The Middle East Job Market Update:
March 2013
This year, expats heading to the Middle East are in for some
good news. Emerging markets are offering higher salaries to attract talent,
forcing the UAE to bring back bonuses and allowances to stay competitive.
Yet, the past crisis has led companies to remain cautious by
linking pay to performance, and not effect a wholesale increase in fixed
packages.
According to Vijay Gandhi, regional director at Hay Group, the
global management consultancy, potential hires too are taking a ‘holistic’ view
of their remuneration. Salaries are rising but not as much as in Asia, and
companies are being more selective about their hires. The idea is to cut down
staff costs which have escalated due to the 50-60% increase in salaries over
the past 5-8 years.
This year, the average growth in Middle East salaries will be
5-6% - higher than that in developed markets where debt-ridden governments are
still looking to cut costs.
With the growth in salaries, the UAE’s high standards of living
are proving more attractive than ever. There is a new breed of expats who have
lived and worked here previously, and who now wish to relive the experience.
After the recession in the West made jobs and high salaries hard
to come by, the number of returning expats in Dubai has gone up. “Yes, (they
are coming back),” said Konstantina Sakellariou, Partner, Marketing &
Operations Director at Stanton Chase International.
Hiring advisors Huxley Associates confirm that the UAE remains
an attractive work destination for both new and returning expats.
“Professionals are drawn to buoyant economies with resilience. This is what the
UAE has shown,” said Hasnain Qazi, Middle East Business Manager at Huxley.
In 2012, bankers received the biggest pay hikes in the
UAE.
Job prospects in Europe are dim, and finance professionals are making a beeline for Dubai and other parts of the UAE.
Job prospects in Europe are dim, and finance professionals are making a beeline for Dubai and other parts of the UAE.
Retail bankers are returning, mostly due to lack of
opportunities in their home countries and the superior lifestyle they can enjoy
in the UAE, according to Jennifer Campori, Managing Director, Middle East and
Europe, at recruitment firm Charterhouse Partnership.
Ernst & Young’s recent European Banking Barometer says that
cost-cutting will continue in the first half of 2013, with job losses to be
seen across Europe. 45% European banks expect headcount to decrease in the next
six months, worst hit being banks in the Netherlands and the UK with 70% &
64% banks expecting to let people go.
In contrast, the UAE offers sunny prospects, thanks to an
increase in cash-flow as funds move to the UAE from other Arab countries, and
also because investors see new opportunities in the region, shares Sakellariou
of Stanton Chase International.
The Great Place to Work Institute released its list of ‘2013 Top
Companies to Work for in the UAE’, stating that the results point to a maturing
HR sector in the UAE. 15 companies made it to the list, a few of which
are:
· Microsoft (Technology)
· Marriott (Hospitality)
· FedEx (Transportation)
· THE One (Retail)
· DHL (Transportation)
Job creation for UAE citizens/
nationals
H.H. Shaikh Mohammed bin Rashid Al Maktoum, Vice President and
Prime Minister of UAE and Ruler of Dubai, has declared 2013 as the year of
creating jobs for Emiratis.
He termed it a national priority for which all efforts must
unite, and announced a series of initiatives for the improvement of the
country. Year 2013 would surpass 2012, with every year likely to be better than
the preceding one.
Source: http://www.guide2dubai.com/jobs/1486-2013-will-be-the-year-of-job-creation-for-nationals.htm
Accountants prosper
The latest figures released by IMA, The Association of
Accountants and Financial Professional in Business (Middle East), show a 74% increase
- over 2010 levels - in the median annual compensation of accountants.
The current package stands at 107,343 dirham ($29,225). Earlier,
the highest compensations were to be found in Qatar but this time, the median
is highest in Bahrain, while the average base pay and total annual compensation
are highest in the UAE.
Accountants in the UAE earn a median salary of Dh211,203
($57,500), while the annual basic pay is Dh183,654 ($50,000), which is a 32%
increase over 2010 levels.
That rounds up our current Job Market Update. As is evident,
‘growth’ is still the mantra in the Middle East. It’s still a good idea to cash
in on opportunities for a promising salary and a lavish lifestyle and all of
it, of course, tax-free.
Source Data : @ Rajendra
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