Page 67 - CMA Journal (May-June 2025)

Focus Section

Remittances increased by 13.7% year-over-year, technological skills such as data analytics, AI, and
compared to $3.24 billion recorded in the same month fintech.
last year. On a monthly basis, remittances were up 16%, • Completely curbing brain drain may not be
compared to $3.18 billion in April. – (June 11, 2025, feasible, but strategically reducing it can convert the
Business Recorder)
trend into brain gain by enhancing standards of
Despite the fact that Pakistan benefits from a substantial living, providing competitive salary packages with
inflow of remittances, does this factor truly override the lower taxes, improving economic opportunities, and
importance of real economic development? If the same addressing security concerns.
talented human capital were utilized within Pakistan, it
would help maximize the economy’s potential. Conclusion
Pakistan is at a crossroads, and the course it takes today
Strategic Responses to Talent Shortage
will influence future generations of our nation. Indeed,
To overcome this decline and regenerate the talent pool, there are several obstacles to overcome, including a
Pakistan needs an integrated approach to capacity declining pool of skilled workers, lost opportunities, and
building, involving academia, professional institutions, industries that are finding it difficult to stay afloat.
industry, and the government. However, there is also a glimmer of optimism. If we can
bring education, business, and policy into harmony—if
• Updating university curricula in alignment with
we invest in people just as much as we invest in
industry is one of the utmost needs. The
progress—then the rewards will ripple far beyond today.
amalgamation of real-world application through
collaboration between universities and industries This is not just a call for reform. It is a call for belief—in our
can facilitate the co-creation of courses and youth, in our educators, in our entrepreneurs, and in the
programs that ensure industrial needs are idea that Pakistan does not have to follow the curve; it
addressed. Upgrading teachers’ knowledge and can lead it. It will take commitment from every corner of
training is also crucial, as they are the real deliverers society and each sector, but together, we can make sure
in classrooms. that the next chapter is not about catching up—it is
about surging ahead.
• Incentivizing businesses to invest in in-house
training for employees will offer numerous benefits
About the Authors: Author: Abbas Raza Varayla has over 20
in terms of increased productivity, enhanced skills years of expertise in trade, credit and Islamic Finance making him a
and knowledge, and reduced turnover. senior banking specialist. He holds several industry certifications. He
also serves as an Honorary Secretary at Al-Sadiq (a.s) Institute of
• Reviving Technical and Vocational Education and Islamic Banking Finance and Takaful, actively promoting Islamic
Training (TVET) in Pakistan holds significant Finance education
potential. This includes providing infrastructure,
Co-Author: Maria Shahab is a Member of the Management
financial support with accountability, and fostering it
Committee at Al-Sadiq (a.s) Institute of Islamic Banking, Finance &
through public-private partnerships. Takaful. She oversees student affairs and leads capacity-building
initiatives for students of the Institute as well as those from various
• Constructive upskilling of the existing workforce
colleges and universities. Her professional background includes
in Pakistan can be achieved by identifying skill gaps teaching banking and economics at renowned colleges in Karachi
in every sector, providing relevant and targeted and serving as a teacher trainer with Dastak Teachers Training,
training, stimulating continuous professional powered by The Citizens Foundation.
development, and delivering essential digital and

ICMA’s Chartered Management Accountant, May-June 2025 65