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 SIDF Role in Human Resources Development

 
 

Saudi Industrial Development Fund is one of the most fundamental financial state-owned institutions in the development and growth of the industrial sector in the Kingdom. SIDF, as a  developmental investment apparatus, performs its functions and duties according to the latest modern lending systems, in line with its statute promulgated by the Royal Decree No. M/ 3  dated 26/2/1394H. As a result, SIDF has increasingly earned the trust and confidence of both Saudi and foreign business and industrial investors inside and outside the Kingdom.

 Based on SIDF's role in the Kingdom's industrialization support and development, the then vision was to establish the Fund on solid base of financial and administrative principles  that are adequately flexible to be geared up to the latest world-class advancements in management, finance and their related technical an know-how aspects.  Such coping with the latest advancements is to be in line with the power authorized to the Fund's Board of Directors in approving the adequate rules and regulations for the Fund. In the early years of its inception,  SIDF has adopted the modern credit, financing and administrative systems, benefiting from  the expertise and experience of Chase Manhattan Bank in New York, by hiring some of the Bank cadres for some time. This was performed along with a well-devised plan of action to attract Saudi employees and qualify them to occupy the leadership, executive and professional positions at all levels at the Fund.

Beside its established role in the Kingdom's industrial development, SIDF has been playing a fundamental role in the development and qualification of the Saudi manpower. SIDF Management believes that qualified cadres that are fit suitably to the professional and specialized requirements of the work, and that are capable to keep pace with the business advancements, are essential for successful administrative structure of any organization in today's world which relies almost entirely on the professional qualifications.

SIDF's contributions to the career development of human resources are based on deliberate approach, starting from careful selection of a cadre of Saudis of high qualifications and personal capabilities of being upgraded in the professional specialties required for the positions  in the Fund, along with providing theoretical and practical training courses to this cadres to qualify them to be able to cope with the global and local trend of using the advantages of information technology and exchange of expertise and knowledge with various competent agencies, and utilizing of all available human and material resources and capabilities for upgrading the SIDF overall level of performance.

 Due to then lack of Saudi university graduate cadres at the time of SIDF inception, the Fund's plan, which dated back to more than 40 years ago, was set to attract human resources by covering the cost of undergraduate and Master's degrees for a number of young Saudis for being later employed to occupy positions at the Fund. They were 23 Saudis on scholarship in 1402H. As there  were only two Saudi employees at the start of the work at the Fund in 1394H, SIDF Management was keen to focus on training and qualifying the national cadres in line with the Fund's business requirements. SIDF training, qualifying and career development programs have been based on the following pillars:

  • ideal selection of efficient and qualified candidate according to the modern applicable criteria.
  • Adequate training and qualifying programs which aim to improve the expertise and knowledge and enhance the professional capabilities of Saudi employees to meet the job requirements of the Fund.
  • Creating job stability environment at the Fund by stimulating the Saudi cadres for continuing on their positions at the Fund through established and well-prepared rules and regulations for career promotion in various job categories at the Fund.
  • Preparation of specialized studies surveying salaries and benefits to determine the local and regional labor market movement in keeping up with the changes and developments in salaries and wages sectors of industry and finance.
  • Developing and upgrading the positions structure in line with the expanded and different administrative, professional and technical functions of the Fund.

 

These plans have achieved a great deal of success as the Fund has been recruiting increasing numbers of qualified Saudi employees, a drive which is featured the Fund as a leading government institution in attracting and qualifying Saudi cadres of good reputation.  Starting with only two Saudi employees at the Fund in 1394H, the number jumped to 182 employees in 1412H; to 398 employees  in FY-end 1424/1425H; to 584 employees in FY-end 1430/1431H, and to a record number of 725 Saudi employees in FY-end 1436/1437 H.

 

Training and qualifying programs delivered by the Fund to the Saudi university graduate employees inside and outside the Kingdom diversified to include financial analysis, English language, industrial safety, accounting, auditing, law, management, computer and information technology, planning, statistics and economics studies and research marketing, technical studies, financial auditing, as well as a master's certificates of professional as well as attending professional and specialized conferences, seminars  and exhibitions. This is in addition to the training and qualifying courses delivered to Saudi non-university graduate employees in the areas of secretarial support and technical sessions, management assistance, and other professional skills. Thus, the Fund has succeeded in building a Saudi human capacity that can be depended on in performing various professions and job specialties, and the Fund has become an attraction from where other similar financial and industrial institutions seek to recruit these qualified cadres under the glitter of better financial offers, desiring to take advantage of the Fund efficient and qualified employees.

 SIDF's contributions to career development of the Saudi cadre have extended to providing the government agencies and the private sector companies with a great number of  qualified cadres of university graduate employees, who have gained their expertise and experience from the Fund  and left to participate actively and effectively in the management and leadership of other several import institutions and agencies in the Kingdom. These contributions are among the most positive and essential endeavors achieved by the Fund Management in the support of establishing sound and solid national business rules in various professional fields.