The Hiring Climate
85 % of Finance leaders
are concerned about losing top performers in the next year. Despite lingering
global job market uncertainty, the UAE has experienced relatively strong
economic growth, which has resulted in increased hiring across specialist
occupations. While many multinational organisations are taking a more cautious
approach, waiting to see what happens in the eurozone, many local companies are
taking the opportunity to recruit both local and expatriate candidates to help
manage growth initiatives and rising workloads.
Financial executives are
optimistic, with eight in 10 confident about both their countries’ and their
companies’ economic prospects, signalling additional hiring across the
organisation. While volume has risen, the time it takes departments to hire has
increased as well, often the result of multiple interview rounds for both
permanent and temporary candidates, and more senior-level sign-offs are needed
before an offer is extended. With some profiles in short supply, many
organisations realise that their top choices are accepting offers from
competing organisations.
Staff retention and effective management
strategies are
therefore moving to the top of the business agenda for the coming year as
companies look to keep their top performers. Many have turned to counter-offers
to hold on to their star employees, although this is often only a short-term
solution because these individuals generally move on once another opportunity
presents itself.
Expatriate Versus Local Candidate Recruitment
Demand remains for
expatriate candidates, particularly for some highly technical roles in financial
services, risk and compliance. In these areas UAE
countries look to some of the more mature economies of UK and Europe for the
talent and experience that is unavailable locally. There remains an inflow of
candidates from eurozone countries and the UK, as job market concerns prompt professionals
to turn eastwards for career growth.
Likewise, Arab expats
from countries in political turmoil have increased as well. Government targets
to increase nationalisation among private sector companies has affected
organisations that are both looking for expertise from international talent and
are unable to compete with many of the salaries on offer from the public
sector. Many organisations, however, are looking for Arab-speakers with
international experience and education who return to the UAE to pursue their
careers.
Hiring Issues Forecast for 2013
A global perspective
Continued financial
instability across the Eurozone and political unrest in some Gulf countries has
affected recruitment plans, with many multinational organisations taking a wait-and-see
approach before committing to additional headcount. In contrast, emerging
markets appear to remain a focus for companies looking to expand. Many are
concentrating on merger and acquisition strategies, particularly in Latin
America, Asia and Eastern Europe. Companies in the UAE need to be aware that
they are competing for top talent on a global stage and that attraction
strategies need to reflect this.
Regulatory environment
Regulatory change remains
top of mind for executives who not only need to navigate fluctuating
requirements but also need to find staff with relevant experience in such
unchartered territory. The time and expenditure executives spend on regulatory
change has increased, and many companies now look to more mature markets for individuals
with the education, knowledge and experience to help them remain compliant.
There also remains a significant requirement for risk, regulatory and
compliance professionals, and as demand outweighs supply, companies face
increased budgetary pressure to secure the market’s most sought after
individuals.
Accounting Hiring Trends:
Accounting Hiring Trends
Recruitment for finance and accounting professionals continues to gain momentum, and it is expected to
remain buoyant throughout the year. Finance leaders now look for business-savvy
individuals with strong commercial acumen, not only to perform traditional
accounting functions but also to drive revenue growth while partnering with
other departments. Companies that want to tighten controls on spending and find
alternative ways to generate income streams covet the financial insight these
individuals provide.
Many companies look to
interview more candidates to be absolutely certain before they decide to hire.
This has lengthened the hiring process, and with the best candidates receiving
multiple offers, companies risk losing their top choices to competing
organisations. In contrast, with 81% of finance leaders challenged to find the
skilled talent they need, some companies look to interview even if no role
exists, then create opportunities should the right individual come along.
Companies look for
candidates who meet specific requirements and no longer look for a generalist
accountant, but rather a specialist with the requisite skills, experience and
qualifications to add immediate value. Finance leaders cite finance (29%),
audit (24%), operational support (17%), compliance (12%) and accounting (12%)
as the functional areas most challenging to recruit into.
Industries in demand
·
Pharmaceuticals
·
FMCG
·
Aerospace
·
Alternative energy
·
Oil and gas
Skills in demand
·
Recognised global accountancy qualifications (ACA, ACCA, CIMA,
CPA)
·
Language skills, particularly Arabic
·
ERP systems: SAP, Oracle and full implementation experience
·
Commerciality and business acumen
Roles in demand
·
Financial analysts
·
Financial managers
·
Financial controllers
·
Audit and compliance professionals
The Robert Half UAE
Salary Guide 2013.
Source Data - @ Rajendra
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