While some companies have been cutting jobs, others have remained loyal to their employees because they realise the important role skilled staff will play in the recovery from the economic slowdown, says the Chairman of Al Hanoo Holding.
"Everyone has felt the damaging effects of the global financial crisis on the investment process," said Sheikh Abdullah bin Fahid Al Shakrah. "As such, many companies have sought ways to reduce the negative effects of the crisis.
"Some companies, however, have gone to extreme lengths in dealing with the crisis, such as discharging their employees, while other companies have proved that retaining their employees reflects co-operation and mutual assistance during times of crisis.
"Certain companies' loyalty to employees has been strong in the wake of the financial crisis. This is because these companies acknowledge the important role that employees play in achieving the many successes and profits that have been made.
"Furthermore they are aware that experienced employees are urgently needed to overcome the crisis and begin a new phase of work to bring their vision to reality, which in turn serves the sustainable growth of the country and results in big returns for these companies."
Al Hanoo is developing Al Nujoom Islands and Emirates Industrial City in the Sharjah. The government sector seems to be the most supportive as no employee working in this area has been made redundant.