The job market for chief financial officers (CFOs) may be turning a corner with renewed interest from certain sectors of the market.
"We're certainly seeing an increased demand for quality professionals now," James Sayer, Robert Half's Senior Manager for the UAE, told Emirates Business.
"There's huge demand right now in financial services, FMCG and manufacturing sectors," he said, "and there are green shoots emerging even in real estate."
The recruitment market across the Gulf, and Dubai in particular, has been dealt a big blow as companies have shed a number of jobs in recent months owing to the global slowdown.
Robert Half, a specialised recruitment firm, maintains that the global economic crisis has resulted in a more challenging job market for finance and accounting professionals, but at the same time it has also resulted in increased interest in cash flow and collections expertise.
According to the results of a recent survey of 5,119 hiring managers by the company, 61 per cent of respondents feel that credit and collections is the top area of increased importance in the UAE in today's economy.
"Companies are increasingly turning to their CFO for strategic leadership to help navigate these challenging economic times," said Sayer. "Furthermore, well-positioned strategists are crucial for firms that need to negotiate greater liquidity."
Forty-three per cent of the survey respondents in the UAE expect the global economy to improve between late 2009 and early 2010. All CFOs who participated have their own expectations on when the economy will improve, with uncertainty clouding the picture.
Prospects in the oil market, for example, make concrete predictions difficult, participants noted.
Lack of certitude in the property market also makes a rebound in the UAE difficult to predict.
"It's all about confidence and perception," the UAE CFOs agreed. "When we begin to see movement in the property market, the region will bounce back faster than anywhere else. Until then, the principles of good financial stewardship remain essential for companies to succeed. Managing access to credit and keeping cash flowing through the business are still the staple responsibilities of the finance executive," said the respondents.
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