(MENAFN- Khaleej Times)There is widespread concern across the UAE about retaining employees the latest professional hiring index from Robert Half UAE has revealed.
The annual study is based on more than 75 interviews with senior finance executives from companies across the UAE with the results segmented by size sector and geographic location. It found that more than 90 per cent of senior finance executives are 'very concerned' or 'somewhat concerned' about losing top financial performers to other job opportunities in the coming year. Competition is becoming fierce for attracting top candidates with 57 per cent of senior finance executives across the UAE anticipating that they will maintain employment levels by filling vacated positions in the remainder of 2015 and more than one in three planning to create new roles. Gareth El Mettouri associate director of Robert Half UAE said: "Senior executives are hiring to fill vacancies from departing employees as well as creating new jobs. Companies are focusing on hiring entry and mid-level finance professionals to help build their talent pipeline. With the financial skills shortage to continue it poses significant challenges for UAE businesses as candidates have options both within the UAE and abroad. Now is a good time for companies to focus on nurturing and investing in their employees' career development; this will help them build a successful succession plan and give visibility to areas where they need to hire." Finding the best candidates is not getting any easier for businesses. The majority of senior finance executives surveyed report that talent shortages continue to affect hiring of all finance roles with 94 per cent indicating that it is 'very challenging' or 'somewhat challenging' to find skilled finance employees today. The primary reason for the challenge in finding skilled professionals according to 48 per cent of respondents is a lack of niche technical experts available followed by lack of commercial and business skills and general demand outweighing supply. Hiring in the UAE is being driven by the majority of finance leaders who are optimistic about economic growth for the forthcoming year. Businesses are increasing headcount due to domestic business growth and expansion or as a result of new projects and initiatives. Another reason for hiring was new market penetration and product or service expansion. "Retention concerns will be high on the business agenda for the remainder of the year especially as companies around the globe continue to increase hiring and struggle to find the requisite talent. Businesses across the region who are unable to recruit and retain highly skilled professionals could find themselves struggling to maintain their competiveness in the market" El Mettouri added. - The UAE remains the easiest market for hiring expatriate talent while Saudi Arabia is the most challenging according to a panel of company directors from the construction sector. The panelists were speaking at a leading industry event organised by regional online recruitment firm GulfTalent and held in Dubai. One panel member reported having to decline lucrative projects in Saudi Arabia due to not having sufficient staff. As a result construction professionals are offered the region's highest salaries in Saudi Arabia. The Middle East region as a whole remains an attractive destination for construction professionals globally according to the panel especially in the context of a slowdown in Asia and other emerging markets. For employers targeting this pool the rising cost of living in the region especially housing and school fees is a concern exacerbated by recent cuts in subsidies. Media coverage of armed conflict in parts of the region had heightened perceptions of regional risk among some potential candidates some employers reported although overall interest in the region remained strong. The panel also found that with public sector spending under pressure from lower oil prices the awarding of new construction projects had slowed down. However previously awarded projects were continuing without impact. As a result the sector is facing a continued need for skilled staff across most roles and specialisations albeit at a more moderate pace than a year ago. Several employers present reported facing challenges in filling their vacancies due to restrictions on employment of certain nationalities in parts of the Gulf region. While over the long run they could switch to alternative sources of talent they found it particularly challenging when such policy changes were introduced at short notice. On the subject of attracting local talent firms faced the biggest challenge in Saudi Arabia and Oman where nationalisation targets are higher and are most rigorously enforced. -
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