A Driving Force in the Knowledge EconomyHow the Government and Businesses of the United Arab Emirates are Creating a Vision for Success

A knowledge economy, like the one developing in the UAE, survives on producing and distributing workers’ knowledge and the information gleaned from technolog-ical resources. More importantly, a knowledge economy thrives when those resources come together through research and development to make jobs more efficient.

Effects of the Knowledge Economy on Workers It’s often assumed that because the knowledge economy prospers around a base of highly-skilled workers that other sectors with low-skilled workers suffer job losses and other detrimental consequences. However, this is not the case. While it’s true that some jobs were affected by the rise of this economy, it’s also true that the knowledge economy performs at its best when advancements created by thought leaders filter to all levels of employment. This creates growth in all sectors and at all levels, including leadership.5

And growth is a key goal. But who and what does it take to reach a place where low-skilled workers truly benefit from the advancements and discoveries made by those highly-skilled thought leaders at the top of the pyramid?

THE ROLE OF GOVERNMENTWhile it sounds like the knowledge economy is driven solely by private enterprise, the reality is government plays a large role in its promotion and advancement. Ac-cording to the paper “A plan for growth in the knowledge economy” by The Work Foundation, a part of Lancaster University that is a leading provider of research-based analysis, “The world economy is changing at an unprece-dented rate. The forces of globalization and technological progress are altering the way that people all over the

Knowledge, or intellectual capital, is a resource that cannot be easily quantified by accountants, and yet, its influence is being felt more and more in companies around the globe as they shift their focus to stay relevant in what is being called the knowledge economy.1 This term has been thrown around since the 1960s, but has come into popularity more recently as companies have begun to harvest data in place of the natural resources that once drove economic growth.2

Gone are the days when agriculture and industry drove many economies. Even the mass-production economy is being outpaced because the way we think about and engineer products is changing.3 “A new car today is less and less the product of metal fabrication and more a smart machine that uses computer technology to integrate safe-ty, emissions, entertainment, and performance.”4

Therefore, the old saying ‘knowledge is power’ translated into today’s digital landscape is more apt to be ‘knowledge is money.’ Knowledge and technology are taking over the way we plan, invent, research, and conduct busi-ness. Since the development of personal computers, the

Internet, e-mail, and other technological improvements, soci-ety continually wants more advancement, faster.4 What results is a society that has shifted to wanting something that doesn’t rust, spoil, or deteriorate over time – knowledge.16

THE COMMODITIZATION OF KNOWLEDGEThis is why in places like the United Arab Emirates (UAE) knowledge is swiftly becoming one of the most sought after commodities, and it is hard to imagine a more ideal one. It cannot be used up. It cannot be depleted. When it is shared, it increases and expands.3 Put another way, knowledge begets knowledge. When a company makes an investment in learning and skills, they strengthen the economy by giving their employees the tools needed to add value to their organizations whilst also setting up a framework to have those benefits filter to other sectors. It is easy to see why the knowledge economy is becoming more and more imbedded into our culture and business style and why it’s flourishing.

The old saying ‘knowledge is power’ translated into today’s digital landscape is more apt to be ‘knowledge is money.’

A knowledge economy survives on producing and distributing workers’ knowledge and the information gleaned from technological resources. More importantly, a knowledge economy thrives when those resources come together through research and development to make jobs more efficient.

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planet make a living. Some coun-tries, especially in the emerging world, are using this wave of change to drive rapid growth in their econ-omies. Other countries, including many in the Eurozone, are struggling to come to terms with these funda-mental shifts in the global economic order.”5 Essentially, entire coun-tries are affected by this economy, illustrating that businesses are not the only key players and that they cannot succeed on their own.

So how can government and business come together to ensure they flourish in today’s knowledge economy?

First, it takes time. No individual, business, or country can become a success overnight. There is a great deal of planning and collaboration that must come into play before any group can start ex-ploring how the knowledge economy can benefit them. In fact, for many countries, this is a discus-sion and collaboration that has been years in the making.

The paper “A plan for growth in the knowledge economy,” first released in 2011 after two years of initial research, says, “By 2020, the UK economy will have successfully recovered the output lost during the 2008/09 recession and will be experiencing sustained economic growth. Unemploy-ment will have returned to pre-recession levels. This prosperity will have been driven by sustained growth in the UK’s knowledge economy.”5

Not only did the initial research take two years, but the culmination of all this planning isn’t expect-ed to be fully in play until 2020. This is why it is so important for businesses and governments to start putting down roots now. The longer they wait, the further behind they will grow.

FOUR PILLARS OF THE KNOWLEDGE ECONOMYThe next steps companies and countries need to focus on in order to succeed are what The World Bank calls the four pillars of the knowledge economy:

• Economic Incentive and Institutional Regime

• Innovation and Technological Adoption

• Education and Training

• Information and Communications Technologies Infrastructure7

Economic Incentive and Institutional Regime centers around the idea that governments and leaders must not only be open to entrepreneurship and creating and sharing new knowledge, but they must actively promote it.6 In this way, governments must lead by example and encourage businesses to follow suit. Looking at what tariffs, regulations, and laws are in place can sometimes indicate how open countries are to this particular pillar.6

“The world economy is changing at an unprecedented rate. The forces of globalization and technological progress are altering the way that people all over the planet make a living.” –The Work Foundation, Lancaster University

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dom to digest and process it as a means of creating more useful data and technologies.

The four pillars create an environment where government, employees, and ordinary citizens not only have access to information, but have the freedom to digest and process it as a means of creating more useful data and technologies.

A MODEL FOR SUCCESS: THE UNITED ARAB EMIRATESOne country that not only understands the four pillars, but is modeling them successfully is the United Arab Emirates. As part of the UAE Vision 2021 National Agenda, the UAE is putting concrete plans into place to assure the country becomes a front-runner in the knowledge economy.

Innovation and Technological Adoption means that universities, consultants, think tanks, entrepreneurs, and other inventors must have access to knowledge in order to create value.6 This could be measured by indicators like the number of journal articles published or the number of patents granted. 6

Education and Training plays up the idea that in order for a country or company to have the highly-skilled workers who lead the knowledge economy, there needs to be available education to develop employees and citizens into these leaders.6 This can be measured by looking at factors like school enrollment rates and adult literacy rates. 6

The Information and Communications Technologies Infrastructure needs to be one that allows for direct and efficient communication between groups. This includes looking at how many people have computers, phones, and Internet connections so that information can be pro-cessed and shared.6

Overall, these four pillars create an environment where government, employees, and ordinary citizens not only have access to information, but where they have the free-

FOUR PILLARS OF THE KNOWLEDGE ECONOMY

Economic Incentive and Institutional Regime

Governments and leaders must be open to and actively promote entrepreneurship and the creation and sharing of new knowledge.6

Innovation and Technological Adoption

Universities, consultants, think tanks, entrepreneurs, and other inventors must have access to knowledge in order to create value.6

Education and Training

Education must be available in order to develop the highly-skilled workforce needed to lead the economy.6

Information and Communications Technologies Infrastructure

Infrastructure must allow for direct and efficient communication.6

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Economic Incentive and Institutional Regime

The UAE is succeeding at the first pillar, Economic In-centive and Institutional Regime, by actively supporting and promoting the UAE Vision 2021. This agenda plans to focus “on the UAE becoming the economic, touristic, and commercial capital for more than two billion people by transitioning to a knowledge-based economy, promoting innovation and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors. These will improve the coun-try’s business environment and increase its attractiveness to foreign investment.” 8

Not only is the UAE forward thinking in this matter, but they are building toward results. “Sound economic policies and development strategies have allowed the UAE to achieve a prominent status in the world economy.” 28 In the 2011-2012 Global Competitiveness Index, the UAE ranked 27th. 34 In the 2014-2015 rankings, they have moved up to 12th place, and they rank first for the Middle East and North Africa regions.28, 33, 34 By supporting entrepreneurs

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As reported by the World Economic Forum, these rankings were determined by assessment of more than 140 economies across the globe.34

2011-2012 2014-2015Global Competitive Index Ranking 27 12Basic Requirements 10 2Institutions 22 7Infrastructure 8 3Macroeconomic environment 11 5Health and primary education 41 38Efficiency enhancers 25 14Higher education and training 33 6Goods market efficiency 10 3Labor market efficiency 28 8Financial market development 33 17Technological readiness 30 24Innovation and sophistication factors 27 21Business sophistication 23 14Innovation 28 24

HOW THE UAE RANKS IN THE GLOBAL ECONOMY

and business start-ups, the UAE will continue to see results like these that point toward success in a knowledge economy.

Innovation and Technological Adoption

The UAE meets the demands of the second pillar, Inno-vation and Technological Adoption, by striving “to instill an entrepreneurial culture in schools and universities to foster generations endowed with leadership, creativity, respon-sibility, and ambition. This will allow the UAE to be among the best in the world in ease of doing business, innovation, entrepreneurship, and R&D indicators.”8 They also plan to establish themselves as an academic hub by attracting top professors so that students will have access to the very thought leaders who are responsible for writing and ad-vancing the journals and ideas which are driving success in other countries.30 However, they are already seeing improvements. According to the Global Competitiveness Index, in 2011-2012 they ranked 28th for Innovation. 35 In 2014-2015, they’d moved up to 24th. 36

developing. 20 The UAE is on the right track, and theirs is a prime example to follow because they implemented their plan in 2010 and are continuing to build upon it to reach their goal of thriving in the knowledge economy.

Investing For Success in the Knowledge EconomyWhile advanced planning with a focus on the four pillars factors into success, there are steps businesses and governments can take now to get on track and follow the example set by the UAE.

Education Investment

Countries can take the first step by actively nurturing highly-skilled workers. They can ensure their educational systems present classes consistent with the skills students will need as they transition to employees. Further, “uni-versities need to carry out constant assessment of their own performance, strive to recruit the very best staff, and invest heavily in research.” 23 Only through a combination of the right courses with the right professors will a country organically develop the talent they will need to make them leaders in this economy.

Banks in the UAE recognize this. “One of the biggest challenges facing the banks today, and Islamic banks in particular, is a shortage of skilled professionals who will become the next-generation of banking leaders and administrators. Today, the demand for banking skills is outstripping [supply], and there is a pressing need to supplement the existing education and training programs to provide the necessary talent to support the growing de-mand for banking services.” 24 But, like any thought leader of the knowledge economy, they also recognize what it will take to correct this. “It is time for the nation’s banking in-dustry to take the long-term view when it comes to having a skilled and knowledgeable talent pool. And that means corporate financial education in different forms — short-term training based on the needs of the banks, as well as long-term undergraduate and diploma degrees.” 24

The Case for National Hiring

Countries need to take nurturing students one step further and help assure them jobs will be available to them. “The UAE and the Middle East once attracted foreign white-collar workers in droves.” 25 But those days are gone since some groups in the UAE and surrounding countries now require that nationals be hired for positions. “There is a definite pref-erence in certain sectors like banking, where there is high demand for nationals. Moreover, some positions in certain

Education and Training

The UAE is succeeding at the third pillar, Education and Training, by emphasizing “the development of a first-rate education system, which will require a complete trans-formation of the current education system and teaching methods.” 21 The UAE aims to equip all schools and students with smart systems and devices, like iPads.21 They also promote enrollment in preschools and work to have graduation rates from secondary schools reach international standards.21 Their goal is for students to “rank among the best in the world in reading, mathematics and science exams and to have a strong knowledge of the Arabic language.” 21 Already, according to the Global Competitive Index, the UAE has improved in Higher education and training, moving from ranking 33rd in 2011-2012 to ranking 6th in 2014-2015. 35, 36 Moreover, they strive “to have exceptional leadership and internationally accredited teaching staff.” 21

While it is clear by these goals and advancements that the UAE is dedicated to the education of its students by paying “significant expenditures on education,” they do not stop at training their students.31 The UAE government is also aware of the need to train and educate employees. In 2014 alone, the Abu Dhabi Chamber of Commerce and Industry executed 112 training programs for all Chamber employees.32 They recognize the competitive edge pro-fessional training can grant to employees, and they have plans to continue training in the future.32

Information and Communications Technologies Infrastructure

By looking at results, it’s clear the UAE is adhering to the fourth pillar, the Information and Communications Tech-nologies Infrastructure, by improving Internet accessibility. From 2010 to 2012, the number of individuals with access to the Internet rose nearly 20 percent.19 The number of mobile-cellular subscriptions also increased in that same time period.19 Further, the UAE Vision 2021 National Agenda website supports this pillar by using the Inter-net to share knowledge. Their site indexes 12 indicators used to monitor growth and success. This index includes everything from how much they spend on research and development as a percentage of the Gross Domestic Product to the Gross National Income per capita, which is knowledge they can use to beget other knowledge – a central tenant of the knowledge economy.

By following the four pillars, the UAE has established a plan for success. They are strengthening their education and training systems, are open to entrepreneurship, and are improving access to knowledge and information. And it’s already having an effect. New jobs and roles are already

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Eighty-six percent of companies with strategic leadership development respond rapidly to change9, and responding to change is what companies must do now in order to catch up to competitors who are already adapting to the new mar-ketplace. Every dollar spent on leadership development has shown a return investment of $2.20 USD9, 37, so companies can develop competent leaders without hurting their bottom lines. Moreover, not only will leadership and management play a huge role in whether or not a company can envi-sion and execute a plan to succeed, but studies show that investment in leadership development yields results in financial performance, talent attraction and retention, organ-izational agility, and employee productivity.9 Perhaps this is why one study of large businesses in the UAE reported that “86 percent of organizations deliver job-specific training programs, 67 percent deliver general management pro-grams, and 95 percent deliver programs that focus on skills development. All organizations agreed that a main purpose of their training and development activity is to improve work performance, and 59 percent mentioned that they particu-larly target the training and development of UAE nationals.”

22 The UAE recognizes that having strong, informed leaders positions an entire company for success.

While leaders set the pace and example, success will still depend largely on how well equipped employees are to face today’s economic challenges. Just as the Abu Dhabi Chamber of Commerce and Industry recognized when training its employees, opening up avenues, whether they are to courses and certifications or to online libraries and on-the-job training, can put employees on the path to becoming leaders of the knowledge economy. Success-fully training managers and supervisors can result in a 24 percent higher profit margin, and as an added benefit, 31 percent of employees cite training/education as a benefit that would increase engagement and loyalty.17, 15, 18

countries in the region are limited to their nationals. For example, in Saudi Arabia, [human resources] roles are now being dedicated to local nationals in an effort to encour-age more talent from the country into the private sector.” 25 By ensuring jobs are filled by nationals, the UAE and its surrounding countries are effectively keeping more money in their economy, which only serves to strengthen it further. 26

Leadership Development and Employee Investment

While governments and universities are doing their part, for businesses, the knowledge economy is primarily about investing in intellectual capital, and there’s no better source than employees. Respectively, when companies are looking for an effective place to invest time and mon-ey, employees are a good place to start.

Studies show investment in leadership development yields results in financial performance, talent attraction and retention, organizational agility, and employee productivity.

Since the knowledge economy is driven by highly-skilled workers, it makes sense that companies would want to do all they can to either develop existing employees or attract skilled workers. Companies can start by ensuring they have leaders in place who have the ability to guide them through the changes needed in order to prosper.

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INVEST FOR SUCCESS: LEADERSHIP DEVELOPMENT AND TRAINING

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development shows a $2.20 return

on investment.

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loyalty.

$$$ 86% 31%

TRAINING

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UAE TRAINING AND DEVELOPMENT

One study of large businesses in the UAE reported:

–International Journal of Training and Development

Driving Force

However, with training and development spend rising by 15 percent in 2013 alone, busi-nesses would be wise to consider cost effective avenues.10 They may want to consider services that excel at nurturing a person through their education years and well into their careers. Companies that supply these services can provide everything from com-puter skills training to help developing leadership qualities. Some even include access to online libraries, online training courses, and programs that pinpoint an employee’s working style to see how they can best collaborate with colleagues. Investing in this type of all-encompassing service can align employees around central goals and expec-tations while also providing them with the skills training they need in order to achieve those goals and help the company thrive.

Employee Retention

Yet, investing in an employee means nothing if a company cannot retain them. Thirty-two percent of companies struggle to retain top talent, and only 34 percent of companies focus on developing and retaining current employees. 11, 12, 18 Moreover, replacing an ex-perienced worker can cost a company greatly, upwards of 50 percent of that individual’s annual salary.13, 18 But simply investing in employees, as the knowledge economy calls for, will increase the rate of retention. In a survey about employee retention in the Middle East and North Africa, nearly 15 percent of respondents stated that training and develop-ment opportunities were the most important factor for employee retention. 27 This is why it is imperative that companies focus on office culture, employee engagement, and training and advancement opportunities because employees who have opportunities to develop are twice as likely to say they will spend their careers with their company.14, 18

Once an organization has empowered its leaders and employees with the necessary skills, that company will have taken significant steps towards being a driving force in the knowledge economy.

Offer job-specific training programs

Offer general management

programs

Offer skills development

programs

Reported targeted training and development

of nationals22

67%86% 95% 59%

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About WileyWiley is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice and education. Through the Research segment, the Company provides digital and print scientific, technical, medical, and scholarly journals, reference works, books, database services, and advertising. The Professional Development segment provides digital and print books, online assessment and training services, and test prep and certification. In Education, Wiley provides education solutions including online program management services for higher education institutions and course management tools for instructors and students, as well as print and digital content.

Success in the knowledge economy is reliant upon effective leadership development, targeted talent solutions, and education. Businesses globally and governments such as that of the UAE have recognized the importance of being successful in this growing economy and are already reaping the benefits. Once an organization has empowered its leaders and employees with the necessary skills, that company will have taken significant steps towards being a driving force in the knowledge economy. Making an investment in learning and skills, strengthens the wider economy whilst adding measurable value to organizations.

To learn more about positioning your organization and equipping your staff to excel in the knowledge economy, get in touch with Wiley:

Lowri Gregg

Associate Market Development Manager lgregg@wiley.com

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22 Wilkins, Stephen. “Training and Development in the United Arab Emirates.” International Journal of Training and Development 5.2 (2001): 153-65. University of Bath. Web. 9 Sept. 2015. <http://opus.bath.ac.uk/21255/1/International_briefing_9_-_Training_and_development_in_the_United_Arab_Emirates.pdf>.

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