Jobs, jobs and jobs. And I don't mean another article on the acclaimed former chief executive of Apple. We need to tackle the pressing issue staring us in the face - job creation.
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US presidential candidates are espousing job creation as the solution for America's ailing economy. Across the region, job creation is the headline solution for escalating unemployment that is being caused by the youth bulge. Across the GCC, Middle East and North Africa 31 million people will be entering the workforce in the next five years. Will they be able to a find job?
All of the rhetoric about jobs has grabbed my attention and kept me awake at night pondering what does job creation look like in the Arab world. Is this solely the government's responsibility? Job creation typically refers to programmes undertaken by governments to provide employment opportunities for the unemployed.
For sure, each and every government wants to be able to minimise its unemployment risk by providing jobs for local citizens, but how does this happen? And what is the role of the private sector?
Historically, job creation in the region has relied heavily on growing the government and the "shovel ready" employment created through the laying down of hard infrastructure. Through attracting multinational enterprises in various sectors to the region, foreign direct investment has minimally benefitted the local job front.
Since no single idea will solve the job creation challenge, let's look at a comprehensive approach that includes each of the above points but emphasises three actions, which are critical to accelerate job growth.
Fuel entrepreneurial activity: there is a high correlation between future job creation and business growth from new start-ups. Governments need to encourage entrepreneurism and established business should contribute by aggressively building the business skills of the future entrepreneurs through structured early career programmes.
Facilitate small-business loans: closely related to the entrepreneurial impact on job creation is the effect of fast-growing small and medium enterprise (SME) businesses. Governments and financial institutions need to facilitate access and alter lending rules to encourage SME growth by helping them obtain the necessary financing for growth strategies that will create additional jobs.
Train workers for today's job market: unemployment is in part because employers can't find workers with the advanced skills they need. The private sector must quickly form partnerships with universities, training providers and government to align career training with workplace needs.
One last consideration for the private sector is to balance the dependence on a foreign workforce with local responsibility. Significant parts of the GCC are overly dependent on foreign employees in their workforce planning.
While there may be valid reasons for this, such as lower wage expectations, availability of necessary job skills and availability of willing employees for the needed positions, they still must contribute to solving the unemployment challenge.
Job-creation needs cannot be met through conventional means. The strategic view outlined in this plan will tilt the scales towards reducing unemployment.
Therefore we need to have a short-term priority to address job creation and become an incubator for entrepreneurism and SME success.
Dr Tommy Weir is an authority on fast-growth & emerging market leadership, author of The CEO Shiftand the managing director of the Emerging Markets Leadership Center
