UAE salaries hold steady as demand returns

Skilled professionals are enjoying the fruits of an improving job market in the UAE, according to recruitment company, Robert Half.

While pay rates have remained mostly unchanged since 2009, due to a degree of normalisation after unusually high salary growth prior to the global recession, demand is returning (and salary rises are anticipated) in key skill areas.

Within financial services and legal investment banks and private equity houses are paying bonuses of as much as 25 per cent to key leaders in support functions (such as operations or credit risk). Law firms are also awarding generous bonuses, to retain valuable fee-earners and tempt rainmakers away from competitors.

As far as finance and accounting is concerned, more than three in 10 employers intend to expand their finance team or replace leavers, after two years of freezing headcount and soldiering on when people depart, regardless of the extra workload on those who remain. With cashflow, working capital and funding top priorities, CFOs have been strengthening their finance teams with experienced treasury people, while financial controllers are sought-after to manage cost-reduction programmes or ERP implementations. Interim finance professionals can earn as much as $1,600 per day for trouble-shooting or business transformation assignments, says Robert Half.

Renewed investment in technology is creating new roles for IT specialists, often at senior levels. CIOs and project managers are in demand to drive systems implementations or upgrades, while IT experts are being brought on board for interim roles to oversee systems integrations following mergers or acquisitions amongst global parents.

After two years of average pay falling, salaries are climbing back up; with growth having finally overtaken survival as a corporate objective, HR professionals with talent management and succession planning expertise are the most highly valued: those with five years’ experience can earn up to $85,000.

The survey conducted by Robert Half found that employers are more willing to make extra budget available to secure acceptances, or to make counter-offers to stop people from leaving. But substantially increasing a star player’s salary to combat external offers is costly: as many as half of candidates who change their minds and stay with their current employer on more money will be looking again within only six months.

UAE bucks global job market trends

While pay and development opportunities are important factors when changing jobs, more than one in 10 (13 per cent) candidates in the UAE value brand recognition and corporate stability more highly. Only one in five (20 per cent) expect an optimal work-life balance over the coming five years – well below their peers in Europe, where 50-70 per cent of professionals anticipate enjoying the work-life balance they desire.

More than three out of 10 (32 per cent) UAE-based professionals intend to take steps to enhance their marketability to employers; fewer than one in five (18 per cent) in Europe have similar aspirations.

The Robert Half UAE Salary Guide 2011 reports typical salary ranges for roles in finance and accounting, financial services, technology, legal (practice and in-house) and HR, with differentiators for small, medium-sized and large employers.

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