/
Most Inspiring HR Leaders in Middle East to Watch, 2024 Most Inspiring HR Leaders in Middle East to Watch, 2024

Most Inspiring HR Leaders in Middle East to Watch, 2024 - PDF document

ciolook
ciolook . @ciolook
Follow
71 views
Uploaded On 2024-01-11

Most Inspiring HR Leaders in Middle East to Watch, 2024 - PPT Presentation

This edition features a handful of The Most Inspiring HR Leaders in Middle East to Watch that are leading us to a better future ID: 1039455

#internationalbusinessmagazine #Globalbusinessmagazine #topbusinessmagazine #BestBusinessMagazineforentrepreneurs

Share:

Link:

Embed:

Download Presentation from below link

Download Pdf The PPT/PDF document "Most Inspiring HR Leaders in Middle East..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.


Presentation Transcript

92/,,668(,WŒ}‰š}('Œ}ÁšZ�ŒZ]‰‰‰Œ}Z(}Œ,Z�Œ]všZ]P]šoŒCeij?dif_h_d]/HDGHUVC_ZZb[;Wijje:DWFK .DYHK*KDUDFKRUORX+HDGRI3HRSOH &XOWXUH)XUWKHU9HQWXUHV/LPLWHG .DYHK_-u-1_outo† %XLOGLQJ7RPRUURZ\nV:RUNSODFHV7RGD\ Œ]À]vPWŒ}PŒ+ŸÀ^šŒšP](}Œ,Z�Œš}&}šŒu‰o}ÇvPPuvš Y¬ÄÊÜâ¯ÄÖÊÙâ†Åâ†Üܝâʧ†ÅÊÙ¨†Å¯ †â¯ÊůܯâÜ֝ÊÖ¿ Y¬ÄÊÜâ¯ÄÖÊÙâ†Åâ†Üܝâʧ†ÅÊÙ¨†Å¯ †â¯ÊůܯâÜ֝ÊÖ¿ Y¬ÄÊÜâ¯ÄÖÊÙâ†Åâ†Üܝâʧ†ÅÊÙ¨†Å¯ †â¯ÊůܯâÜ֝ÊÖ¿ Y¬ÄÊÜâ¯ÄÖÊÙâ†Åâ†Üܝâʧ†ÅÊÙ¨†Å¯ †â¯ÊůܯâÜ֝ÊÖ¿ )GRU V2RWH 2 QHRIWKHPRVWFUXFLDOOHDGHUVKLSWUDLWVWKDWVHWVJUHDWOHDGHUVDSDUWIURPDYHUDJHRQHVLVWKHFDSDFLW\WRLQVSLUH:KLOHWKHUHDUHPDQ\H[FHOOHQWPDQDJHUVWKHUHDUHYHU\IHZH[FHOOHQWOHDGHUVZKRKDYHWKHDELOLW\WREULQJOLIHSDVVLRQDQGFRQQHFWLRQWRWKHLUDFWLRQVDQGEHKDYLRUV$ORQJZLWKDFU\VWDOFOHDUYLVLRQPLVVLRQDQGGHGLFDWLRQWRLQWHJULW\WKDWGLUHFWVWKHPLQHYHU\WKLQJWKH\GRWRLPSURYHWKHZRUOG7KRVHZKRDUHLQVSLUDWLRQDOOHDGHUVOHDGZLWKDVWURQJVHQVHRISXUSRVHDQGREOLJDWLRQWRHIIHFWSRVLWLYHFKDQJH7KH\NQRZH[DFWO\ZKDWWKHLUYDOXHVDUHDQGGRQ\nWJLYHLQZKHQXQGHUSUHVVXUHWRGRVRPHWKLQJWKDWZRXOGUHTXLUHVDFULFLQJWKRVHYDOXHV7KH\PLJKWQRWDOZD\VEHFRPHZHOOOLNHGIRUWKLVEXWLQRUGHUWRJURZDQGVFDOHWKHSURJUHVVHYHQWXDOO\WKHVHDGHSWSHUVRQDOLWLHVXQGHUVWDQGWKHHVVHQWLDODVSHFWVWKDWDUHIRFXVHGRQFXOWLYDWLQJDQHQYLURQPHQWWKDWPDNHVWKHLUHPSOR\HHVIHHOFRPIRUWDEOHFRPLQJDQGWDONLQJWRWKHP,QVSLULQJOHDGHUVEHKDYHKRQRUDEO\EHFDXVHWKH\DUHDZDUHWKDWWKHLUHPSOR\HHVDUHFRQVWDQWO\ZDWFKLQJDQGWKDWHYHU\DFWLRQFRXQWV7KH\DGKHUHWRWKHLUYDOXHVDQGLQFRUSRUDWHWKHPLQWRHYHU\WKLQJWKH\GRDVDUHVXOW0RUHRYHUULVNWDNLQJDELOLW\LVDQHVVHQWLDOSDUWRIOHDGHUVKLS5RVD3DUNV+HQU\)RUGDQG(ORQ0XVNDUHDIHZOHDGHUVZKRKDYHPDGHDGLIIHUHQFHLQWKLVZRUOGE\WDNLQJFRXUDJHRXVULVNV6XFFHVVIXOWHDPVLQVSLUHLQVSLUDWLRQDOOHDGHUVWREHGHGLFDWHGWRDQGPRWLYDWHGE\WKHLUZRUN7KH\IRVWHUDQHQYLURQPHQWZKHUHSHRSOHFDQFRPHWRJHWKHUWRVKDUHWKHLUH[SHULHQFHVNQRZOHGJHRSLQLRQVDQGLGHDVUHVXOWLQJLQGLVUXSWLRQDQGLQQRYDWLRQ$FFHSWLQJFROODERUDWLRQHQFRXUDJHVSHRSOHWRVWHSRXWVLGHRIWKHLUFRPIRUW]RQHVDQGOHDUQIURPRQHDQRWKHUZKLOHDFKLHYLQJJUHDWWKLQJV(PSOR\HHVWKHQEHFRPHPRUHVHOIDVVXUHGDQGHDJHUWRWDNHRQPRUHUHVSRQVLELOLW\(PEUDFLQJWKHMRXUQH\RIVXFKUHVROXWHOHDGHUVKLSFKDULVPDV&,2/RRNIHDWXUHVWKHHQWKUDOOLQJVWRULHVRIWKHDVWXWHSHUVRQDVRIWKHLQGXVWU\LQLWVODWHVWHGLWLRQ0RVW,QVSLULQJ+5/HDGHUVLQ0LGGOH(DVWWR:DWFKë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n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ë)OLSWKURXJKWKHSDJHVDQGHPEUDFHWKHRG\VVH\RIH[SORULQJWKHGLVWLQFWDSSURDFKHVWRFXOWLYDWLQJZLVGRPGULYHQE\SDVVLRQDQGLQQRYDWLRQ+DYHD'HOLJKWIXO5HDG &NCSBDJOHUIF7BMVFTBOEUIF&TTFODFPG4VDDFTT )GRU V2RWH )GRU V2RWH .DYHK _-u-1_outo† %XLOGLQJ7RPRUURZ\nV:RUNSODFHV7RGD\W_&29(56725$57,&/(6 X]YW WŒ}‰š}('Œ}ÁšZ�ŒZ]‰‰‰Œ}Z(}Œ,Z�Œ]všZ]P]šoŒŒ]À]vPWŒ}PŒ+ŸÀ^šŒšP](}Œ,Z�Œš}&}šŒu‰o}ÇvPPuvš .DYHK _-u-1_outo† %XLOGLQJ7RPRUURZ\nV:RUNSODFHV7RGD\W_&29(56725$57,&/(6 X]YW WŒ}‰š}('Œ}ÁšZ�ŒZ]‰‰‰Œ}Z(}Œ,Z�Œ]všZ]P]šoŒŒ]À]vPWŒ}PŒ+ŸÀ^šŒšP](}Œ,Z�Œš}&}šŒu‰o}ÇvPPuvš dpoufou ‰µšÇ]š}Œv]ZD]ooŒDvP]vP]š}ŒšZŒ]v}Œ eftjho s]µo]ÌŒÀšŒš˜]Pv]Œš}ŒÀ]DŒŸv}]š]PvŒ:u}vŒo tcmft ^v]}Œ^oDvPŒt]o}vdXU,µvšŒXµš}uŒ^µDvPŒD]Zo:}v^oÆµŸÀd]uU^u]šZ ufdiojdcm dZv]o,WšŒ,ÇvdZv]o}vµošvšs]š}Œ}oo]v-DQXDU\ jÊ=18¤—ûùûý S~g~~e4TT=18¤˜˜Ã9¹8\nj_¤_¤î_=]î1˜¬˜=_¤8=˜]î1îÔ=_˜8j¬T_j¤ j¬\nj¤î_˜]=¤¤=_î_Ê0j]j Êî_Ê]î_˜4T\n¤j_=\n4]\n8î_=\nîT48j¤j\njÊ=_14\nj=_1jj¤8Ä=˜4Ä=¤8j¬¤=j]=˜˜=j_0j] S~g~~e9¤=_¤=18¤˜]î=_˜jTTÊÄ=¤8 S~g~~e9 gpmmpxvtpo ÁÁÁX(}}lX}ul]}o}}lÁÁÁXšÁ]©ŒX}ul]}o}}l tZ�^Ks/��KE (PDLO]v(}›]}o}}lX}u&}Œ^µŒ]‰Ÿ}vÁÁÁX]}o}}lX}u dpoucduvtpo 3RRMD0%DQVDO f„Š„‰dƒ„€ Ž|‡€Ž'~„Š‡ŠŠ† ~Šˆ tnftnp ZŒZvoǐšŒ]^u]šZ^KƵŸÀov^‰vŒ %ULHI 3UDVDQWK(GDVVDUL&+52$VWKH*OREDO&KLHI+XPDQ5HVRXUFH2\rv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ÀFRUSRUDWHFRP:DOHHG+DM$OL+HDG+5:DOHHGLVDQH[SHULHQFHGOHDGHUZLWK\HDUVRIH[WHQVLYHUDQJHRIKXPDQUHVRXUFHVPDQDJHPHQWVNLOOV0HUH[,QYHVWPHQW*URXSPHUH[LQYHVWPHQWFRP)HDWXUHG3HUVRQ dpoufou ‰µšÇ]š}Œv]ZD]ooŒDvP]vP]š}ŒšZŒ]v}Œ eftjho s]µo]ÌŒÀšŒš˜]Pv]Œš}ŒÀ]DŒŸv}]š]PvŒ:u}vŒo tcmft ^v]}Œ^oDvPŒt]o}vdXU,µvšŒXµš}uŒ^µDvPŒD]Zo:}v^oÆµŸÀd]uU^u]šZ ufdiojdcm dZv]o,WšŒ,ÇvdZv]o}vµošvšs]š}Œ}oo]v-DQXDU\ jÊ=18¤—ûùûý S~g~~e4TT=18¤˜˜Ã9¹8\nj_¤_¤î_=]î1˜¬˜=_¤8=˜]î1îÔ=_˜8j¬T_j¤ j¬\nj¤î_˜]=¤¤=_î_Ê0j]j Êî_Ê]î_˜4T\n¤j_=\n4]\n8î_=\nîT48j¤j\njÊ=_14\nj=_1jj¤8Ä=˜4Ä=¤8j¬¤=j]=˜˜=j_0j] S~g~~e9¤=_¤=18¤˜]î=_˜jTTÊÄ=¤8 S~g~~e9 gpmmpxvtpo ÁÁÁX(}}lX}ul]}o}}lÁÁÁXšÁ]©ŒX}ul]}o}}l tZ�^Ks/��KE (PDLO]v(}›]}o}}lX}u&}Œ^µŒ]‰Ÿ}vÁÁÁX]}o}}lX}u dpoucduvtpo 3RRMD0%DQVDO f„Š„‰dƒ„€ Ž|‡€Ž'~„Š‡ŠŠ† ~Šˆ tnftnp ZŒZvoǐšŒ]^u]šZ^KƵŸÀov^‰vŒ %ULHI 3UDVDQWK(GDVVDUL&+52$VWKH*OREDO&KLHI+XPDQ5HVRXUFH2\rv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ÀFRUSRUDWHFRP:DOHHG+DM$OL+HDG+5:DOHHGLVDQH[SHULHQFHGOHDGHUZLWK\HDUVRIH[WHQVLYHUDQJHRIKXPDQUHVRXUFHVPDQDJHPHQWVNLOOV0HUH[,QYHVWPHQW*URXSPHUH[LQYHVWPHQWFRP)HDWXUHG3HUVRQ 6 .DYHK _-u-1_outo† %XLOGLQJ7RPRUURZ\nV:RUNSODFHV7RGD\ ‹–Š”–‹Ћ…‹ƒŽ –‡ŽŽ‹‰‡…‡•—’’‘”–‹‰•‡˜‡”ƒŽ ’”‘…‡••‡•á ƒ‡š…‹–‡†ƒ„‘—–Š‘™ …ƒƒ‹†–‘ˆ—”–Š‡”•’‡‡†—’‘”‹’”‘˜‡ ’”‘…‡••‡•ƒŽŽ‘™‹‰ …‘ŽŽ‡ƒ‰—‡•–‘„‡‘”‡’‡‘’Ž‡我…—•‡†”ƒ–Š‡”–Šƒƒ†‹我…—•‡†ä ò ò )XUWKHU9HQWXUHV 6 .DYHK _-u-1_outo† %XLOGLQJ7RPRUURZ\nV:RUNSODFHV7RGD\ ‹–Š”–‹Ћ…‹ƒŽ –‡ŽŽ‹‰‡…‡•—’’‘”–‹‰•‡˜‡”ƒŽ ’”‘…‡••‡•á ƒ‡š…‹–‡†ƒ„‘—–Š‘™ …ƒƒ‹†–‘ˆ—”–Š‡”•’‡‡†—’‘”‹’”‘˜‡ ’”‘…‡••‡•ƒŽŽ‘™‹‰ …‘ŽŽ‡ƒ‰—‡•–‘„‡‘”‡’‡‘’Ž‡我…—•‡†”ƒ–Š‡”–Šƒƒ†‹我…—•‡†ä ò ò )XUWKHU9HQWXUHV QWKHG\QDPLFZRUOGRIYHQWXUHEXLOGLQJZKHUHWKHVXFFHVVRIVWDUWXSVKLQJHVRQQRWMXVWWKHLULGHDVEXWDOVRRQWKHLUDELOLW\WRFXOWLYDWHDWKULYLQJZRUNFXOWXUH,W\nVDODQGVFDSHZKHUHFRPSDQLHVDUHERUQQXUWXUHGDQGFDWDSXOWHGWRJUHDWQHVV,QWKLVHYHUHYROYLQJHFRV\VWHP.DYHK*KDUDFKRUORXWKH+HDGRI3HRSOH &XOWXUH)XUWKHU9HQWXUHV/LPLWHGLVOHDGLQJWKHZD\:LWKRYHU\HDUVRIJOREDO+5OHDGHUVKLSH[SHULHQFH.DYHK\nVSDVVLRQOLHVLQFUDIWLQJFRPSDQLHVWKDWDUHQRWMXVWSODFHVWRZRUNEXWH[FHSWLRQDOSODFHVWRWKULYH+LVH[SHUWLVHVSDQVDYDVWVSHFWUXPLQFOXGLQJDJLOHOHDGHUVKLSGHYHORSPHQWPHUJHUVDQGDFTXLVLWLRQVSROLF\FUDIWLQJLQWHUQDWLRQDOHPSOR\PHQWODZSHUIRUPDQFHPDQDJHPHQWFRPSHQVDWLRQDQGEHQHWVRUJDQL]DWLRQDOGHYHORSPHQWDQGWUDQVIRUPDWLYHFXOWXUDOFKDQJH+H\nVOHIWDQLQGHOLEOHPDUNRQ8$(DQG0(1$PDWUL[RUJDQL]DWLRQVVSHDUKHDGLQJWUDQVIRUPDWLRQDOSURMHFWVWKDWKDYHVLJQLFDQWO\LPSURYHG52,DQGEXVLQHVVRXWFRPHV%XW.DYHKLVQ\nWMXVWDVHDVRQHG+5SURIHVVLRQDO+H\nVDFHUWLHG&,3'6,;6,*0$H[SHUWSURIHVVLRQDOWUDLQHUDQG,&)FHUWLHGFRDFK+LVPXOWLIDFHWHGEDFNJURXQGVKLQHVEULJKWO\LQWKHQWHFKGLJLWDODVVHWVDQGIDVWPRYLQJWHFKLQGXVWULHV/HW\n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n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nVFRPSHWLWLYHODQGVFDSHEHLQJZHOOFRQQHFWHGLQWKHUHJLRQLVDJUHDWDGYDQWDJH2YHUWKHODVW\HDUV,KDYHZRUNHGDQGGHYHORSHGDJUHDWQHWZRUNRIWDOHQWZKRDOOEHFRPHSRWHQWLDOFDQGLGDWHV ƒ˜‡Š5•’ƒ••‹‘Ž‹‡•‹…”ƒˆ–‹‰…‘’ƒ‹‡•–Šƒ–ƒ”‡‘–Œ—•–’Žƒ…‡•–‘™‘”á„—–‡š…‡’–‹‘ƒŽ’Žƒ…‡•–‘–Š”‹˜‡ä òò QWKHG\QDPLFZRUOGRIYHQWXUHEXLOGLQJZKHUHWKHVXFFHVVRIVWDUWXSVKLQJHVRQQRWMXVWWKHLULGHDVEXWDOVRRQWKHLUDELOLW\WRFXOWLYDWHDWKULYLQJZRUNFXOWXUH,W\nVDODQGVFDSHZKHUHFRPSDQLHVDUHERUQQXUWXUHGDQGFDWDSXOWHGWRJUHDWQHVV,QWKLVHYHUHYROYLQJHFRV\VWHP.DYHK*KDUDFKRUORXWKH+HDGRI3HRSOH &XOWXUH)XUWKHU9HQWXUHV/LPLWHGLVOHDGLQJWKHZD\:LWKRYHU\HDUVRIJOREDO+5OHDGHUVKLSH[SHULHQFH.DYHK\nVSDVVLRQOLHVLQFUDIWLQJFRPSDQLHVWKDWDUHQRWMXVWSODFHVWRZRUNEXWH[FHSWLRQDOSODFHVWRWKULYH+LVH[SHUWLVHVSDQVDYDVWVSHFWUXPLQFOXGLQJDJLOHOHDGHUVKLSGHYHORSPHQWPHUJHUVDQGDFTXLVLWLRQVSROLF\FUDIWLQJLQWHUQDWLRQDOHPSOR\PHQWODZSHUIRUPDQFHPDQDJHPHQWFRPSHQVDWLRQDQGEHQHWVRUJDQL]DWLRQDOGHYHORSPHQWDQGWUDQVIRUPDWLYHFXOWXUDOFKDQJH+H\nVOHIWDQLQGHOLEOHPDUNRQ8$(DQG0(1$PDWUL[RUJDQL]DWLRQVVSHDUKHDGLQJWUDQVIRUPDWLRQDOSURMHFWVWKDWKDYHVLJQLFDQWO\LPSURYHG52,DQGEXVLQHVVRXWFRPHV%XW.DYHKLVQ\nWMXVWDVHDVRQHG+5SURIHVVLRQDO+H\nVDFHUWLHG&,3'6,;6,*0$H[SHUWSURIHVVLRQDOWUDLQHUDQG,&)FHUWLHGFRDFK+LVPXOWLIDFHWHGEDFNJURXQGVKLQHVEULJKWO\LQWKHQWHFKGLJLWDODVVHWVDQGIDVWPRYLQJWHFKLQGXVWULHV/HW\n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nYHEHHQIRUWXQDWHWRZRUNLQGLYHUVHLQGXVWULHVZKLFKKDVSURYLGHGPHZLWKDEURDGSHUVSHFWLYHRQVKDSLQJRUJDQL]DWLRQDOFXOWXUHV0\SDVVLRQIRUVKDSLQJRUJDQL]DWLRQDOFXOWXUHVWHPVIURPP\EHOLHIWKDWFXOWXUHLVWKHKHDUWEHDWRIDQ\VXFFHVVIXOFRPSDQ\0\EDFNJURXQGKDVLQXHQFHGP\DSSURDFKE\WHDFKLQJPHWKDWDQLQFOXVLYHFROODERUDWLYHDQGLQQRYDWLYHFXOWXUHFDQGULYHERWKHPSOR\HHHQJDJHPHQWDQGEXVLQHVVJURZWK7KLVSDVVLRQKDVJXLGHGPHLQFUHDWLQJDQHQYLURQPHQWDW)XUWKHU9HQWXUHVZKHUHSHRSOHDUHLQVSLUHGWRLQQRYDWHFROODERUDWHDQGWKULYHLQEXLOGLQJVXFFHVVIXOFRPSDQLHV$VDOHDGHULQ+5ZKDWXQLTXHVWUDWHJLHVRUSUDFWLFHVGR\RXLPSOHPHQWWRDWWUDFWDQGUHWDLQWRSWDOHQWLQDFRPSHWLWLYHDQGUDSLGO\FKDQJLQJEXVLQHVVODQGVFDSH"7RDWWUDFWDQGUHWDLQWRSWDOHQWLQWRGD\\nVFRPSHWLWLYHODQGVFDSHEHLQJZHOOFRQQHFWHGLQWKHUHJLRQLVDJUHDWDGYDQWDJH2YHUWKHODVW\HDUV,KDYHZRUNHGDQGGHYHORSHGDJUHDWQHWZRUNRIWDOHQWZKRDOOEHFRPHSRWHQWLDOFDQGLGDWHV ƒ˜‡Š5•’ƒ••‹‘Ž‹‡•‹…”ƒˆ–‹‰…‘’ƒ‹‡•–Šƒ–ƒ”‡‘–Œ—•–’Žƒ…‡•–‘™‘”á„—–‡š…‡’–‹‘ƒŽ’Žƒ…‡•–‘–Š”‹˜‡ä òò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nVLQVWLOOHGLQPHDGHHSFRQYLFWLRQWKDWFXOWXUHLVWKHKHDUWEHDWRIDQ\VXFFHVVIXOFRPSDQ\,IDQ\WKLQJP\EDFNJURXQGKDVWDXJKWPHWKDWDQLQFOXVLYHFROODERUDWLYHDQGLQQRYDWLYHFXOWXUHFDQGRPRUHWKDQMXVWIRVWHUHPSOR\HHHQJDJHPHQWæLWFDQGULYHEXVLQHVVJURZWKE\FUHDWLQJDQHQYLURQPHQWZKHUHSHRSOHDUHQRWMXVWHPSOR\HHVEXWLQQRYDWRUVEXVLQHVVRZQHUVFROODERUDWRUVDQGWKULYLQJLQGLYLGXDOVWKDWDOOPDNHWKH&RPSDQ\WKHVXFFHVVLWLV7KURXJKRXW\RXUH[WHQVLYH+5FDUHHU\RXKDYHEHHQLQYROYHGLQQXUWXULQJVWDUWXSVIURPWKHYHU\HDUO\VWDJHVDQGGHYHORSLQJWKHLU+5IUDPHZRUNLQOLQHZLWKJURZWK+RZGR\RXHQVXUHWKDWWKHSHRSOHDQGFXOWXUHVWUDWHJLHVDOLJQZLWKWKHYDULHGQHHGVRIGLIIHUHQWVWDUWXSV":KLOVW,KDYHP\+53HRSOHWRRONLWLW\nVLPSRUWDQWWRDSSUHFLDWHWKDWHYHU\RUJDQL]DWLRQ\nVVWUXFWXUHFXOWXUHDQGG\QDPLFVZLOOEHGLIIHUHQWDQGWKHUHIRUHRQHVL]HGRHVQRWWDOO:HQHHGWROLVWHQDQGEHDOLJQHGZLWKWKH)RXQGHUV0DQDJHPHQWWHDPV\n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ƒ…–‹˜‡Ž›ˆ‘•–‡”†‹˜‡”•‹–›á‡“—ƒŽ‹–›ƒ†‹…Ž—•‹‘„›‹’Ž‡‡–‹‰—„‹ƒ•‡†”‡…”—‹–‡–’”ƒ…–‹…‡•á…”‡ƒ–‹‰•ƒˆ‡•’ƒ…‡•ˆ‘”‘’‡†‹ƒŽ‘‰—‡á†‹¡‡”‡–…‘—‹…ƒ–‹‘…Šƒ‡Ž•–‘•‡‡ˆ‡‡†„ƒ…áƒ†‘¡‡”‹‰‹…Ž—•‹‘¬†‹˜‡”•‹–›–”ƒ‹‹‰ˆ‘”ƒŽŽŠ‹”‹‰‡„‡”•ä òò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nVLQVWLOOHGLQPHDGHHSFRQYLFWLRQWKDWFXOWXUHLVWKHKHDUWEHDWRIDQ\VXFFHVVIXOFRPSDQ\,IDQ\WKLQJP\EDFNJURXQGKDVWDXJKWPHWKDWDQLQFOXVLYHFROODERUDWLYHDQGLQQRYDWLYHFXOWXUHFDQGRPRUHWKDQMXVWIRVWHUHPSOR\HHHQJDJHPHQWæLWFDQGULYHEXVLQHVVJURZWKE\FUHDWLQJDQHQYLURQPHQWZKHUHSHRSOHDUHQRWMXVWHPSOR\HHVEXWLQQRYDWRUVEXVLQHVVRZQHUVFROODERUDWRUVDQGWKULYLQJLQGLYLGXDOVWKDWDOOPDNHWKH&RPSDQ\WKHVXFFHVVLWLV7KURXJKRXW\RXUH[WHQVLYH+5FDUHHU\RXKDYHEHHQLQYROYHGLQQXUWXULQJVWDUWXSVIURPWKHYHU\HDUO\VWDJHVDQGGHYHORSLQJWKHLU+5IUDPHZRUNLQOLQHZLWKJURZWK+RZGR\RXHQVXUHWKDWWKHSHRSOHDQGFXOWXUHVWUDWHJLHVDOLJQZLWKWKHYDULHGQHHGVRIGLIIHUHQWVWDUWXSV":KLOVW,KDYHP\+53HRSOHWRRONLWLW\nVLPSRUWDQWWRDSSUHFLDWHWKDWHYHU\RUJDQL]DWLRQ\nVVWUXFWXUHFXOWXUHDQGG\QDPLFVZLOOEHGLIIHUHQWDQGWKHUHIRUHRQHVL]HGRHVQRWWDOO:HQHHGWROLVWHQDQGEHDOLJQHGZLWKWKH)RXQGHUV0DQDJHPHQWWHDPV\n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ƒ…–‹˜‡Ž›ˆ‘•–‡”†‹˜‡”•‹–›á‡“—ƒŽ‹–›ƒ†‹…Ž—•‹‘„›‹’Ž‡‡–‹‰—„‹ƒ•‡†”‡…”—‹–‡–’”ƒ…–‹…‡•á…”‡ƒ–‹‰•ƒˆ‡•’ƒ…‡•ˆ‘”‘’‡†‹ƒŽ‘‰—‡á†‹¡‡”‡–…‘—‹…ƒ–‹‘…Šƒ‡Ž•–‘•‡‡ˆ‡‡†„ƒ…áƒ†‘¡‡”‹‰‹…Ž—•‹‘¬†‹˜‡”•‹–›–”ƒ‹‹‰ˆ‘”ƒŽŽŠ‹”‹‰‡„‡”•ä òò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nVGLYHUVHZRUNIRUFHZHGRQ\nWMXVWWROHUDWHGLIIHUHQFHVæ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n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nVVXFFHVVE\QXUWXULQJDFXOWXUHRIFRQWLQXRXVLPSURYHPHQWLQQRYDWLRQDQGLQFOXVLRQ7KLVZLOOHPSRZHURXUWHDPVWRGULYHWKHUHJLRQ\nVEXVLQHVVDQGLQQRYDWLRQODQGVFDSHIRUZDUGWRHQVXUHJURZWKDQGQDQFLDOVXFFHVV 5˜‡„‡‡ˆ‘”–—ƒ–‡–‘™‘”‹†‹˜‡”•‡‹†—•–”‹‡•á™Š‹…ŠŠƒ•’”‘˜‹†‡†‡™‹–Šƒ„”‘ƒ†’‡”•’‡…–‹˜‡‘•Šƒ’‹‰‘”‰ƒ‹œƒ–‹‘ƒŽ…—Ž–—”‡•ä òò ,QIDFLQJFKDOOHQJLQJSHRSOHLVVXHVP\DSSURDFKLVRIWHQWRDGGUHVVWKHPKHDGRQZLWKDIRFXVRQDFWLYHOLVWHQLQJHPSDWK\DQGFROODERUDWLRQ%\FUHDWLQJDVXSSRUWLYHHQYLURQPHQWDQGSURYLGLQJFOHDUH[SHFWDWLRQVDQGGHYHORSPHQWRSSRUWXQLWLHVZHVXFFHVVIXOO\UHVROYHGWKHLVVXHUHVXOWLQJLQLPSURYHGWHDPDQGLQGLYLGXDOSHUIRUPDQFH$V+5OHDGHUVZHXQGHUVWDQGWKHHVVHQWLDOWUDLWVWKDWDUHUHTXLUHGIRUVXFFHVVLQFOXGHHPSDWK\DGDSWDELOLW\VWUDWHJLFWKLQNLQJDQGDFRPPLWPHQWWRIRVWHULQJDSRVLWLYHDQGHPSRZHULQJZRUNFXOWXUH(IIHFWLYHFRPPXQLFDWLRQDQGWKHDELOLW\WROHDGE\H[DPSOHDUHDOVRTXDOLWLHV,KROGLQKLJKUHJDUG7KH0LGGOH(DVWLVNQRZQIRULWVGLYHUVHZRUNIRUFH+RZGR\RXKDUQHVVWKHVWUHQJWKVDQGSHUVSHFWLYHVRIHPSOR\HHVIURPGLIIHUHQWEDFNJURXQGVWRFUHDWHDFRKHVLYHDQGFROODERUDWLYHZRUNHQYLURQPHQW",QWKH0LGGOH(DVW\nVGLYHUVHZRUNIRUFHZHGRQ\nWMXVWWROHUDWHGLIIHUHQFHVæ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n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nVVXFFHVVE\QXUWXULQJDFXOWXUHRIFRQWLQXRXVLPSURYHPHQWLQQRYDWLRQDQGLQFOXVLRQ7KLVZLOOHPSRZHURXUWHDPVWRGULYHWKHUHJLRQ\nVEXVLQHVVDQGLQQRYDWLRQODQGVFDSHIRUZDUGWRHQVXUHJURZWKDQGQDQFLDOVXFFHVV 5˜‡„‡‡ˆ‘”–—ƒ–‡–‘™‘”‹†‹˜‡”•‡‹†—•–”‹‡•á™Š‹…ŠŠƒ•’”‘˜‹†‡†‡™‹–Šƒ„”‘ƒ†’‡”•’‡…–‹˜‡‘•Šƒ’‹‰‘”‰ƒ‹œƒ–‹‘ƒŽ…—Ž–—”‡•ä òò WŒ}‰š}('Œ}ÁšZ IRU +5/HDGHUV LQWKH QWKHHYHUHYROYLQJODQGVFDSHRIWKHPRGHUQZRUNSODFH+5OHDGHUVSOD\DSLYRWDOUROHLQVKDSLQJRUJDQL]DWLRQDOVXFFHVV7KHDGYHQWRIWKHGLJLWDOHUDKDVEURXJKWDERXWDSURIRXQGWUDQVIRUPDWLRQLQWKHZD\ZHZRUNDQGPDQDJHSHRSOH7RWKULYHLQWKLVQHZHQYLURQPHQW+5OHDGHUVPXVWDGRSWLQQRYDWLYHOHDGHUVKLSDSSURDFKHVWKDWDOLJQZLWKWKHGLJLWDODJH\nVXQLTXHFKDOOHQJHVDQGRSSRUWXQLWLHV,QWKLVDUWLFOHZHZLOOH[SORUHVRPHHVVHQWLDOOHDGHUVKLSDSSURDFKHVIRU+5OHDGHUVLQWKHGLJLWDOHUD(PEUDFH7HFKQRORJLFDO$GYDQFHPHQWV2QHRIWKHPRVWVLJQLFDQWVKLIWVLQWKHGLJLWDOHUDLVWKHUDSLGDGYDQFHPHQWRIWHFKQRORJ\+5OHDGHUVQHHGWREHFRPHWHFKQRORJ\VDYY\DQGDGDSWWRWKHODWHVWGLJLWDOWRROVDQGSODWIRUPV%\HPEUDFLQJWHFKQRORJLFDODGYDQFHPHQWV+5SURIHVVLRQDOVFDQVWUHDPOLQHSURFHVVHVHQKDQFHHPSOR\HHH[SHULHQFHVDQGJDWKHUYDOXDEOHGDWDLQVLJKWV:KHWKHULW\n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Œ}‰š}('Œ}ÁšZ IRU +5/HDGHUV LQWKH QWKHHYHUHYROYLQJODQGVFDSHRIWKHPRGHUQZRUNSODFH+5OHDGHUVSOD\DSLYRWDOUROHLQVKDSLQJRUJDQL]DWLRQDOVXFFHVV7KHDGYHQWRIWKHGLJLWDOHUDKDVEURXJKWDERXWDSURIRXQGWUDQVIRUPDWLRQLQWKHZD\ZHZRUNDQGPDQDJHSHRSOH7RWKULYHLQWKLVQHZHQYLURQPHQW+5OHDGHUVPXVWDGRSWLQQRYDWLYHOHDGHUVKLSDSSURDFKHVWKDWDOLJQZLWKWKHGLJLWDODJH\nVXQLTXHFKDOOHQJHVDQGRSSRUWXQLWLHV,QWKLVDUWLFOHZHZLOOH[SORUHVRPHHVVHQWLDOOHDGHUVKLSDSSURDFKHVIRU+5OHDGHUVLQWKHGLJLWDOHUD(PEUDFH7HFKQRORJLFDO$GYDQFHPHQWV2QHRIWKHPRVWVLJQLFDQWVKLIWVLQWKHGLJLWDOHUDLVWKHUDSLGDGYDQFHPHQWRIWHFKQRORJ\+5OHDGHUVQHHGWREHFRPHWHFKQRORJ\VDYY\DQGDGDSWWRWKHODWHVWGLJLWDOWRROVDQGSODWIRUPV%\HPEUDFLQJWHFKQRORJLFDODGYDQFHPHQWV+5SURIHVVLRQDOVFDQVWUHDPOLQHSURFHVVHVHQKDQFHHPSOR\HHH[SHULHQFHVDQGJDWKHUYDOXDEOHGDWDLQVLJKWV:KHWKHULW\n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n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n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n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nVPLVVLRQYDOXHVDQGORQJWHUPREMHFWLYHV:KHQHPSOR\HHVXQGHUVWDQGKRZWKHLUZRUNFRQWULEXWHVWRWKHELJJHUSLFWXUHWKH\IHHOPRUHHQJDJHGDQGPRWLYDWHGWRDFKLHYHFRPPRQJRDOV)RVWHUD3RVLWLYH:RUN&XOWXUH&UHDWLQJDSRVLWLYHZRUNFXOWXUHLVYLWDOIRUHPSOR\HHHQJDJHPHQW+5OHDGHUVVKRXOGIRFXVRQIRVWHULQJDQLQFOXVLYHVXSSRUWLYHDQGUHVSHFWIXOHQYLURQPHQW(QFRXUDJHRSHQFRPPXQLFDWLRQSURYLGHRSSRUWXQLWLHVIRUIHHGEDFNDQGUHFRJQL]HDQGFHOHEUDWHHPSOR\HHV\n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n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nVPLVVLRQYDOXHVDQGORQJWHUPREMHFWLYHV:KHQHPSOR\HHVXQGHUVWDQGKRZWKHLUZRUNFRQWULEXWHVWRWKHELJJHUSLFWXUHWKH\IHHOPRUHHQJDJHGDQGPRWLYDWHGWRDFKLHYHFRPPRQJRDOV)RVWHUD3RVLWLYH:RUN&XOWXUH&UHDWLQJDSRVLWLYHZRUNFXOWXUHLVYLWDOIRUHPSOR\HHHQJDJHPHQW+5OHDGHUVVKRXOGIRFXVRQIRVWHULQJDQLQFOXVLYHVXSSRUWLYHDQGUHVSHFWIXOHQYLURQPHQW(QFRXUDJHRSHQFRPPXQLFDWLRQSURYLGHRSSRUWXQLWLHVIRUIHHGEDFNDQGUHFRJQL]HDQGFHOHEUDWHHPSOR\HHV\n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n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n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nVVXFFHVVDQGORQJWHUPJURZWK ZZZFLRORRNFRP_-DQXDU\_ JRDOVDQGSURYLGHUHJXODUIHHGEDFNDQGFRDFKLQJ(QFRXUDJHDJURZWKPLQGVHWDQGIRFXVRQHPSOR\HHVWUHQJWKVKHOSLQJWKHPLPSURYHDQGDFKLHYHWKHLUREMHFWLYHV6XSSRUW:RUN/LIH%DODQFH3URPRWHZRUNOLIHEDODQFHZLWKLQWKHRUJDQL]DWLRQWRSUHYHQWHPSOR\HHEXUQRXWDQGVWUHVV(QFRXUDJHH[LEOHZRUNLQJDUUDQJHPHQWVZKHQSRVVLEOHDQGSURYLGHZHOOQHVVSURJUDPVWRVXSSRUWHPSOR\HHV\nSK\VLFDODQGPHQWDOZHOOEHLQJ$KHDOWK\ZRUNOLIHEDODQFHIRVWHUVDPRUHHQJDJHGDQGSURGXFWLYHZRUNIRUFH5HFRJQL]HDQG5HZDUG(PSOR\HHV5HFRJQL]LQJDQGUHZDUGLQJHPSOR\HHVIRUWKHLUHIIRUWVDQGDFKLHYHPHQWVLVHVVHQWLDOWRNHHSWKHPHQJDJHG,PSOHPHQWDQHIIHFWLYHHPSOR\HHUHFRJQLWLRQSURJUDPWKDWDFNQRZOHGJHVRXWVWDQGLQJSHUIRUPDQFHDQGFRQWULEXWLRQV7KLVFRXOGLQFOXGHYHUEDOSUDLVHWDQJLEOHUHZDUGVRURSSRUWXQLWLHVIRUFDUHHUDGYDQFHPHQW(QFRXUDJH(PSOR\HH,QYROYHPHQWDQG(PSRZHUPHQW+5OHDGHUVVKRXOGHPSRZHUHPSOR\HHVE\LQYROYLQJWKHPLQGHFLVLRQPDNLQJSURFHVVHVDQGVHHNLQJWKHLULQSXWRQYDULRXVLQLWLDWLYHV7KLVLQYROYHPHQWIRVWHUVDVHQVHRIRZQHUVKLSDQGUHVSRQVLELOLW\PDNLQJHPSOR\HHVIHHOYDOXHGDQGLQYHVWHGLQWKHRUJDQL]DWLRQ\n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nVVXFFHVVDQGORQJWHUPJURZWK ZZZFLRORRNFRP_-DQXDU\_ ʧâÅ’âن“™’†“½âÊ⬝§§“â¯ÿÅÜÜ ʧâÅ’âن“™’†“½âÊ⬝§§“â¯ÿÅÜÜ