Dubai: Employers in the GCC are expected to be cautiously optimistic on hiring plans in 2015, and would closely watch the movement in oil prices to decide on salary raises, bonuses or other perks, officials at the HR consultancy Towers Watson say.
Crude prices have fallen more than 60 per cent since last year, and hiring plans are said to dominate the agenda in the coming months, as companies seek ways to reduce their liabilities.
“Our recent pulse survey suggests that for most leading companies, a review of 2015 prospects is high on management agendas these days. The consensus approach is to be cautiously optimistic but cut back and manage expectations down on the initial growth plans,” said Roman Weidlich, director with Towers Watson.
“Some industries affected most directly by the drop in oil price (e.g. oil services companies) have already taken often strong measures, including planned staff reductions, salary freezes, or bonus payout reductions,” Weidlich said.
This would be in stark contrast to what happened in 2014, when employers reported an increase in their hiring efforts due to a rise in GDP.
