BUSINESS MENTALITY MUST CHANGE, SAYS BIN BYAT

Staff need stock options to motivate and secure

Ahmad Bin Byat, chief executive officer of Dubai Internet City, patron of Summit Dubai e-business conference currently on in Dubai (Emirates Towers Hotel October 2-3, 2001) said that companies must consider giving employees a stake in corporate success.

"Businesses in the region must adopt a new way of managing business operations and teams if they are to drive business in the e-age," he said following his opening keynote presentation.

He stressed that with the Internet providing companies of all shapes and sizes with a ‘window to the world, 24x7’ successful business today is beyond having a high-demand product and an efficient infrastructure : "While a solid infrastructure is a company’s bloodline, the engine must be equipped to run at the speed of light, which means teams must be motivate to respond with energy and enthusiasm, round the clock."

He said that basic salary alone is no longer sufficient bait to attract and retain top teams, suggesting that offering stock options is but one route, that organisations in the region must considered if they are to secure and retain leading edge people.

"A salary is one thing and, of course, essential, but to really nurture and maintain individuals and enable them to grow with the business, and it with them, they need to really feel a part of the success. Offering stock options is the key driver."

Bin Byat also suggested that training and education are also instrumental motivating factors and indicated the DIC-mooted e-academy is set to launch next month (November 2001).

Summit Dubai continues Wednesday October 3 2001, with Vertscape’s Sheikh Khaled bin Zayed Al Nahayan taking the keynote slot with his address on e-business imperatives.