Employers in the UAE are set to go on a hiring spree in 2022 and raise salaries by an average 4 per cent as demand for jobs pick up amid the UAE's post-coronavirus economic recovery, a report by Mercer found.
Attracting and retaining employees will also require an increased focus on flexible working policies such as hybrid or remote working, Mercer said in its 2021 Total Remuneration Survey on Tuesday.
Mercer polled 599 UAE companies across a range of industries, including manufacturing, retail and wholesale, technology, chemicals, consumer goods, life sciences and energy.
“Signs of growth abound and are evident in the increased hiring activity that we have seen in 2021 and the positive forecast for 2022,” said Andrew El Zein, a career department associate for the Mena region at Mercer.
“Employers are prioritising hires for in-demand skill sets that will support future business growth. However, the talent pool is still developing, causing somewhat of a talent war.”
Since the Covid-19 pandemic began in March last year, the UAE has spent billions of dirhams in economic stimulus measures to support businesses.
Business activity in the non-oil private sectors of the Arab world’s second-biggest economy continued to improve in October, boosted by the easing of Covid-19 restrictions, a rise in tourism and increased spending amid the economic recovery.
The UAE's headline PMI reading climbed to 55.7 in October, from 53.3 in September, underpinning a marked increase in new business during the month, driven by rising spending amid the opening of Expo 2020 Dubai.
A reading above 50 indicates economic expansion while anything below points to a contraction.
The findings from the Mercer survey suggest an overall salary increase of 4 per cent in 2022.
In 2020, 14 per cent of companies froze salaries, while this dropped to 10 per cent in 2021, the Mercer study found. For 2022, Mercer expects only 5 per cent of companies in the UAE to freeze salaries.
“To attract and retain top talent, employers must look to maintain pace with marketwide salary growth and benefits,” Mr El Zein said.
To attract and retain top talent, employers must look to maintain pace with market-wide salary growth and benefits
Andrew El Zein,
career department associate for the Mena region at Mercer
“Optimism is strong when looking at 2022, with many UAE companies forecasting a higher wage increase in order to attract and retain top talent, particularly in competitive fields.”
The technology and energy sectors are lagging behind slightly on salary increases of 3.5 per cent and 3.4 per cent, respectively, the survey found.
However, industries expected to outpace growth include life sciences and consumer goods, at 4 per cent, as a result of the “robust performance of the sectors during the pandemic”, Mercer said.
“This year’s Total Remuneration Survey shows positive sentiment towards hiring trends and salary increases, although not quite at pre-pandemic levels,” said Ted Raffoul, career products leader for the Mena region at Mercer.
“Companies must focus on continuing to provide flexible working models to employees in order maintain a strong proposition as an employer.”
However, the increased competition for employees with in-demand skills has forced employers to readdress their compensation and benefits strategies to attract and retain staff, the survey said.
“Companies are increasing their focus on long-term incentive plans, particularly for executives and those with experience in specialised fields. A key benefit that employees are seeking is that of flexible working, which has been in demand globally,” it said.
On Monday, a survey by professional network service LinkedIn found that remote job postings have more than doubled in the UAE as companies adapt to changing preferences in the workforce caused by the pandemic.
The biggest concern for business leaders is that employees working from home may feel it is harder to climb the career ladder, the LinkedIn survey found.
__________________
UAE salary guide 2021
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%2C%20flat%20six-cylinder%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eseven-speed%20PDK%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E510hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E470Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh634%2C200%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Brahmastra%3A%20Part%20One%20-%20Shiva
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAyan%20Mukerji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERanbir%20Kapoor%2C%20Alia%20Bhatt%20and%20Amitabh%20Bachchan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
UAE currency: the story behind the money in your pockets
