A new reported published by Cooper Fitch, a jobs and recruitment consultancy, has revealed that the UAE is headed towards a much-needed job stability boost in 2020.
Following a spate of restructurings and mergers that have jolted workforce hirings, salaries are largely expected to remain broadly flat across most sectors in the UAE.
In its 2020 UAE Salary Guide, Cooper Fitch predicts that specific industries are expected to experience the most significant market-range salary increase for 2020.
According to the latest salary guide, the salaries in the strategy sector is expected to grow by five percent while those in the investment management, manufacturing, technology and telecommunication sectors will experience a modest increase of about two percent.
According to the report, the market rate salary for the strategy and consulting sector in 2019 increased by five per cent “and we expect to see the same growth in salary ranges for 2020.”
“Although there was a degree of variation depending on the type of candidate and specifics of their positions; bilingual Arabic-English consultants with public sector experience are in exceptionally high demand, inflating salaries as firms compete for the best. Many companies have struggled to lure such candidates from competitors, and this is expected to remain a challenge in 2020.”
Another factor impacting strategy sector hiring is technological change, according to the report. Advances in technology have disrupted many firms’ operations in recent years and prompted them to rethink aspects of their business. As a result, strategy consultants are expected to possess a more in-depth knowledge of technology and its impact than they were previously.
“Our experts predict a moderate increase in hires in this sector in 2020, with the exception of Abu Dhabi, which will be increasingly active.”
While unveiling the report, Trefor Murphy, Cooper Fitch founder and chief executive officer, was optimistic that despite the marginal salary increases, UAE’s development projects would significantly boost the job market and create fresh revenue streams in the months ahead.
“Marginal salary increases notwithstanding, the ongoing multi-million-dollar infrastructure, real estate, tourism and entertainment projects in the UAE are a big boost to the job market. Organizations are, however, still finding it difficult to retain top talent some of whom are increasingly joining the public sector or looking for greener pastures in neighboring countries,” said Murphy.
However, staff retention coupled with stiff competition from the public sector, incoming technological changes and neighboring countries are some of the key challenges organizations in the UAE will be facing.