Survey reveals 2019 pay hikes, job opportunities in the UAE
- 07 November 2018
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If your salary tells you how much your work is worth, what does your pay rise tell you? Global consulting firm Mercer has conducted a survey about salaries in the UAE, and the results are certainly interesting.
According to the Total Remuneration Survey, annual salary increases in the UAE in 2019 are forecast to grow by 4.8 per cent, one of the highest in the region. The survey also revealed that the overall salary in the UAE increased by 4.5 per cent in 2018 across industries.
The highest increase, 5 per cent, was in the life sciences, consumer goods and high-tech industries. Conversely, the energy industry, which was previously the highest paying, has now seen a downward shift, according to Mercer’s Total Remuneration Survey.
“The GCC is a market that is continuously progressing and thriving,” said Ted Raffoul, Career Products Leader (MENA), Mercer.
“With the UAE’s vision of diversifying away from oil, we’re seeing new trends in industries with regards to employee compensation, hiring and talent. Sectors such as the high tech and life sciences industries have evolved due to the growing population and the need for digital transformation across the entire market, which is generating more employment opportunities and salary increases.”
TALENT TRENDS IN GULF COUNTRIES
Will 2019 provide more job opportunities for professionals?
The overall hiring outlook in the UAE is positive, with close to 50 per cent of companies looking to increase their headcount and 45 per cent looking to maintain headcount. Additionally, 3 per cent of companies have announced salary freezes in 2018 compared to 10 per cent in 2016.
According to the survey, 47 per cent of organizations noted that there aren’t enough experts in niche fields and that scarcity of necessary talent may pose a challenge. This trend could be due to the UAE’s diversification efforts, which is giving rise to niche fields in specific industries like healthcare and IT, resulting in the need for specialized experts.
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“Fifty-three per cent of respondents placed labour nationalization requirements as a top GCC economic and social issue that is likely to have an impact on organizations over the next two years,” said Maxime Jallageas, an associate at Mercer.
She continued, “This will have a clear and direct impact on the hiring trends firms will adopt, particularly on the reward mechanisms that are put in place to attract local talent. Packages offered and opportunities for advancement will need to compete with those offered in the public sector.”
(Writing by Seban Scaria)
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