring together domain/functional knowledge to create solutions for clients. In fact, jobs in these areas are increasing by more than 100 percent and help drive an organizations non-linear growth. Companies are also disrupting organizational structures by dipping into nontraditional talent pools such as freelancers, part-time/contingent works, crowdsourced talent and lesser-known coopetition models.

What will it take to engage workforces of future?
 

With changing business models and declining overseas opportunities, technology players in India are focusing on quality and content to drive value proposition. Tech businesses naturally focus on innovation, and value environments where technological innovation and human collaboration thrive. Employee engagement has moved beyond the base level of Maslow’s needs into the self-actualization orbit where workers seek a sense of purpose and personal fulfillment from their jobs.

Significant changes are occurring in workforce engagement models throughout India. Curated learning experiences, for example, offer new career development opportunities to flex and gig workers. Career paths for full-time employees, which traditionally foster vertical trajectories, are evolving to include customized growth experiences based on various personas defined by specific demographics, mannerisms, goals, aspirations, interests, and communication styles. These initiatives create value through the sustained and frequent reinforcement of goal-oriented rewards for high achievers who are inspired by different motivations.

Leave benefits, for instance, could align with popular national days in India. New entrants could use leave time for “Propose Day,” while managerial employees could use their leave time for “Annual Day” or other childcare-related holidays. Free agents and gig employees may apply their leave times toward attending social networking events. If we were to extend this persona-based proposition to allowances, new entrants may find value in “dating allowances,” and manager-level professionals may appreciate an “entertainment allowance” that pays for meals with family and friends. Allowances may also extend company benefits or product discounts to an “uberized workforce.”

New app-style benefits in India are taking employee engagement beyond learning opportunities. Benefits include wellness services through health portals, health and psychological counselling, and the personalization of rewards through online crediting and the redemption of rewards points. The future of employee engagement will feature flexible and customized benefits that cater to individual needs, from carpooling to stress management. Workforces of the future will redefine the meaning of employee engagement through the personalization of benefits and passions—ensuring that personal fulfillment remains an important part of professional success in India. 

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Juliane Gruethner | 31 Oct 2019

International project assignments are one of the current hot topics in global mobility management. A quick poll in conjunction with our Expatriate Management Conference in 2018 showed that, in an increasing number of organizations, the mobility function is responsible for the administration of international project assignments. Nearly 90% of the responding mobility managers confirmed that their organizations have international project assignments, and 80% of respondents are responsible for their administration. With this trend, new challenges are emerging. Let's take a look. Challenge 1: Common Understanding of Terminology   There does not seem to be a common definition of an international project assignment. Mercer's poll showed that about 40% of the responding businesses define an international project assignment as simply an international assignment to a project, regardless of its duration, while 60% specified a period of time. Some organizations also differentiate between project assignments for an external client and internal projects. Apart from the lack of clear definitions, most businesses (73%) do not have any formal policy or regulations for their international project assignments. If they exist, they often overlap with those for traditional long- or short-term assignments. No matter how you approach international project assignments, make sure that your company has a precise definition and corresponding guidelines in place that allow for consistent handling and fair treatment of all internationally mobile employees. For this discussion, we define international project assignments as assignments to client projects abroad, whereas assignments to projects abroad within one organization are called international assignments. Challenge 2: Fair and Equal Treatment   Determining an individual compensation package for an international project assignment differs from traditional forms of international assignment compensation. Some employees may have been hired especially or exclusively for project work. Others are assigned to work on international projects based on short- or long-term assignments or commuter packages. Those differences can lead to inconsistencies in compensation between the assignees — depending on where they come from and how their project assignment is defined in the home country. Clear internal regulations differentiating target groups and assignment types increase the transparency of the mobility program and ultimately increase its acceptance among employees. Challenge 3: Determining the Return on Investment   In Mercer's 2017 Worldwide Survey of International Assignment Policies and Practices, the majority of respondents stated that a business case is required for an international assignment (62%) and that they prepare corresponding cost estimates (96%). However, only 43% track the actual costs against budgeted costs, and only 2% have defined how the return on investment (ROI) of an international assignment is quantified. It is often linked to a mid- to long-term perspective and not easily expressed in pure economic figures. That said, it is possible to track success by means of faster promotions or higher retention rates of expatriates. The ROI of international project assignments, in contrast, is easier to measure. Actual costs can be compared to the original estimate and the price paid by the client. This transparency leads to higher cost pressure, which calls for a greater flexibility with respect to the applicability of existing internal rules and regulations to be able to offer projects at a competitive price. In conclusion, the short-term business value (winning and conducting the project in a profitable manner) and the mid- to long-term value of international assignments (for example, filling a skills gap in the host location or employee development) have to be balanced diligently, which can be achieved by a thoroughly segmented international assignment policy. Challenge 4: Management of Large Numbers of International Project Assignments   Depending on the industry sector, the number of international project assignments in an organization can be extremely high. One of the respondents in the conference poll indicated that they handle about 23,000 international project assignments per year. Therefore, the resources needed in the mobility function will have to be increased or resources reallocated once mobility takes over the responsibility for international project assignments. You should also review the service delivery model, as well as individual procedures, and if necessary, adapt them to enhance the efficiency and effectiveness of the international project assignment administration. Using the right technology can also help streamline processes and make a large number of international project assignments manageable. Challenge 5: Deployment to Unknown Places   International project assignments take place not only in the company's regular assignment destinations but also in new locations at client sites. The company, therefore, may not have any resources in or knowledge about the location. Client resources or external vendors can be used to obtain necessary information or perform necessary services, such as immigration or payroll. In addition, if employees perform services in hardship locations, their safety and security need to be considered. Challenge 6: A Matter of Compliance   When it comes to international project assignments, mobility is regularly asked to deliver results even faster than for traditional international assignments, because requirements tend to come up or change at short notice. However, compliance is as complex as for any other international assignments and needs to be evaluated individually. This is true for external as well as internal compliance issues. Although compliance is regarded as one of the most important aspects by many mobility managers, we have seen that compliance is just the tip of the iceberg, and the list of challenges presented in this first part of the article is not exhaustive. We continue our considerations with the companies' duty of care and possible solutions in part 2  of this article. If you'd like to learn more, click here to get in touch with a Mercer consultant.

Bart Hermans | 19 Sep 2019

Addressing human capital risk early and in a clear and methodical way is fundamental to driving deal value in M&A transactions. Prime examples of people risks that can severely undermine deals and destroy value are poorly executed integrations, failure to consider culture and organizational fit, inability to retain top talent, and lack of clarity in employee communications. High-performing HR M&A teams combat these common risks by developing an HR M&A playbook that establishes a common approach to initiating and managing transactions. While every team’s HR M&A playbook is different, there are key elements that should exist in all playbooks. First, the playbook must be a practical, how-to guide. HR M&A playbooks have traditionally served as a comprehensive encyclopedia, complete with process maps for each HR workstream and every possible deal scenario. While these playbooks have great content, when a deal comes in, the HR team has a difficult time using them, and as a result, the playbooks are often thrown to the side. In order for a playbook to be effective, it must be used. Your HR M&A playbook must provide enough guidance for the HR team to do their job effectively while avoiding information overload. The HR team must also be able to adapt the playbook for any deal scenario. It’s a difficult balance to strike. Second, the playbook must define HR’s role throughout the deal life cycle. To maximize deal value, HR must operate as a strategic partner and be able to clearly articulate where they fit in the deal context and how their involvement mitigates risk and achieves deal objectives. A well-defined playbook helps both new and experienced members of the HR deal team understand the role they play, and enables them to quickly start working through deal-specific issues. Clearly delineated tasks and established decision-making parameters also inspire confidence in team members and ensure HR alignment with other business teams, including finance, legal and IT. Throughout the transaction, structured collaboration across the organization is vital to prevent teams from making crucial decisions in isolation. In this environment, HR can execute faster and immediately add value to the deal — which is the ultimate goal. Third, the playbook must include due diligence. All too often HR is engaged on the deal just before or at close, which prevents them from conducting thorough due diligence. This is compounded by today’s sellers’ market, where buyers face shortened due diligence periods and, increasingly, a lack of data from the seller. By not engaging HR early, companies are taking on unnecessary risk that could materially impact the deal price, integration strategy and timelines and could even result in a “no-go” decision or diminished synergies. Common HR issues uncovered during due diligence include Change-In-Control triggers in executive agreements, high-cost severance commitments, retention risks, significant cultural gaps, underfunded defined benefit pensions, and compensation and employee benefit plan compliance issues. An effective M&A playbook not only includes due diligence tools to ensure the right data is requested and red flags are identified quickly, but also builds the business case for why Corporate Development should engage HR early on. Fourth, the playbook should outline your preferred integration approach. While every deal is different and exceptions are common, it is important to align with your HR and business leadership team on your preferred integration approach (or different approaches for common deal types) upfront. As part of this process, you agree on the ideal integration outcomes by workstream; understand the timing, budget and resource requirements to adopt this approach; and establish an approval process for exceptions or deviations. With your approach outlined, when a deal comes in, you have a starting point, can quickly review each workstream, determine if the deal thesis requires an exception and, if so, follow the established approval process to obtain the exception, and move forward with execution. This will significantly accelerate the deal execution and contribute to the synergy realization. The integration strategy must be designed to achieve the results articulated in the deal thesis. While the M&A vision often belongs to the CEO, HR owns the execution from a people perspective. Your preferred HR integration approach should be rooted in your business strategy and address all people-related aspects of the deal. Your integration approach should be set up to achieve: ·  A clearly articulated go-forward operating model and organization structure ·  Consistently defined roles, responsibilities and decision rights ·  A company culture that supports go-forward business objectives ·  A plan to identify and retain critical talent ·  A plan to objectively identify roles and individuals for release (as needed) ·  A rewards structure aligned with business priorities ·  A unified and consistent communications plan to socialize changes across departments ·  Resources to support cross-training and employee acclimation ·  Continuity of fundamental HR functions, such as payroll and benefits administration Fifth, your playbook should include project management tools. Project management throughout the M&A transaction is vital. Setting milestones and success metrics, documenting key activities, and ensuring their timely completion are required to meet pre- and post-acquisition financial goals. Robust activity list templates are a central component of any playbook. These tools offer a starting point for each HR workstream to develop a comprehensive project plan guided by the company’s particular deal outcomes. These tools can be leveraged to ensure key steps are taken and to track results achieved along the way, such as early synergy savings. An agile playbook is ever-evolving. At the end of each deal, it is incumbent upon the HR Project Management Office to conduct a postmortem and incorporate any new best practice learnings into the playbook. Last, a playbook is only as good as the team implementing it, so it is critical to spend the time upfront training the HR team on how to use the playbook and when it makes sense to enlist external advisors to supplement the team to address specific M&A issues. A well-executed M&A transaction keeps your most valuable asset — people — at the center. Given the significant people risks associated with deals, HR M&A readiness is a business imperative, and that begins with the ability to inform and orchestrate value-driven change. Anticipating deals, preparing for them early, building internal systems and leaning on external expertise equip the HR team to be a valued member of the deal team. By investing in an agile M&A playbook, companies can position their HR team to effectively support the business in all future transactions, engage the workforce and help deliver business results for both the short and long term. For further information, visit our M&A website at http://www.mercer.com/mergers-acquisitions

Fiona Dunsire | 05 Sep 2019

The markets across Latin America, the Middle East, Africa and Asia are some of the most exciting in the world, amid a backdrop of economic growth and changes in demographics, investment markets and regulations. Mercer's Growth Markets Asset Allocation Trends: Evolving Landscape report examined retirement plans in 14 of these markets, with a look at current investment positions and changes over the past five years. The study included retirement fund assets of almost $5 trillion across markets in the Southern and Eastern hemispheres. These areas offer exciting potential for asset owners, managers and investors, as almost 70% of global growth now comes from these economies, according to the World Bank. We are also seeing a rapid expansion of the middle class, creating different patterns of consumption and savings. In addition, half of the top 50 global institutional investors are located in these markets.1 The Global Investment Landscape Is Becoming More Robust   Because the economies of Latin America, the Middle East, Africa and Asia are large and growing, with a rising share of wealth being held by individuals, they are of particular interest to investors around the world. These markets are also becoming increasingly open to foreign investors. At the same time, regulatory changes within these regions are allowing domestic investors to invest more broadly and outside their home markets. All these developments translate into a more open and robust investment landscape, with increasing opportunities for investors across the globe. The pension and savings systems in these regions are also undergoing reform, with the same trend toward increasing individual responsibility for retirement savings as seen in Western countries. Overall, we are seeing a shift to defined contribution (DC) plans at the expense of defined benefit (DB) plans across both corporate and government-sponsored schemes. These changes further emphasize the need to deliver effective investment solutions to meet future savings needs and ensure trust in the systems. 3 Ways Investors Are Responding   Investors and plan managers are responding to the changing environment in three key ways: 1.  More investors are putting money in equities. In the past five years, equity allocations rose approximately 8%, from 32% to 40%. For investors in many jurisdictions, the shift was intended to increase expected returns on the portfolio. Investors across the world face challenges amid an increasingly competitive investment landscape and a low return environment. Adding equities to the portfolio mix should offer greater return expectations over time. 2.  Market liberalization is enabling more diversified portfolios, through increased exposure to foreign assets at the expense of domestic assets. On average, foreign exposure in retirement plans increased from 45% of the overall equity portfolio to 49% in the past five years. Investors sought greater geographic diversification, especially in Colombia, Japan, South Korea, Malaysia and Taiwan. In some countries, such as Brazil, Colombia, Peru and South Africa, recent changes in legislation now allow increased foreign asset exposure. In Japan, the Government Pension Investment Fund has seen a move to more foreign equities at the expense of domestic equities in recent years. The shift to foreign assets was also present in fixed income, with the proportion of foreign allocations rising from 16% to 23%, in part due to less attractive local interest rates, as well as a search for increased diversification. Significant home biases remain; however, we expect this trend to continue as regulatory changes support broader global investment. 3.  Investors are showing slightly more interest in alternative investments. More investors are including alternatives in their portfolios, and Mercer expects that trend to continue on an upward trajectory. Among those investors who provided details on their alternatives asset allocations, more than 70% of the average allocations went to property and infrastructure, and approximately 20% went to private equity. Changing regulations have made alternatives more attractive for investors in some areas. For instance, in Chile, a 2017 reform to the investment regime passed, allowing pension managers to invest in alternatives up to 10%, though specific limits vary by portfolio. The main objective of this enhancement is to boost returns and ultimately retirement incomes. As investors seek to diversify their portfolios and seek return enhancement, we expect alternatives exposure to continue to grow over time. We hope investors use our report's findings as an opportunity to review their own portfolio and determine where they can improve their asset allocation to achieve even better investment outcomes. To learn more, download the full report here. Sources: Top 1,000 Global Institutional Investors." Investment & Pensions Europe, 2016. https://www.ipe.com/Uploads/y/d/w/TOP-1000-Global.pdf

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Juliane Gruethner | 31 Oct 2019

International project assignments are one of the current hot topics in global mobility management. A quick poll in conjunction with our Expatriate Management Conference in 2018 showed that, in an increasing number of organizations, the mobility function is responsible for the administration of international project assignments. Nearly 90% of the responding mobility managers confirmed that their organizations have international project assignments, and 80% of respondents are responsible for their administration. With this trend, new challenges are emerging. Let's take a look. Challenge 1: Common Understanding of Terminology   There does not seem to be a common definition of an international project assignment. Mercer's poll showed that about 40% of the responding businesses define an international project assignment as simply an international assignment to a project, regardless of its duration, while 60% specified a period of time. Some organizations also differentiate between project assignments for an external client and internal projects. Apart from the lack of clear definitions, most businesses (73%) do not have any formal policy or regulations for their international project assignments. If they exist, they often overlap with those for traditional long- or short-term assignments. No matter how you approach international project assignments, make sure that your company has a precise definition and corresponding guidelines in place that allow for consistent handling and fair treatment of all internationally mobile employees. For this discussion, we define international project assignments as assignments to client projects abroad, whereas assignments to projects abroad within one organization are called international assignments. Challenge 2: Fair and Equal Treatment   Determining an individual compensation package for an international project assignment differs from traditional forms of international assignment compensation. Some employees may have been hired especially or exclusively for project work. Others are assigned to work on international projects based on short- or long-term assignments or commuter packages. Those differences can lead to inconsistencies in compensation between the assignees — depending on where they come from and how their project assignment is defined in the home country. Clear internal regulations differentiating target groups and assignment types increase the transparency of the mobility program and ultimately increase its acceptance among employees. Challenge 3: Determining the Return on Investment   In Mercer's 2017 Worldwide Survey of International Assignment Policies and Practices, the majority of respondents stated that a business case is required for an international assignment (62%) and that they prepare corresponding cost estimates (96%). However, only 43% track the actual costs against budgeted costs, and only 2% have defined how the return on investment (ROI) of an international assignment is quantified. It is often linked to a mid- to long-term perspective and not easily expressed in pure economic figures. That said, it is possible to track success by means of faster promotions or higher retention rates of expatriates. The ROI of international project assignments, in contrast, is easier to measure. Actual costs can be compared to the original estimate and the price paid by the client. This transparency leads to higher cost pressure, which calls for a greater flexibility with respect to the applicability of existing internal rules and regulations to be able to offer projects at a competitive price. In conclusion, the short-term business value (winning and conducting the project in a profitable manner) and the mid- to long-term value of international assignments (for example, filling a skills gap in the host location or employee development) have to be balanced diligently, which can be achieved by a thoroughly segmented international assignment policy. Challenge 4: Management of Large Numbers of International Project Assignments   Depending on the industry sector, the number of international project assignments in an organization can be extremely high. One of the respondents in the conference poll indicated that they handle about 23,000 international project assignments per year. Therefore, the resources needed in the mobility function will have to be increased or resources reallocated once mobility takes over the responsibility for international project assignments. You should also review the service delivery model, as well as individual procedures, and if necessary, adapt them to enhance the efficiency and effectiveness of the international project assignment administration. Using the right technology can also help streamline processes and make a large number of international project assignments manageable. Challenge 5: Deployment to Unknown Places   International project assignments take place not only in the company's regular assignment destinations but also in new locations at client sites. The company, therefore, may not have any resources in or knowledge about the location. Client resources or external vendors can be used to obtain necessary information or perform necessary services, such as immigration or payroll. In addition, if employees perform services in hardship locations, their safety and security need to be considered. Challenge 6: A Matter of Compliance   When it comes to international project assignments, mobility is regularly asked to deliver results even faster than for traditional international assignments, because requirements tend to come up or change at short notice. However, compliance is as complex as for any other international assignments and needs to be evaluated individually. This is true for external as well as internal compliance issues. Although compliance is regarded as one of the most important aspects by many mobility managers, we have seen that compliance is just the tip of the iceberg, and the list of challenges presented in this first part of the article is not exhaustive. We continue our considerations with the companies' duty of care and possible solutions in part 2  of this article. If you'd like to learn more, click here to get in touch with a Mercer consultant.

Alice Harkness | 31 Oct 2019

Benefits have traditionally been provided on a "one-size-fits-all" model, meaning some employees gain greater value than others. Today, employees increasingly expect more personalized benefits that allow them to flex and utilize benefits depending on their particular needs and life stage. This allows employees to feel they are being treated equally, independent of circumstances (i.e., single or married). It's time to break the mold with a "non-traditional" approach that may include well-being incentives, opt-in/out insurance coverage and a design that allows individuals to claim parents' expenses or pet care expenses. Forward-thinking companies are on this journey already, but many aren't, as HR departments overestimate employee's satisfaction with the status quo. Why? They're afraid to ask. The risk of not asking can result in investing valuable budget on unused or underutilized benefits. Get to Know Your Employees Better   Don't be afraid to ask the tough questions. Gather feedback through engagement "spot" surveys or focus groups on what employees like and dislike in current offerings or what else would be beneficial. While it may be impossible to implement everything, it's a great opportunity to engage. Employees may not know what they need. Use data analytics to better understand what types of benefits (especially health) are being used the most and what's essential. Are people reporting that they want more well-being incentives, yet no one is taking advantage of your discounted gym membership offering? By combining qualitative and quantitative data, you can identify gaps. Sometimes, that gap is not on the offer itself but rather the communication around it. Communication Is Key   We often hear from HR, "Our employees have good knowledge of their benefits; we communicate them every year." This is not enough. Effective communication is key. Employees are time-poor with little patience for reviewing the fine print of policies. Why not get feedback on their preferred channels of communication? Find simple ways to communicate regularly, focusing on different benefit offerings. This can include infographics, interactive landing pages, videos or simply shorter, bite-sized information. Don't forget to tell employees why certain benefits are important — they don't always know! Flexible Doesn't Always Equate to $$$   Providing personalized benefits can be costly, but it doesn't have to be. It's about taking your current budget and creatively investing in employees in a way that resonates. Another benefit is confidence in knowing your investment is being used. Companies who invest the time in designing benefits that resonate with employees — throwing out the traditional approach by embracing new ways of more personalized thinking — will see a greater return on investment and a happier, more engaged workforce.

Wejdan Alosaimi | 17 Oct 2019

For many decades, Saudi Arabia — as a nation, culture and economic force — has been inextricably tied to oil exports and the energy industry. However, a bold new vision, named Saudi Vision 2030, aims to wean the country off its dependencies on fossil fuels through the creation of sweeping new reforms and policies. This vision looks to modernize Saudi Arabia, both as a domestic society and a global financial powerhouse. The Power of Embracing Change   In 2016, Crown Prince Mohammad bin Salman bin Abdulaziz Al-Saud led the unveiling of the Saudi Vision 2030 initiative, which detailed the nation's unprecedented and extraordinary commitment to emerge as a leader in a rapidly evolving world. As oil prices continue to react to new economic realities and regional political forces shape the roles and objectives of nations throughout the Middle East, Saudi Arabia's decision to proactively embrace change could have extraordinary foreign and domestic ramifications. With a population of more than 33.4 million people and a median age of 25, Saudi Arabia faces a future filled with significant challenges and opportunities.1 Saudi Vision 2030 is a road map for how the nation will empower its millions of young citizens to work and thrive in a globalized world that increasingly views petroleum as an outdated and harmful source of energy. A shift in long-established revenue resources and economic paradigms requires a fundamental shift in local workforce skill sets and proficiencies with modern technologies. As other nations are slow to adjust to climate change and other geo-economic shifts, Saudi Arabia is poised to exemplify to the rest of the world how governments can leverage policy reform to enhance the lives of people both inside and outside the country's borders.2 Accommodating a Complex Global Economy   Saudi Vision 2030 will have a profound impact on rapidly growing economies, such as India, that seek to leverage digital transformation while implementing innovative domestic and workforce policies. In fact, the fate of Saudi Arabia and India are becoming increasingly intertwined, as India — unlike many western economies — requires more oil to empower its robust economic rise. Industrialized markets, in areas such as Europe and the United States, are seeking greener alternatives and more electric vehicles for transportation demands, but India remains heavily dependent on fossil fuels. By 2040, India will need to process up to 10 million barrels of crude oil every day to support its expanding economy and progressively urbanized populations.3 Saudi Arabia, a nation that already has a few notable government policies elevating the standard of living for its citizens (such as offering free college education to all citizens), is further internationalizing its economy by prioritizing privatization. The 2030 plan encourages financial institutions to promote private sector growth, marking a significant development in how the country is aligning its domestic workforces to compete in a globalized economy. The focus on increasing privatization and other non-oil industries — such as construction, finance, healthcare, retail and religious tourism — will create new opportunities for Saudi businesses and entrepreneurs.4 Creating a Future Through Indigenous Resources   Saudi Vision 2030 addresses many of the local, cultural challenges facing the nation, such as the role of women in the workforce and society, the impact of digital transformation and automation, and the need to modernize the sensibilities of Saudi businesses. Allowing women to drive and granting them greater access to economic prosperity — with the goal of increasing women's participation in the workforce from 22% to 30% — has generated positive responses with global investors. The 2030 plan also prioritizes domestic issues and the overall health of its citizens, with the stated objective of raising the average life expectancy from 74 to 80 years and aggressively promoting daily exercise and healthier lifestyles for all Saudi citizens.5 The Saudi government also seeks to bring its society into the digital age by implementing more e-government services that will connect citizens to resources through smartphones, data-centric operations and other technologies. This push will also drive human capital out of government jobs and into the private sector. According to the Mercer Global Talent Trends 2019 report, companies in countries such as India, Brazil, and Japan will experience a 70% increase in automation, boosting their need — like Saudi Arabia — to find new roles and professional development opportunities for workers. The 2030 plan offers an ambitious vision for the nation's indigenous resources. Empowering women and integrating modern technologies throughout its economy and government are just part of this comprehensive strategy. By inviting the global economy to invest in its progressive financial mechanisms and bolster tourism through campaigns highlighting the nation's history, Saudi Arabia is poised to lead its people, and the world, into a future forever defined by a new, modern view of the future. Will it work? The world will know in 2030. Sources: 1. Kingdom of Saudi Arabia. "Saudi Census: The Total Population." General Authority for Statistics, Accessed 11 July 2019,https://www.stats.gov.sa/en/node. 2. Mohammed bin Salman bin Abdulaziz Al-Saud. "Vision 2030." Vision 2030, 9 May. 2019, https://vision2030.gov.sa/en. 3. Critchlow, Andrew. "India is too important for oil titan Saudi to ignore." S&P Global Platts, 6 Mar. 2019, https://blogs.platts.com/2019/03/06/india-important-oil-saudi/. 4. Nuruzzaman, Mohammed. "Saudi Arabia's 'Vision 2030': Will It Save Or Sink the Middle East?" E-International Relations, 10 Jul. 2018, https://www.e-ir.info/2018/07/10/saudi-arabias-vision-2030-will-it-save-or-sink-the-middle-east/. 5. "Saudi Arabia Vision — Goals and Objectives." GO-Gulf, 14 Jul. 2016,https://www.go-gulf.com/blog/saudi-arabia-vision-2030/.

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