Dubai Executives Predict Major Growth In Finance Jobs Market

by admin on September 5, 2012

in Jobs

Dubai Executives

The estimates for recruitment of permanent finance staff in Dubai are the second highest in the world behind only Brazil

Six in 10 Dubai finance executives are planning to recruit new permanent finance staff in the second half of 2012, whereas only 8% are forecasting declines, according to the latest Robert Half Financial Hiring Index.

The net 52% increase is lower than the forecast for the first half of the year, but still represents the second strongest estimate worldwide behind Brazil (57%).

Upbeat finance leaders

Dubai’s figure is 29 points higher than the global net average (24%), according to an international survey of 2,179 finance executives. Dubai Finance leaders are generally quite upbeat with eight in 10 remaining confident in their company’s and country’s growth prospects, respectfully, compared with last year.

The Index, which is the first bi-annual recruitment survey of its size and scope to focus exclusively on finance hiring in Dubai, shows that the biggest drivers for increased hiring levels are rising workloads (64%) and eight in 10 (81%) finance executives find it challenging to find skilled financial professionals today.

Great news for investors

News of the dynamism in the Dubai job market is great news for property investors who can bank on a continued supply of high-end investors.

This should spark interest in the many new hotel developments, such as The First Group’s two luxury hotel apartment projects in Tecom, Metro Central and Grand Central, which are situated in the bustling business district of Tecom in the heart of “New Dubai”. The luxury end of the market did particularly well in 2011, soaring 17.6 per cent.

Strong demand in the region

James Sayer, director, Robert Half UAE said: “Many Dubai companies are hiring in response to strong growth and demand in the region. Regardless of their immediate plans to hire, companies are wanting to meet top candidates for fear that they may miss out, with some creating roles in order to secure the best and brightest.”

Challenged in finding the requisite staff to manage potential growth opportunities, executives are increasingly worried about finding and retaining talented staff with 85% citing concerns over losing top performers to other job opportunities in 2012.

Prospects for remuneration

Prospects for remuneration are also on the rise with half (49%) of finance executives expecting salaries for existing accounting and finance employees, increasing by an average of 6.97%. Looking at bonuses, 35% expect increases, by an average of 6.35% overall.

The bi-annual Robert Half Financial Hiring Index was developed by Robert Half UAE and is conducted by an independent research firm. The study is based on 75 interviews with senior finance executives from Dubai companies. The international survey includes responses from 2,179 finance executives across Australia, Austria, Belgium, Brazil, Chile, Czech Republic, Dubai, France, Germany, Hong Kong, Italy, the Netherlands, Singapore, Switzerland and the United Kingdom. Global statistics are available upon request.

Robert Half is the world’s first and largest specialised recruitment consultancy and member of the S&P 500. Founded in 1948, the company has over 350 offices worldwide.

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