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29 March 2024

Jumping jobs in UAE…

According to SEI’s ‘Employment Trends and Managing End of Service Benefits in the Middle East’ report, the UAE’s burgeoning growth shows no signs of abating. (Shutterstock)

Published
By Shuchita Kapur

If your employees are not satisfied with their pay packages, benefits and overall career growth, they will most likely jump to the next opportunity when it comes their way.

This problem will be further aggravated if there are jobs available to choose from and the employees fall into a category of ones with so-called ‘niche skills’.

This is a primary concern within the financial services industry in the UAE, where employers are getting concerned about losing their staff, especially the top performers.

According to Robert Half UAE’s professional hiring index, there is a widespread concern across the UAE about retaining employees. Majority (93 per cent) of the UAE CFOs are concerned about losing top financial performers to other job opportunities.

Finding the best candidates is not getting any easier for businesses, adding to the woes of the employers. The majority of senior finance executives surveyed report that talent shortages continue to affect hiring of all finance roles, with 94 per cent saying so. Of this number, 39 per cent indicate it is ‘very challenging’, whereas 55 per cent say it is somewhat challenging to find skilled finance employees today.

The primary reason for the challenge in finding skilled professionals, according to 48 per cent of respondents, is a lack of niche technical experts available, followed by lack of commercial and business skills (27 per cent) and general demand outweighing supply (19 per cent).

Besides, more than half (57 per cent) of senior finance executives across the UAE anticipate they will maintain employment levels by filling vacated positions in the remainder of 2015, and more than one in three (36 per cent) plan to create new roles, adding to the demand for talent.

Monster Middle East’s latest numbers shows that regionally, banking, financial services and insurance (BFSI) has been the best performing sector with a 57 per cent growth in online numbers.

The industry registered the steepest annual growth among industry sectors even in July of this year and the sector has registered a 22 per cent growth in opportunities in the past six-month, adding to more job options for those looking for a change.

UAE companies hiring plans for permanent professional-level employees in the second half of the year
 

Maintaining – Only filling vacated positions

57%

Expanding – Adding new positions

36%

Freezing – Not filling vacated positions and not creating new ones

5%

Reducing – Eliminating positions

1%


*Responses do not total 100 per cent due to rounding

Primary reason why it’s challenging to find skilled finance professionals today

 

Lack of niche, technical experts

48%

Lack of commercial, business skills

27%

General demand outweighs supply

19%

Lack of communication skills

3%

Slowed hiring during recession resulting in lack of candidates with the right skills

3%

  Other

1%

*Responses do not total 100 per cent due to rounding

The survey data highlights that hiring in the UAE is being driven by the majority (85 per cent) of finance leaders who are optimistic about economic growth for the forthcoming year. This is reflected in company’s confidence in their own growth prospects (89 per cent).

Businesses are increasing headcount for the following reasons:  more than two in five (44 per cent), respectively, said they would hire due to domestic business growth and expansion or as a result of new projects and initiatives (44 per cent). This was then followed by new market penetration and product or service expansion (both 37 per cent).

“Senior executives are hiring to fill vacancies from departing employees as well as creating new jobs. Companies are focusing on hiring entry and mid-level finance professionals to help build their talent pipeline. With the financial skills shortage to continue, it poses significant challenges for UAE businesses as candidates have options, both within the UAE and abroad. Now is a good time for companies to focus on nurturing and investing in their employees’ career development; this will help them build a successful succession plan and give visibility to areas where they need to hire,” said Gareth El Mettouri, Associate Director, Robert Half UAE.

“Retention concerns will be high on the business agenda for the remainder of the year, especially as companies around the globe continue to increase hiring and struggle to find the requisite talent. Businesses across the region who are unable to recruit and retain highly skilled professionals could find themselves struggling to maintain their competiveness in the market,” he explains adding that giving competitive remuneration and benefits packages can help businesses at risk of losing their best employees to other job opportunities.