In today’s globalized society, the importance of human capital to put world economy on road to progress and innovation is categorically unquestionable. While organizations and government agencies around the world are making efforts to do away with poverty, diseases, unemployment and illiteracy, the most important sector of providing manpower and human capital i.e. educational institutions are finding out new and innovative ways to integrate with the public and private-sector industry and work out the best possible solutions to the problems which most of the countries and their governments are concerned with.
Human capital is inevitably connected with the success of business today. Companies are trying their best to hire competent and trained individuals to work for them, but emerging challenges are calling for new investments in training programs so that people are able to learn new skills, competencies behaviours and attitudes and apply innovative ideas to practice.
According to 2016-17 report of the World Economic Forum (WEF), Pakistan stands on 122 number on the Global Competitive Index. Research and training services are not given any importance in our industry. Holistic approach rather than traditional economical way of training the individuals is needed to do the best from better. Moreover, effective strategies to support the development of human capital are need of the hour. Our ranking of human development could only be improved when tri-part partnership consists of government, academia and industry joins hand in hand with each other for the sake of peace and prosperity of the country. We need to create opportunities for people especially youth by investing in their proper training, coaching, facilitation and consulting. The government should also ensure entrepreneurship, innovation, improvement and better use of human capital development predominantly keeping the game-changer project of CPEC in view, that is opening up with a great number of opportunities for industry and academia. It must play a role of catalyst agent and a bridge between universities and industry. Together, we can move forward and put Pakistan on the road to development. This is good for the health of Knowledge Economy and for the future of our country.
I am delighted to learn that University of Management and Technology (UMT) has taken an initiative to launch “Human Capital Development Forum” that is supposed to be functioning as a think-tank by engaging industry and academia. Some of the objectives of the forum are that it would bridge up gaps between industry and academia; help Pakistan develop in Human Resource with intellectual capital, orientate university graduates to play their role for CPEC and industry. I hope the forum will succeed in mobilizing innovation, respond to common problems of industrial sector, collaborate with the government organizations and stimulate social development in the country.
Dr. Muhammad Aslam