In this special episode of the podcast, Ahmad Attar dives deep into a conversation with Dr. Abdullah Al-Fawzan, Chairman and CEO of KPMG Saudi Arabia. The discussion covers a variety of vital topics related to professional life and business management, where Dr. Al-Fawzan highlights the importance of balancing work with a healthy life and points out the role of values and principles in shaping corporate culture and its success. He also discusses the significance of future planning and the continuous pursuit of learning and growth, even in advanced stages of a professional career. The guest shares his personal experiences and how facing challenges and achieving work-life balance can positively impact the individual and the company. He also reviews discussions on how to build strong foundations for companies and develop healthy work environments that encourage creativity and collaboration. Through real stories and experiences, Al-Fawzan offers valuable advice to young people and professionals on how to achieve success in the dynamic business world.
Retirement and Understanding the Concept of Continuous Work
In today’s world, retirement is a concept that has changed significantly compared to what it used to be. While some believe that their financial achievements should be enough to secure their lives after retirement, modern understanding suggests that continuous work can be a more appealing option for many. A person may face health challenges or pressures resulting from an unbalanced lifestyle, prompting them to question what retirement means to them. There are ideas that work is part of personal identity, and that no matter how old a person gets, they can continue to contribute and give in their field. This approach can be beneficial for many individuals seeking to enhance their skills and maintain their passion.
Work Experiences and Psychological Pressures
Individual experiences reflect many of the pressures faced by individuals in the workplace. It is noted that psychological pressures can lead to health problems, such as high blood pressure. Through personal experiences, it is found that balancing work and personal life has become essential for maintaining mental and physical health. It also becomes clear that individuals should learn how to manage work pressures effectively, such as taking breaks and communicating with colleagues for support. Improving these aspects can help create a more positive and productive work environment.
The Increasing Importance of Education and Self-Development
From the beginning, education and self-development have been key foundations for achieving professional success. The discussion focuses on the importance of investing time in continuous learning and how this can lead to better results at work. Individuals should not limit themselves to what they learned in university, but should explore more educational opportunities, whether through training courses, reading books, or even engaging with experts in their fields. This type of personal investment can enhance their chances of long-term success.
Interviews and Recruitment: The Importance of Good Preparation
It is clear that preparation for job interviews is a critical element of the recruitment process. Whether the job applicant needs advice on how to present themselves or how to answer difficult questions, good preparation can make a significant difference in their chances of getting the job. Helpful tips include preparing for potential questions, knowing details about the company, and how to effectively explain skills and experiences. Furthermore, persistence and not giving up after negative experiences play a key role in success in professional life.
Balance
Between Work and Personal Life
The balance between work and personal life is one of the essential factors affecting the quality of life. Many face challenges in achieving this balance due to work pressures and daily demands. There should be an awareness of the importance of allocating time for family and personal activities, as these aspects contribute to improving mental health and reducing stress. Stepping out of the daily work routine can have a positive impact on productivity and creativity. Therefore, individuals should strive to achieve a healthy balance that allows them to enjoy various aspects of life.
Challenges Facing Companies in the Modern Work Environment
Today, companies face multiple challenges related to talent management, especially in light of rapid market changes and the expectations of the new generations of employees. It is crucial for companies to attract and retain talented employees, which requires developing flexible policies and procedures that align with their needs. These trends should include clear strategies for training and development, in addition to creating a work environment that encourages innovation and collaboration. Establishing a strong culture within the company may be the key to achieving success and sustainability in the modern work environment.
Evaluation of Management Culture in Saudi Arabia
The evaluation of management culture in Saudi Arabia shows a notable improvement, with the assessment in the Kingdom being 12 points higher than in the light and 16 points higher than globally. This reflects the role of organizational and management culture in creating a reliable and motivating work environment. Senior management plays a critical role in building trust among employees, encouraging them to stay longer in their jobs. For example, there are employees in some companies who continue to work for 20 or 25 years, indicating stability and trust among employees in the work environment. The numbers show that an employee who stays for five years is considered a good achievement under current circumstances.
Management culture also includes a deep understanding of the changes between different generations. It can be observed that the older generation had greater job continuity compared to the modern generation, which tends to change jobs more quickly. This trend reflects new challenges in retaining talent and motivating them to stay in the company, as management must adopt new strategies that align with the younger generations.
Challenges of Hiring the Modern Generation
The Saudi job market faces multiple challenges related to hiring the modern generation, as young people tend to move quickly between jobs in search of better opportunities. The turnover rate reaches 50% after the fourth year of work, reflecting the need for talent retention strategies that align with the expectations of new employees. The modern generation often evaluates job options based on financial rewards and benefits, requiring companies to offer an attractive and rewarding work environment.
Professional companies play a pivotal role in developing talent, contributing to enhancing the skills and experiences necessary to direct them toward the market. The idea of moving between companies is becoming increasingly common, as young people seek opportunities that accelerate their career paths. This requires companies to provide clear pathways for professional development and foster a work environment that supports the balance between personal and professional life. Companies should realize that retaining employees requires investing in their skill development and providing them with continuous support.
The Importance of Professional Companies and Their Role in the Market
Professional companies contribute to creating a competitive environment that enhances business growth and offers innovative solutions to various problems. These companies provide specialized consulting services in areas such as taxes, zakat, and legal consulting, enabling them to meet diverse market needs. The rapid growth of various sectors, including technology and finance, necessitates the presence of experienced professional consultants capable of providing strategic advice.
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professional firms like KPMG are among the key players in this field, offering a range of solutions and services at the highest levels of quality. These companies contribute to the development of individuals’ capabilities through continuous training programs, enhancing employment opportunities and market stability. This investment success in human capital requires ongoing skill development and practical experiences.
Social Intelligence and Its Impact on Professional Success
Social intelligence plays a crucial role in professional success, as it requires individuals to effectively interact with colleagues and understand their emotions and motivations. Emotional intelligence is a key element in building successful professional relationships, as individuals with it demonstrate a greater ability to engage socially and resolve conflicts. In the workplace, empathy and the ability to read others are essential skills that contribute to improving team performance and enhancing productivity.
Individuals must work on developing social intelligence skills from the secondary education stage, as these skills can bolster professional opportunities later on. Building strong relationships with colleagues and clients requires self-awareness and a desire for self-improvement, contributing to the creation of a positive work environment. Therefore, companies should organize training workshops and events to enhance these skills among their employees.
The History and Evolution of Professional Firms
The roots of professional firms date back over 150 years, and they have undergone significant transformations over the decades. The emergence of global firms began in the late 1970s and 1980s when globalization took off, creating a need for comprehensive consulting services across borders. Professional firms needed to adapt to the demands of the global market, leading to mergers between firms to expand their service offerings and provide effective solutions to clients in various regions.
KPMG is an example of this transformation, having established offices around the world to meet client needs. Providing the same quality of services across all geographical locations requires extensive coordination among different branches. This reflects the importance of leveraging diverse experiences and knowledge sharing among various teams within the firm, enhancing the ability to provide solutions that meet client needs anywhere on the planet.
Professional Changes in Consulting Firms
Consulting firms have witnessed significant changes in recent years, as the market requires new strategies that align with global trends. These changes include shifts in how services are delivered and recruitment strategies. For example, with the increasing reliance on digital technologies, consulting firms need employees with skills in areas such as data analysis and digital technology, resulting in a diversification of the types of specialties required. Additionally, firms are striving to respond to the growing demands from clients, necessitating greater flexibility and adaptability to different conditions.
The operational models of these firms have also changed, as they started establishing local offices to collaborate with global firms instead of operating centrally, enhancing their ability to provide appropriate solutions for the local market. This requires consultants to possess a deep understanding of local market needs and the ability to build strong relationships with clients. Moreover, consulting firms have recognized the importance of localization and hiring local talents, improving their competitive edge and enhancing their overall image in the community.
Complexities of the Labor Market
The labor market faces multiple complexities related to supply and demand, with an increasing number of graduates in various fields, while the employment rate in the consulting sector remains limited. This situation necessitates that graduates prepare themselves thoroughly to meet market requirements. For instance, it is best for graduates to identify their skills and interests early on, making them more competitive upon graduation.
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The main complexities are the gap between the skills acquired through academic education and the market requirements. There are many graduates who possess academic qualifications but lack the necessary practical skills. Therefore, there should be a greater focus on hands-on training and vocational training during the study period. Additionally, the market faces challenges in attracting local talent, as many graduates prefer to work for global companies, which negatively impacts local businesses.
Employment in Consulting Firms
Employment in consulting firms is a significant challenge, as these companies require a diverse set of skills. Consulting firms rely on strict criteria for hiring candidates, making competition fierce. Candidates are evaluated based on numerous criteria including academic performance, technical skills, as well as personal skills such as communication and teamwork abilities.
Language skills are also crucial factors, as companies deal with international clients and require employees who can communicate effectively. Candidates must be prepared to face rigorous assessments that include evaluating mental skills and critical thinking abilities. Thus, graduates should seriously consider how to prepare themselves for these requirements in advance.
The Role of Consulting Firms in Developing Local Competencies
Consulting firms play a key role in developing local competencies through training and development programs. Consulting firms offer training programs aimed at enhancing the technical and managerial skills of employees. This helps in building a generation of trained leaders who can effectively face market challenges.
By investing in the development of their employees, companies improve employee retention rates and foster a positive work culture within the company. This not only contributes to the growth of the firm but also enhances the local economy by creating job opportunities and promoting the skills needed in the market. Ultimately, these efforts contribute to building a community more capable of adapting to rapid changes in the business environment.
Localization Challenges in the Consulting Sector
Localization challenges represent one of the key issues faced by the consulting sector. There is an urgent need to increase the percentage of local employment in this sector, as the presence of Saudi competencies contributes to improving the quality of services provided. However, there are still obstacles including a lack of required skills and a competitive job market.
Companies require potential employees to have a high level of proficiency in various fields, making it essential for firms to collaborate with universities to offer training programs that meet market needs. Companies should also foster an attractive work environment for local employees, which requires them to think of new ways to recruit and increase employee satisfaction.
Career Future in Consulting Firms
The future in the consulting sector looks promising, especially with the increasing demand for tailored consulting in areas such as technology and data analysis. Consulting firms are expected to need more specialized skills, which means graduates must prepare to face new challenges related to technology and innovation.
Moreover, there should be ongoing efforts to enhance diversity and inclusivity within companies, which helps create a dynamic and diverse work environment. This will not only contribute to improving the overall performance of companies but will also help attract local and international talent. Consulting firms will also need more flexible employment and development strategies, enhancing their competitiveness in the market. The evolution of consultants to be more responsive to rapid market changes will certainly be one of the major challenges that companies will face in the future.
Skill Development in Consulting
Skill development in the consulting field is essential for ensuring success in this sector. Working in this area requires a diversity of skills, ranging from critical and analytical thinking to effective communication abilities. Consultants should learn how to handle a variety of situations and provide effective solutions to the problems their clients face. Continuous learning and hands-on training are integral parts of this process. For instance, recent graduates can engage in training programs within major consulting firms, providing them with the opportunity to gain practical skills and apply academic knowledge in real working environments.
Areas
Focus on the Financial Sector
The financial sector is one of the most complex and diverse sectors, encompassing fields such as accounting, taxation, and financial consulting. Accountants focus on ensuring financial transparency and accurate reporting, while tax consultants work on advising clients on how to achieve compliance with tax laws. Additionally, working in these fields requires an in-depth knowledge of local and international laws and regulations. For instance, obtaining a Saudi or American accounting fellowship requires passing stringent exams, qualifying consultants to work in the largest financial firms.
The Importance of Training and Professional Development
Training and professional development are cornerstones of individual growth within organizations. After completing training periods, new employees can specialize in certain areas, facilitating their advancement in the career path. Many major companies, such as KPMG, offer advanced training programs aimed at developing employees’ skills and enhancing their leadership capabilities. For example, an employee trained in a progressive environment can advance to become a partner in the firm, giving them the opportunity to take on larger responsibilities and greater impact within the organization.
The Role of Universities in Qualifying Graduates
Universities are a vital center for qualifying graduates and preparing them for the job market. In recent years, there has been a noticeable improvement in educational outputs due to the increase in the number of universities and the enhancement of curricula. Universities like King Saud University and the King Fahd University of Petroleum and Minerals significantly contribute to preparing qualified graduates with competitive skills. Additionally, studying abroad has added real value to the Kingdom’s vision for developing human resources and broadening graduates’ horizons. Through studying in advanced educational environments, students gain deep knowledge that opens new career opportunities for them.
Challenges Facing the Job Market
Despite the development of the educational system and the availability of training programs, there are ongoing challenges facing the job market. One of the most prominent challenges is the attrition of national talent from companies, which negatively affects the stability of institutions. Maintaining talent requires an environment that encourages development and offers genuine promotion opportunities. Moreover, salaries and benefits play a crucial role in attracting talent. Competitive salaries are an important factor, as the gap between salaries offered by professional companies and those in the market can lead to a loss of talent. Working to improve these aspects can contribute to enhancing job security and professionalism.
Job Search Strategies
Job search strategies are vital topics that new graduates and job seekers must master. This includes professionally preparing resumes, preparing for job interviews, and understanding how to promote personal skills. Candidates should be prepared to face the challenges of interviews, which may include difficult questions related to competence and skills. For instance, preparing for behavioral questions that assess the applicant’s ability to handle complex situations. Additionally, building a strong professional network can facilitate the job search process and increase opportunities for outstanding job offers.
The Impact of Technology on the Job Market
Most sectors, including finance and consulting, are experiencing a significant transformation due to technology. Technologies such as artificial intelligence and data analytics have become vital tools for improving efficiency and increasing productivity. For example, major companies utilize advanced analytics tools to understand market trends and enhance their strategies. Furthermore, the ability to use these technologies enhances employment opportunities, as companies prefer individuals with advanced technological skills. Therefore, it is essential for young professionals to continuously update their skills to keep pace with the rapid changes in the market.
Future Trends in Education and Training
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The increasing changes in the labor market highlight the need to develop new educational strategies that meet the demands of the era. It is expected that education will become more flexible, focusing on self-learning and remote learning. Additionally, enhancing soft skills such as leadership, communication, and teamwork will have a significant impact on the future success of employees. Universities and training centers should adopt flexible programs that align with technological developments and respond to labor market requirements. Moreover, collaboration between the public and private sectors in curriculum development is an important step to bridge the gap between education and the labor market.
Diverse Educational Experience
Studying at foreign universities is considered one of the most significant experiences an individual can go through, as it provides the opportunity to interact with students from various cultures and backgrounds. At the University of Colorado, the educational environment consisted of students representing around 30 countries, allowing students to broaden their horizons and understand cultural differences. This experience enhances communication and social interaction skills and helps build strong professional networks that may contribute to opening new doors in the future.
Discussion indicates that students who have undergone such experiences often have higher chances in the labor market as a result of their developed personal and social skills. Studying with students from diverse backgrounds contributes to enhancing understanding and acceptance of new ideas, reflecting the importance of continuous learning and openness to different experiences.
Professional Challenges After Graduation
After completing their initial assignment and returning home, graduates faced significant challenges related to job searching. The beginning was in the field of accounting and auditing, but the transition to the new work environment was filled with difficulties. The shift from academic learning to professional reality required a deep understanding of daily operations in financial institutions. This transition demanded that they adapt to new work requirements, including obtaining recognized certifications like CPA.
Experiences show that success in these fields is often linked to the ability to adapt and learn from practical experiences. Furthermore, obtaining professional certifications such as CPA is considered one of the essential factors that increase job opportunities, given the importance of these certifications in enhancing credibility and professional competence.
The Importance and Role of Professional Certifications
Professional certifications such as CPA are considered prominent in the field of accounting and auditing. The discussion focuses on how these certifications impact an individual’s career path, as they are not merely a piece of paper but reflect a high level of knowledge and skills in the financial field. The discussion indicates that large companies seek candidates holding these certifications, which increases individuals’ competitiveness in the labor market.
Moreover, these certifications help open new horizons for professionals, allowing them to advance to higher positions and increase their income. However, it requires significant effort in studying and preparing for the exams, necessitating discipline and diligent work. Thus, these certifications demonstrate individuals’ commitment to self-development and achieving professional goals.
Practical Experiences and Challenges in Companies
Working in large companies, such as KPMG, is considered a unique opportunity to develop practical skills. The discussion highlights how working in a competitive environment contributes to enhancing discipline and the ability to endure under pressure. Working in large firms acts as a practical school where individuals learn through interacting with other professionals and being exposed to multiple projects.
Although the work may seem routine, it is filled with challenges that require critical thinking and problem-solving. Practical experiences show how to cope with various pressures and how to manage time effectively. These skills are not only essential in a work environment but also play a crucial role in achieving a balance between professional and personal life.
Changes
In Professional Life and Personal Significance
Change in professional life is considered a natural part of an individual’s journey, and it can sometimes pose a significant challenge. The discussion revolves around how to make the decision to transition from one job to another when an individual feels stagnant or unable to achieve their goals. This decision is regarded as a bold step, but it can also be a positive move towards reaching future objectives.
Individuals should think carefully about their next steps and how to achieve their personal and professional goals. Change may scare some, but it also offers the opportunity to launch into new horizons. The discussion highlights the importance of personal development and how transitioning from one state to another requires courage and self-confidence.
The Economic Cycle and the Impact of the Private Sector
The economic cycle is considered one of the essential elements in understanding how the economy works and how it affects companies and individuals. When we talk about the economic cycle, we refer to the repeated changes in economic activity over time, which include periods of growth and contraction. In this context, the role of the private sector emerges as a pivotal factor. The private sector, where approximately 60-80% of the workforce is employed worldwide, significantly contributes to boosting economic activity. Growth in the private sector reflects an increase in demand for products and services, leading to the creation of more job opportunities. For example, when a new company opens, it not only creates new jobs but also stimulates demand for local services such as transportation, catering, and technology, thus enhancing the local economy.
Furthermore, the private sector can play an important role in adapting to economic changes. For instance, during economic crises, the private sector may be the quickest to innovate and adapt to new conditions, such as shifting to digital services. This rapid adaptation can have a positive impact on the economy as a whole, helping to sustain jobs and enhance financial stability. Meanwhile, examples like small businesses that rely on innovation to overcome economic challenges illustrate how the private sector can be resilient and strong in the face of crises.
Perception of Work and Its Personal Value
The perception of work relates to an individual’s values and culture, and how society deals with the concepts of work and productivity. When individuals talk about work, their perspectives can vary significantly. Some view work as a means to achieve personal goals, while others see it merely as a way to earn a living. This variance can affect performance and productivity in the workplace. For instance, individuals who enjoy their work are often more productive and generate new ideas, while those who do not feel connected to their work may experience lower enthusiasm and productivity.
It is also important for individuals to accept the challenges they may face in their professional journeys. Hard work and effort often lead to positive outcomes, while giving up in the face of challenges can hinder them from achieving their goals. Individuals must realize that success requires continuous effort and that often, achievements come after periods of struggle and effort. This can be seen in various fields, such as doctors who spend many years studying and training before becoming qualified to practice their profession.
Building Relationships and Professional Networks
Building relationships and professional networks is one of the key factors contributing to individuals’ success in various fields. The relationships formed with colleagues, clients, and business partners are essential for expanding opportunities and achieving professional goals. For example, by working on various projects, professionals can create a network of contacts that could be beneficial in the future. This network provides support, advice, and guidance, helping individuals to advance in their careers.
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This emphasizes the need for individuals to have the ability to communicate effectively with others. Good communication enhances success opportunities, as it can lead to new job offers, collaborative projects, and fruitful partnerships. In the context of intense competition in the job market, strong relationships with clients and colleagues can be the key to distinction. For example, companies that invest in their relationships with clients often experience increased customer loyalty and more referrals, leading to sustainable growth.
Professional Development and Adaptation to Technology
Professional development is vital in the modern work environment characterized by rapid change. By pursuing ongoing education and training, individuals can enhance their skills and increase their adaptability to technological changes. Many people experience anxiety about the impact of technology on their jobs, but the truth is that technology opens new doors to opportunities. For instance, shifts towards digitization and artificial intelligence can lead to the emergence of new jobs requiring new skills.
Therefore, it is essential for individuals to have a flexible mindset and a willingness to learn. They should seek opportunities to update their skills and knowledge necessary to adapt to the constantly changing work environment. In this context, training courses and workshops can be extremely beneficial. Individuals who invest in developing their skills are better prepared to face future challenges and have a higher capacity to achieve success in their fields. Additionally, companies that support their employees in improving their skills often see enhanced performance and employee satisfaction.
The Importance of Effective Internal Control
Internal control is an essential part of the success of any organization, playing a vital role in detecting errors and improving overall performance. When internal controls are effective, they can reduce human errors and financial manipulation, leading to more accurate and reliable financial outcomes. This, in turn, enhances stakeholder confidence in the organization. For example, companies that implement robust internal control systems enjoy a good reputation in the market and have increased ability to attract investments.
Moreover, internal control contributes to improving the work environment by reducing the pressures that working teams may face. When there are clear mechanisms for monitoring and guidance, employees feel that there is strong support backing them, which reduces long and stressful working hours. Ultimately, this can lead to improved quality of life for employees and increased job satisfaction.
Work-Life Balance
Work-life balance is a significant issue in today’s business world. Many employees find themselves pressured to work long hours, sometimes up to 14 hours a day. This type of pressure can lead to burnout and loss of motivation. Therefore, it is important for organizations to adopt policies that promote balanced work between personal and professional life. For example, these policies might include offering flexible working hours or the option to work remotely.
Additionally, individuals should recognize the importance of allocating time for family and themselves. Spending time with parents or friends can have a positive impact on psychological and emotional productivity. If individuals invest in their personal relationships, they become more capable of facing work challenges and overcoming pressures. Through these strategies, a healthier and more positive work environment can be achieved.
Challenges Facing Women in the Job Market
Women in many societies face numerous challenges when entering the job market, especially in leadership positions. The low percentage of women in senior roles reflects inequality in opportunities. However, positive changes are occurring in this regard, with a focus on the importance of empowering women and providing more supportive work environments.
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For example, some organizations have started adopting policies aimed at increasing the number of women in leadership positions through training and mentoring programs. Additionally, there needs to be social and cultural support for women, enabling them to advance in their careers without having to relinquish their family duties. Understanding the challenges that women face and providing appropriate solutions can contribute to creating a more inclusive work environment.
Consulting and Auditing as Future Opportunities
The consulting and auditing industry is witnessing significant growth, opening the door for many future opportunities. With the increasing number of listed companies and economic expansion, the demand for qualified professionals in this field is rising. Therefore, young men and women should consider these fields as promising career options.
This industry requires strong analytical skills, the ability to communicate, and a deep understanding of market needs. With appropriate training and experience, individuals can become leaders in this sector. Furthermore, ongoing learning and professional development is key to staying ahead of the competition and enjoying advancement opportunities in the career path.
The Importance of Family Relationships in Professional Success
Family relationships are among the key factors that influence personal and professional success. When an individual has strong familial support, they are better able to face challenges and work pressures. Research shows that individuals who maintain good relationships with their families often experience higher levels of satisfaction and happiness.
When working in a professional environment, individuals should not view their careers as separate from their personal lives. They should strive to achieve a balance between the two. For example, leaders should feel responsible for their employees not only in work matters but also in their personal lives. Providing support and understanding can enhance team spirit and increase productivity.
The episode has been summarized using artificial intelligence ezycontent
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