Latest news with #talentmobility
Times
9 hours ago
- Business
- Times
Goldman Sachs boss: City's status is at risk
London's position as a global financial centre is 'fragile', the head of Goldman Sachs has warned. David Solomon, 63, said a combination of Brexit and not retaining increasingly mobile talent and capital put the City's status at risk. 'The financial industry is still driven by talent and capital formation. And those things are much more mobile than they were 25 years ago,' Solomon told The Master Investor Podcast. • Rachel Reeves refuses to rule out wealth tax despite fresh warnings Solomon is one of the world's most powerful investment bankers and has been chief executive of Goldman Sachs, which has about 6,000 employees in the UK, since 2018. He said he was 'encouraged by some of what the current government is talking about in terms of supporting business and trying to support a more growth-oriented agenda. But if you don't set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that.' On July 15, Rachel Reeves unveiled a number of measures aimed at cutting red tape in Britain's financial services sector as part of attempts to kickstart the economy. The chancellor said in her Mansion House speech that Labour placed financial services, one of eight key growth sectors under the industrial strategy, 'at the heart of this government's growth mission'. However, there has been speculation the Treasury could target profits in the banking sector, which have been boosted by higher interest rates, with tax rises to help bolster the government's fiscal position. Reeves with Solomon and his Goldman Sachs co-CEOs Kunal Shah, left, and Anthony Gutman, right, in Wednesday's meeting SIMON WALKER/HM TREASURY Reeves is facing pressure over reforms to the non-dom tax regime, with research by New World Wealth, an intelligence firm, recently suggesting Britain has lost 18 billionaires over the past two years, more than any other country in the world. In the podcast, Solomon said: 'Incentives matter. If you create tax policy or incentives that push people away, you harm your economy.' Reeves also pledged in her speech last week to make 'meaningful reforms' to ringfencing, rules brought in following the 2008 financial crisis which forced lenders to legally separate their high street businesses from riskier investment banking divisions. • Why is the FTSE 100 so high when the UK economy is stuttering? Solomon pressed the chancellor, with whom he met in 11 Downing Street on Wednesday along with his co-CEOs Kunal Shah and Anthony Gutman, to 'follow through', saying: 'It's a place where the UK is an outlier, and by being an outlier, it prevents capital formation and growth. 'What's the justification for being an outlier? Why is this so difficult to change? It's hard to make a substantive policy argument that this is like a great policy for the UK. So why is it so hard to change?' The ringfencing regime has also faced criticism from the bosses of some of Britain's biggest banks, who called on the chancellor in April to abolish the rules, arguing that they were inefficient and had been superseded by other reforms.
The Independent
21 hours ago
- Business
- The Independent
Brexit has left City of London's reputation at risk, Goldman Sachs chief warns
London's status as a global financial hub has been left 'fragile' by Brexit, the boss of Goldman Sachs has warned. David Solomon, chairman and chief executive of the bank, said it is diverting staff away from London to rival cities such as Paris, Frankfurt and Munich. Speaking to Sky's The Master Investor Podcast with Wilfred Frost, he said: "The financial industry is still driven by talent and capital formation, and those things are much more mobile than they were 25 years ago. "London continues to be an important financial centre. But because of Brexit, because of the way the world's evolving, the talent that was more centred here is more mobile. "We as a firm have many more people on the continent.' Detailing the bank's shift in focus from London to other European cities, Mr Solomon said: 'If you go back, you know, ten years ago, I think we probably had 80 people in Paris. You know, we have 400 people in Paris now... And so in Goldman Sachs today, if you're in Europe, you can live in London, you can live in Paris, you can live in Germany, in Frankfurt or Munich, you can live in Italy, you can live in Switzerland. "And we've got, you know, real offices. You just have to recognise that talent is more mobile." Goldman Sachs has around 6,000 employees in the UK. Mr Solomon also warned Rachel Reeves against further tax hikes, particularly on the wealthy, which could see more of the bank's staff leave the UK. Amid mounting calls for the chancellor to unveil a wealth tax, with Ms Reeves looking for ways to raise billions in her Budget this autumn, Mr Solomon warned: 'If you don't set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that. "Incentives matter if you create tax policy or incentives that push people away, you harm your economy.' The bank chief said he has 'sympathy' for the chancellor ahead of her Budget, welcoming her focus on economic growth. 'And now we have to see the action steps that actually follow through and encourage that,' he added. Home Office minister Seema Malhotra blamed former prime minister Liz Truss for undermining Britain as a place to do business. Ms Malhotra told Sky News: 'There's been a sense of urgency coming out of the Treasury since we came into government last year, and that is because we saw the damage over 14 years, but most recently, since the Liz truss premiership, the damage that was done to our economy, to our reputation around the world, to the confidence of investors. 'And what I've seen while we've been in government… is a government that is extremely and completely focused on how we rebuild our economy, but also how we work with our the City of London, with our financial services, because this is a jewel in the crown for the UK, 'And I believe that with the chancellor and with our government working in partnership, once again, with British industry, that we will see that confidence restored.'
Arab News
14-06-2025
- Business
- Arab News
Saudi Arabia reshapes workforce with surge in talent mobility solutions
RIYADH: As Saudi Arabia pushes forward with its Vision 2030 transformation agenda, talent mobility services are emerging as a pivotal force in reshaping the Kingdom's employment landscape — streamlining transitions, boosting retention, and aligning workforce development with national diversification goals. From artificial intelligence-powered human resource platforms to targeted upskilling programs and strategic internal marketplaces, both private firms and public initiatives are facilitating dynamic career transitions. These interventions are not only transforming the experience of work in Saudi Arabia but also supporting businesses in building a more agile, tech-enabled, and future-ready workforce. A shift toward internal agility As the labor market evolves, the focus has moved from external recruitment to creating an internally sustainable talent ecosystem. According to Francesco Cotrone, partner at Arthur D. Little, providers are enabling this transformation by deploying tools such as internal job marketplaces, AI-driven role matching systems, and strategic workforce planning platforms. 'These technologies not only give employees visibility into internal opportunities but also match them to roles based on both current capabilities and future potential,' he said. The result is a shift away from static, linear career paths toward more flexible, opportunity-rich trajectories. This is particularly critical in fast-growing sectors such as logistics, tourism, and ICT, where the ability to reskill and redeploy talent quickly has become a competitive differentiator. Cotrone cited Taqat, a leading domestic talent mobility service provider, as a prime example. The company's employee transition program assesses individual skills and delivers customized training to support career moves across industries. 'As it works to connect skilled workers with employers in high-demand sectors such as technology and healthcare, Taqat facilitates seamless transitions, enhances career opportunities, and addresses critical skill shortages in the evolving job market,' he added. Navigating compliance and change Saudi Arabia's workforce is also being shaped by demographic and regulatory dynamics. Abeer Al-Husseini, partner at Fragomen, noted that by the end of 2024, the Kingdom's foreign workforce had grown to over 13.6 million, marking a 13.3 percent year-on-year increase and a 33.4 percent jump since 2019. 'In this environment, mobility providers are essential in helping businesses navigate regulatory frameworks such as Saudization policies under the Nitaqat program, sector-specific quotas, and compliance obligations set by the Ministry of Human Resources and Social Development,' Al-Husseini said. These services often manage interactions with multiple government platforms — such as Qiwa and GOSI — while enabling fast, compliant transitions across functions and sectors. This reduces administrative friction and helps ensure continuity amid shifting business conditions. She emphasized that talent mobility providers not only facilitate expatriate integration but are also playing a vital role in embedding Saudi nationals into the private sector. By supporting strategic workforce planning and Saudization targets, these providers align with national human capital development priorities. From recruitment to retention Modern mobility is no longer just about hiring — it's about mapping skills, identifying gaps, and supporting long-term workforce evolution. Faisal Al-Sarraj, KSA deputy country leader and consulting clients and markets leader at PwC Middle East, underscored the value of internal talent marketplaces — digital tools that align employee skills and interests with internal opportunities. 'As Saudi Arabia continues to advance under Vision 2030, organizations need to be proactive in building teams with the needed market skills. Talent mobility helps with this by upskilling and cross-training existing employees,' Al-Sarraj told Arab News. He acknowledged that while external hiring remains necessary for certain critical roles, internal mobility is gaining ground as a strategy for boosting retention and responsiveness. Mobility providers are essential in helping businesses navigate regulatory frameworks, sector-specific quotas, and compliance obligations. Abeer Al-Husseini, partner at Fragomen 'Providers also help organizations shift from reactive hiring to proactive workforce planning. By using advanced tools, they help companies forecast what skills will be needed in the future and develop strategies to reskill employees. Providers like Mercer, Adecco, Bayt, and Naseej are doing an excellent job in this space,' he said. Serge Eid, a member of Bain & Co.'s Public Sector practice, noted that providers are extending their services beyond hiring logistics to include skilling initiatives and regional talent deployment — key factors for scaling in emerging sectors. 'This support has become increasingly critical as businesses look to scale quickly, pivot into new sectors, or access regional talent pools,' Eid said. 'They also support Vision 2030's broader push for a more dynamic and globally integrated labor market.' AI and reskilling for career growth Mobility providers are increasingly focusing on reskilling and internal progression through AI-driven tools that align employee growth with business and national objectives. Cotrone highlighted the growing need for new roles such as AI specialists and data analysts, which are being addressed through targeted training programs. Importantly, these services enhance retention by making career development tangible. Francesco Cotronei, partner at Arthur D. Little 'Importantly, these services enhance retention by making career development tangible. Companies that offer clear growth pathways, mentoring, and internal mobility opportunities are not only accelerating role fulfillment. They're also building employee loyalty, engagement, and hence, retention,' he said. Al-Husseini added that talent mobility providers help businesses reimagine career paths as technology and regulations evolve. PwC's Al-Sarraj cited platforms such as Pymetrics, Fuel50, and Cornerstone OnDemand that offer employees AI-powered tools to map career journeys and personalize upskilling efforts. He referenced a recent collaboration between Education for Employment Saudi Arabia and Agility, which launched a program using AI tools to help young job seekers tailor their applications and navigate the job market. These efforts not only fill capability gaps but also signal long-term investment in people. Serge Eid, member of Bain & Co.'s public sector practice 'This is a perfect example of how talent mobility can help not just in employee transitions but also in creating a workforce that's future-ready,' Al-Sarraj noted. Eid added that such investments in internal mobility signal long-term commitment to employee growth, improving loyalty and performance. 'These efforts not only fill capability gaps but also signal long-term investment in people, which in turn drives loyalty, higher engagement, and better performance,' he said. Strategic drivers for 2025 and beyond Looking ahead, talent mobility is poised to become a central driver of workforce strategy in Saudi Arabia. Cotrone expects key trends to include personalized, experience-rich career paths and an increasing demand for data analytics literacy. 'Talent mobility providers will increasingly act as strategic partners, helping organizations create adaptive, future-proof talent ecosystems,' he said. He added: 'Talent mobility will be recognized not just as a business advantage but as a profound national imperative. As organizations invest in intelligent, internally driven workforce systems, they will unlock new pathways for growth and ensure that Saudi talent remains competitive, empowered, and at the heart of the Kingdom's cross-sectoral transformation journey.' Al-Husseini projected that companies would require rapid, compliant deployment solutions as sectors like healthcare, tourism, and tech expand. At the same time, local workforce development will become a priority, with providers playing a key role in integrating Saudi talent through internal mobility frameworks and reskilling for leadership roles. She also pointed to the rise of hybrid and remote work, particularly in sustainability-related 'green jobs,' requiring providers to support flexible, compliant mobility strategies. PwC's Al-Sarraj emphasized the growing role of predictive workforce planning, enabled by real-time data analytics. 'The alignment between workforce mobility and national upskilling initiatives will also be a major trend,' he said. He highlighted initiatives like Wa3d, which aims to provide 3 million training opportunities, and the Skills Accelerator, targeting 300,000 placements in emerging fields. 'Talent mobility providers will connect these initiatives to real job opportunities, ensuring that individuals gain the right skills and can apply them directly in the workforce,' he said. He also cited the Ministry of Human Resources and Social Development's Skills Taxonomy — a tool to align labor capabilities with evolving job demands. Cross-sector mobility, especially in digital health and green energy, is expected to play a vital role. 'Talent mobility providers will drive transitions, helping build a skilled, adaptable workforce essential to realizing Saudi Arabia's Vision 2030 and sustaining long-term growth,' he added. From Bain & Co.'s standpoint, Eid believes mobility will evolve into a strategic lever rather than just an operational function. 'AI-led workforce planning, demand forecasting, and personalized career pathways will increasingly inform mobility decisions,' he said. 'Organizations that view mobility as part of a broader talent strategy will likely be better positioned to navigate future workforce shifts and build resilience in a rapidly changing environment.'
