Title: Emiratization Practices in Resourcing and Retention: Case of the insurance industry in the UAE

Biography:

Amna AlShamsi with eleven years of professional experience in the international private sector, 9 years in Human Resources, and a total of 13 years in the private and public sector reach an appointment to the Leading Emiratisation scheme in a multinational firm for the last 8 years.

Abstract

Despite the country's government enforcement and economic development, the Emirati unemployment rate is increasing with a low level of being attracted to be employed in the private sector by the Emirati young generation. For instance, UAE is achieving a rapid significant economic increase year after year which reached $ 421.214 Billion in GDP in 2019 (World Bank, 2021). Parallelly, a massive foreign direct investment increase also reached $ 3.274 Billion for the same year 2019 (World Bank, 2021).  In contrast, unfortunately, according to World Trade Bank, the increased unemployment rate moved from 2.23 percent in 2018 to 2.28 percent in 2019 and reached 5 percent in 2020 (World Bank, 2021). This published data does contradict with UAE founder's vision - Shaik Zayed bin Sultan Al Nahyan - “Wealth is not in money. Wealth lies in men. This is where true power lies, the power we value. This is what has convinced us to direct all our resources to build the individual, and to use the wealth which God has provided us in the service of the nation.” (Gulf News, 2005).  Referring to the above recorded and published data, it is worth noting that the insurance sector is one of the richest private sectors - employment markets - that contributed a total of 9 percent of the total UAE GDP in 2019 (UAE Insurance Authority, 2020). It is arguable that the insurance sector can play a typical role in attracting, resourcing, and retaining Emirati work as part of the Emiratization agenda as well as assisting in overcoming the increased unemployment rate challenge. Taking into consideration this assumption, this research aims for describing the current insurance resourcing and retention practices from employers’ perspectives as well as which can no doubt serve the country's Emiratisation vision. These are the key points of the discussed issue of this research as well as drawing a descriptive status of the Emirati insurance employees within the same employment angle, resourcing, and retention.  Focusing on these themes would assist all stakeholders - regulators of the UAE government, insurance employers, Emirati employees, educational institutions, and the entire society - to work collaboratively and be open to taking the potential professional future in the insurance industry.