Michael Page has released its annual Salary Guide and Hiring Insights 2023 for the UAE, highlighting findings relating to salary benchmarks, in-demand positions, key skills, and experiences as well as recommendations for tackling challenges in the hiring sector. The comprehensive report covers industry disciplines, including but not limited to, Banking and Financial Services, Property and Construction, Oil and Gas, Procurement and Supply Chain, Engineering and Manufacturing as well as Healthcare and Life Sciences. The report is intended for hiring managers and job seekers to gain valuable insights into market trends to make informed employment decisions.
After an unpredictable year, strong market confidence has led to consistent recruitment activity and industry growth. Proactive searches and strategic hires are a priority in an effort to secure top talent in what has been widely regarded as a tight hiring market. The region has also seen a steep incline toward foreign direct investments, thanks to the strength and robustness of the country’s economic foundations.
Jon Ede, the UAE’s Regional Director of Michael Page UAE explains, “Based on market confidence and therefore more aggressive growth and diversification plans, organisations shifted up a gear and their appetite to invest in attracting top talent increased significantly” adding that “We have also seen a significant return to foreign investments with businesses looking to expand their international footprint into the UAE.”
The concept of remote working continues to be a long-term legacy of the COVID-19 pandemic. Learning to embrace a hybrid work model proves to be key in attracting and safeguarding employees. Findings show that 66% of respondents surveyed are looking for positions with an element of remote working integrated into their role. Another notable takeaway was that 79% of survey respondents said key topics pertaining to social and corporate governance (ESG) were an important factor when selecting their dream job. When asked to identify the most important CSR values, 96% chose human rights responsibility while environmental and economic responsibility were both highlighted by 84% of respondents.
An optimistic insight to come out of the study found that 60% of survey respondents said they would consider returning to their former company, with 43% of those surveyed acknowledging their reason for leaving was feeling they had reached their limit in their current position and wished to acquire more responsibilities and boost their career development. The survey also uncovered that 57% of people were unaware of company return programs, leading to the conclusion that companies need to better promote them and look at re-hiring as part of their recruiting strategy.
The overall outlook for the year ahead is painted with optimism. The UAE is experiencing a robust economic finish to 2022, with forecasts for 2023 appearing strong. Although unavoidable outside factors may threaten to influence industry behaviours, all signs of growth and resilience seem to be pointing in the right direction.
Reaffirming this forecast, Ede predicts: “A complex global economic backdrop makes it impossible for anyone to predict what lies ahead for 2023 – however, based on current demand, positivity and local market confidence, the UAE appears to be well positioned for growth and resilience."
You can access the complete guide here.