As per 2016-2017 report of the World Economic Forum (WEF), Pakistan is ranked 126 (out of 138 nations) on the Global Competitiveness Index (GCI). The contributing reasons that primarily need academic attention (through industry – academia linkage) and support are as follows;
- Insufficient capacity to innovate.
- Lack of Intellectual Capital Formation initiatives in business management practices programs of the Industry.
- Business ethics and ethical dispensation of the roles and obligations of all the stakeholders.
In the prevailing economic challenges, industry in Pakistan is faced with mounting pressures to decrease operational costs, increase productivity and better leverage their talent pool signifying that stakeholders need to focus on organizational culture, employee engagement, intellectual application, etc; thereby raising the bar for enhancing their Total Factor Productivity (TFP), while staying locally and internationally competitive in the market landscape.
For Pakistan to progress it has to develop and optimize human resource potential as entrepreneurs, managers, technicians etc for which academia and industry players have a very significant role to play. With the radical emergence of the digital world and IT resulting in disruptive innovations, the focus has shifted towards more qualified and Tech-savvy Human Resources with outlook of innovation and creativity.
Managing disruptive innovation based operating environment demands creation of intellectual capital as a critical factor in. Therefore, it is imperative for the industry to focus on Intellectual Capital Formation amongst its employees for enhancing the human capabilities by creating enabling environment and more importantly by creating Innovation Champions to lead such initiatives.