You will get a raise this year if you work in these 7 sectors
UAE’s economy has started to accelerate and market sentiment improved at the start of this year after a tough 2016.
The slightly bullish outlook for the year ahead is expected to have a positive effect on the country’s job market.
Consultancy firm Cooper Fitch, formerly Morgan McKinley, predicts that there will be a 4-6 per cent raise in pay.
In its Salary Guide for 2017, the recruitment firm says that it also expects new jobs being made available following a better than expected finish to 2016 and a similar start to this year.
Here are highlights on hiring and salary trends in the top 7 sectors:
1. Sales & Marketing
HIRING: There was a 35 per cent drop in hiring within retail and trade in the UAE in the two quarters of 2016. However, confidence has increased with the price of oil rising and the advent of Expo 2020 in Dubai. Many companies are looking to increase headcount and have aggressive plans in place, taking full advantage of the stabilising economy.
SALARY: There was little change in salaries from 2015 to 2016, however, one can expect to see salary growth of around 6-10 per cent in 2017, along with increased bonus payments.
HIRING: Approximately one in every four organisations in the region will expand their teams, so overall a very positive picture for the digital industry.
Furthermore, over 70 per cent of businesses are increasing their investment in digital marketing, thereby creating more jobs in the market. Candidates on the more creative side of digital will have an edge.
SALARY: A raise of 10-12 per cent expected for the year ahead. Organisations who fail to pay good retention bonuses and provide interesting projects for highly creative candidates run the risk of losing their best talent.
3. Accounting & Finance
HIRING: Expected recovery in oil prices and increased public-private partnership are spurring economic growth in the country and the region as a whole. This will have a positive impact on hiring trends in the industry.
SALARY: Salaries for finance and accounting professionals in 2017 are expected to feel downward pressure and are only expected to increase marginally above the inflation level in 2017.
4. Audit & Risk – Accounting Firms
HIRING: Available jobs will increase at a steady pace for the assurance division this year. Senior leaders in the Big Four accounting firms can expect to see significant growth in 2017, with current teams growing by 19 per cent.
SALARY: An overall 5 per cent increase on salaries, with additional benefits being introduced at various levels through 2017.
5. Banking & Financial Services
HIRING: Unfortunately, 2017 looks to be another difficult year for the banking sector in the UAE, with recruitment levels projected to be at their lowest in the past five years. Job losses, as many as 5,000, are also expected over the next two years as a result of potential mergers of local banks.
SALARY: Planned mergers will result in a greater supply of jobs seekers than actual jobs and this may lead to a reduction in salaries of between 5-7 per cent.
6. Human Resources
HIRING: As growth is anticipated in 2017, the demand for HR professionals, particularly those with experience of multinational companies currently based in the UAE and GCC, is expected to increase in the second half of the year.
SALARY: HR professionals who hold Chartered Institute of Personnel Development (CIPD) qualifications or Masters Degrees are able to command higher salaries than their peers. HR salaries are expected to increase by approximately 3.5-5.5 per cent in 2017.
7. Property & Construction
HIRING: Preparation for Expo 2020 will continue to provide this sector with opportunities and keep it robust throughout 2017.
2017 is a major year for the tier 1 construction companies and those with well educated and well connected commercial teams will push ahead, ensuring their delivery teams are also in place.
SALARY: Salaries are expected to remain the same across managerial positions, while critical positions in each individual firm can expect an average of 5-7 per cent increase.