The Labour Fund (LF) hosted the second Labour Fund Strategy Consultation Forum today, Wednesday 23rd May 2007, at the Gulf Hotel. Public and private sector representatives attended to discuss and provide input and feedback on the most apt approach for confronting challenges facing the Labour sector.
The Forum proceedings included a presentation of a corporate documentary on the Labour Fund, followed by a welcome speech by H.E. Dr. Al Baharna. And then a presentation on the status of the current projects and initiatives delivered by the Deputy Chief Executive Mr. Abdulellah Al Qassimi. Dr. Osama Al Ali, Vice President for Planning and Development, Labour Fund, delivered a presentation on the Labour Fund's strategy and approach towards tackling the Labour reform program. The Forum held a session for the participants to review, discuss and comment on the initiatives; of which the findings will be integrated by the Labour Fund for the enhancement of the strategic plan and initiatives. The event was concluded with a thank you speech by Mr. Al Qassimi.
In a speech delivered by H.E. Dr. Nazar Al Baharna, Minister of State of Foreign Affairs and Chairman of the Labour Fund, he said, “In line with the vision of the government, the Kingdom of Bahrain has undertaken vital steps towards essential labour market reform. This direction strives to ensure the development and employability of local human resources, and to aid local businesses in attaining maximum operational performance. This will ultimately impact the Kingdom’s economy and raise standards of living.
He continued, “Economic and social development run in parallel and are a core element of the Kingdoms political and economic reform program. The concept of Social development is multidimensional as it includes creating job opportunities, providing social security, improving working conditions, and investing in human capital through training and development. On the same note, sustainable economic development cannot be achieved without the availability of the appropriate and required labour force and a profitable industry and business.
We are resolute in seeking to initiate a radical sweeping change in the market, via the 'Labour Market Reform' project; this will enable the private sector to navigate the Kingdom towards economic growth, and will improve the competency of citizens, thereby making them the 'employees of choice'," H.E. Dr. Al Baharna revealed.
"The Labour Fund will continue to consult and work closely with its various stakeholders to fashion fresh and innovative approaches; our success is heavily dependant upon the cooperation of our partners, hence our slogan 'partners in prosperity'." H.E. Dr. Al Baharna concluded.
The Labour Fund has strategically formulated 14 proactive initiatives to improve the labour market situation.
Value Proposition Initiative
To invest in venture capital institutions that will help the LF in identifying and screening deals with the greatest potential and return that are in line with the Labour Fund’s objectives.
Venture Capital Investment
1
To attract prominent brands in the areas of telecom, health, manufacturing, tourism, and logistics to set-up operations in Bahrain. To support the set-up of new anchor investment projects through sourcing the appropriate local talent.
Attracting Investment & Sourcing Talent.
2
To institute the culture of corporate excellence and performance through performance assessment of organizations, providing high-end leadership training, offering solutions to organizational bottlenecks, offering quality awards and certifications.
QualityCorp
3
Offering professional HR certification to functional HR staff and talent management courses to organizational leaders, mainly targeting small to medium organizations.
Talent Management Training
4
Developing human capital competencies in areas which face a shortage of skills, mainly targeting unemployed, job entrants/entry level employees.
Specialized Training for Skill Gaps
5
To reduce underemployment through career progression programs targeting medium to large enterprises.
Training for Career Progression
6
Develop a unified definition and required competencies for various career streams.
National Skills Standardization Program
7
To introduce modern work ethics to students and new job entrants that can achieved through offering training, raising awareness, and adopting work ethics to enhance the labour market value of new job entrants.
Work Ethics
Training & Awareness
8
To co-invest in a B2B e-marketplace exchange that would enable businesses to expand their market access.
B2B e-Marketplace
9
Develop an index rating the employment standards of companies that will reward/motivate companies based upon their performance in the index rating.
Employment Standards Index
10
Offering advancing professionals that opportunity to work abroad in internationally renowned firms to gain hands-on exposure ad experiences.
International Apprenticeship Program
11
To support the growth and expansion of businesses and guide firms to enhance their market activities and yield more beneficial employment opportunities. As well as develop and raise awareness of mergers and acquisitions and support B2B networking.
Enterprise Growth Program
12
To raise awareness, facilitate, and support the value-added opportunities realized from diversifying business activities. The Labour Fund will add value by identifying businesses whose potential can be leveraged through adding complimentary components to their core activities.
Diversifying Businesses
13
Carry out an extensive awareness campaign to increase appeal and awareness of variety of career streams in targeted and emerging sectors and encourage unemployed and new entrants to enter the stream of the private sector.
Career market Acceptance &
Awareness Program
14
Dr. Al Ali, highlighted that following the first stage, which was diagnostic in nature, the second, and current, stage will assess the best methods of implementation; according to the strategic Labour Fund's business plan draft, which addresses Bahrain's labour market challenges, and their most appropriate solutions.
"The strategy of the Labour Fund is to focus on 'Enhancing the standards of living for the Bahraini citizen' by means of their placement in value-added jobs in the private sector, and in select economic sectors. The strategy has investigated three driving forces in the labour market dynamics: Human capital; the Economy and the status quo of the private sector (active organizations); and Labour market policies.
"The LF programs have been designed to enable Bahrainis within the right skills set and qualifications to be in value-added jobs; strengthen the structural building block of the private sector organization to ensure a robust supply of value-added jobs; and suggest policies to enhance the general environment of the labour market," Dr. Al Ali added.
Dr. Al Ali concluded saying that the Labour Fund would focus its mid-term plans on economic sectors that have been selected based on: GDP Contribution; Labour Force Intensity; Sustainability; and Acceptance. These are manufacturing, healthcare, transportation, trade, and information communication technology.
In addition to labour market improvements via augmentation of skills, Mr. Al Qassimi added that the, "Labour Fund will also be in charge of facilitating the Small and Middle Enterprises’ acquisition of loans and financing the economic value-added projects. Furthermore, the Labour Fund will offer employers financial and consultancy services and programs, and will support researches carried out in the Labour Market field.
"The Labour Fund has several activities and initiatives listed on its agenda—some of which have already commenced while others are to be undertaken. Such activities and initiatives include: Improving Human resource development; Aeronautical engineering sector placements; Health Sector placements; Commercial Sector placements; and Accounting Sector placements. In addition to training middle-income individuals to improve their skills; and supporting the private sector through finance assurance programs, and project development programs," Mr. Al Qassimi concluded.
The Labour Fund is a semi-autonomous yet independent authority, which formulates strategic and operational plans to use the fees collected from work levies, in order to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support.
