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Financial, Technology Sectors may Start Hiring Next Year

DUBAI — UAE’s financial and technology sector salaries and benefits show stability and many companies may start hiring again next year as the country still needs professionals in these sectors despite challenging economic realities and slowed business growth in much of the world, a latest study finds.

The country is looking for highly skilled finance and accounting, banking and technology professionals in a number of specialties, a specialised global recruitment company Robert Half UAE said in its first Salary Guide
 UAE 2009-2010.

“Finance and accounting has fared better than other sectors during a downturn, with a real focus on treasury, financial control and accounts payable positions. For candidates in these roles, we’ve seen salaries remain constant throughout the downturn. Support functions, like human resources and IT, have fared less well, as some employers may still be of the opinion that these roles don’t provide immediate visible bottom line benefits to businesses,” Robert Half UAE Senior Manager James Sayer said.

The Salary Guide, which Robert Half publishes across global markets annually, has been produced for the UAE for the first time this year, with data collated from 75 locally based finance managers and 75 HR managers in the finance and technology sectors.

Salaries covered in the guide include almost 50 positions in finance and accounting, financial services and technology, each weighted according to experience ranging from less than two years’ service, to more than 15 years’.

Market trends identified in the guide include a continued demand for finance and accounting specialists, with a drop in demand for support functions like Human Resources and IT and a similarly reduced demand and decrease in remuneration for front end-sales functions in the finance and 
technology sectors.

“Front end sales functions have also suffered slightly. The fact that consumer confidence has been hit hard in the last few months means that there is still a lack of demand for candidates with this skills set. In banking, there was a decrease in demand due to the lack of confidence in banking sector, but in recent weeks this has now turned and is picking up. Salaries in this sector have remained fairly constant with minimal depreciation,” Sayer said.

abdulbasit@khaleejtimes.com