UAE: Employees look at new jobs with higher salaries in 2023
6 out of 10 employees have received higher pay and/or bonuses this year
Dubai: If UAE businesses want to retain their top talent, they will have to bump up salaries according to the latest Salary Guide published by specialised staffing firm Robert Half.
The report added that with global inflation trends rising, it was imperative that better packages be offered to hire and retain employees.
The survey, which interviewed 500 professionals, revealed that 74 per cent of the respondents were considering a new role in 2023 - a higher salary is the biggest motivator for the majority of them.
Employers in the UAE have met some of the demand with 31 per cent of workers having received a pay-rise to help with the rising cost of living, and the same proportion have been offered extra bonuses and increases in their regular allowances.
Apart from monetary benefits, some businesses are also offering employees other perks such as mental wellbeing support and finance training. However, the report revealed that, the general trend was that of cuts on the employers' side. Along with a freeze on new hiring, many are cutting down on allowances and moving costs for overseas hires.
High demand for these professionals
Financial services, especially roles in auditing, and jobs in legal will likely see higher than average salary increases in 2023. The UAE announced a corporate tax on business profits on financial years starting on or after June 1, 2023. This would increase the demand for trained professionals in auditing, tax and accounting.
Cooper Fitch released a third quarter report which said that the technology sector in the region saw an 11 per cent increase in hiring in software development and 7 per cent in cybersecurity roles. The demand for experts in cloud, digital and cyber-based roles have also shown a spike across Saudi, UAE and Qatar.
UAE jobseekers can look forward to more roles
The UAE’s special visas for skilled workers and jobseekers came into effect in October. This includes the five-year Green Visa and the single-entry Jobseeker Visa (60, 90 or 120 days validity). The country also has schemes for remote work visas, freelance visas and other temporary visas as well. This makes it easier for jobseekers to find new jobs, switch roles, or even start something on their own as a freelancer.
The UAE’s economic outlook has remained positive despite global trends. Businesses in the UAE have benefited from not being affected too much by the high inflation trends globally.
David Owen, economist at survey compiler S&P Global Market Intelligence told Reuters, “"New business rose at a particularly weaker pace, amid concerns of strong market competition and a global economic slowdown…”
"That said, the headline reading of 54.4 suggests that UAE businesses are still enjoying robust growth, a feat that is becoming more difficult to achieve in the global economy. Adding to this, UAE firms are seeing little pressure on input costs, which rose at the softest pace for three months and only marginally."