Saturday, February 04, 2023

Opinion

Opinion: Jobs are available and Omanis are capable

It has been noted that in modern days, the same game is being played where the pool of capitalists holds 80% of the wealth, writes Mohammed Anwar Al Balushi

By Mohammed Anwar Al Balushi

info@thearabianstories.com

Thursday, January 12, 2023

Let’s think of Oman and its Economy. Personally, I don’t believe that jobs do not exist and that Omanis are incapable of performing the jobs. The thing is to figure it out and get rid of the capitalist mentality that prevents jobs from being created.

As for the capitalist system, only Vilfredo Pareto comes to mind, an Italian economist. He observed that about 80% of Italy’s land belonged to about 20% of its citizens.

It has been noted that in modern days, the same game is being played where the pool of capitalists holds 80% of the wealth. It seems to me that if the 80/20 rule continues, especially in the case of wealth distribution, the number of poor people will increase.

It would be ideal if Omanis were provided with job opportunities practically and with careful methodology. How? It would be prudent for the government to pass a law requiring that banks and corporations set an annual budget for new recruitments (Omani Nationals). Having companies and banks provide jobs every year as targets and monitored by the Ministry of Labour will work and decrease the number of job seekers.

It should be mandatory by the Ministry of Labour, and they should visit companies and banks to verify that they are following the policy.   

As long as the “Recruitment Budget” is being studied carefully, it should not affect the profitability of the company and once this is implemented, the country’s economy will become stronger since cash flow will increase.

What will be the road map? Suppose there are thirty thousand job seekers as of now. How these will be allocated to companies and banks? The below table may elaborate the same:

Company A
 
100 New candidates Level AFront Line Staff  Level BBack OfficeStaff Level CEarly RetirementPolicy  Level D
    
Year OneThere will be 100 allocated for the front line, where clients are dealt with. Staff from the front line will be moved to the back office and allocated to (Finance, Audit, Treasury, IT, etc.). Shareholders and the board of directors should study the feasibility of having an early retirement policy that benefits everyone.  As a result, Level D will fill the gap created by level C and solve the job seekers’ problem. 
    

This table is only an example of one company or bank, and there are hundreds of companies and around seventeen banks operating in Oman with many branches, earning good profits.

It would be ideal and economically viable if these profits could support the national economy and market, ensuring that shareholders’ interests were protected.   

Close