According to various reports released in August 2012, hiring is increasing again within the UAE. Khaleej Times recently described this as, “After the downturn, the UAE is sensing a healthy recovery vibe post the lay-off spree that took place during the 2008-2009 global economic depression.” With increased hiring being reported, the question on everyone’s lips will relate to salaries and compensation.
The banking and finance sector continues to dominate when it comes to monthly salaries in the UAE, with bank traders and investment consultants earning up to AED100,000 per month, according to a report released this week by Morgan McKinley UAE.
The guide is a snapshot of popular jobs and salaries in the UAE across the following four areas:
• Banking & Financial Services
• Accountancy & Finance
• Technical (engineering, supply chain & logistics, construction & energy)
• Sales, Marketing & Support
Some key insights include:
- Job opportunities are up across the board on 2010 and 2009 numbers, but still 40% down on 2011 for the same time of year.
- Abu Dhabi in particular has witnessed a rise in vacancies.
- Market competitiveness has received a significant lift from the freedom of movement driven by the labour reforms at the beginning of 2011.
- Accounting & finance professionals with analytical and management experience have been high on company hiring agendas in the UAE.
- With a plethora of talent in the market for banking & financial roles, hiring managers are seeking professionals with proven ability to gain new business, and these professionals will be quick to secure the best roles and the highest salaries. Salary increases have been steady and bonus compensation has improved in 2011.
- Bilingual job seekers across all sectors who possess excellent relationship building skills are sought after, with employers giving preference to professionals who can communicate in both English and Arabic.
- In the technical sector (engineering, supply chain & logistics, construction & energy) 48 percent of UAE employees got an increase of more than 8 percent in their last pay review.
- The sales and marketing sector reported expected salary changes, with salaries rarely exceeding the AED 50,000 mark. However, there has been a shift from relocating professionals from outside of the region, with employers instead focusing on existing talent, particularly those with digital experience.
To read the full report you can view the full Morgan McKinley UAE Salary Guide 2012