SALARY GUIDE | UNITED ARAB EMIRATES 2012
MANAGING DIRECTOR’S LETTER BANKING & FINANCIAL SERVICES MARKET INSIGHTS RISK & COMPLIANCE WEALTH MANAGEMENT & PRIVATE BANKING ACCOUNTANCY & FINANCE MARKET INSIGHTS ACCOUNTANCY & FINANCE TECHNICAL MARKET INSIGHTS ENGINEERING CONSTRUCTION & ENERGY SUPPLY CHAIN & LOGISTICS
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SALES, MARKETING & SUPPORT MARKET INSIGHTS ADVERTISING, MEDIA & BRANDING CREATIVE MARKETING & COMMUNICATIONS PR SALES ADMINISTRATION UNDERSTANDING THIS GUIDE TALK TO US
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MANAGING DIRECTOR’S LETTER.
Welcome to Morgan McKinley’s UAE Salary Guide 2012 Welcome to our annual UAE Salary Guide for ...view middle of the document...
The upshot of all this will be an open, transparent labour market in which employees are paid a more stable market rate. As the economic boom reached its zenith, Gulf Business talked of a ‘war for talent’ in the UAE as salaries sky-rocketed in line with increased demand for highly qualified expatriate and local candidates. The following downturn cut deeply into the workforce and rightsizing of both salaries and headcount was all too apparent. The last two years have seen a further correction and we are left with a more stable salary structure inline with inflation: acute salary swings will be restricted to disciplines with a skill set or language shortage. For everyone else, a remuneration uplift of over 15% is likely to remain a distant memory. We hope you find the insights within this report interesting and welcome any feedback. Trefor Murphy Managing Director | UAE T: +971 (0) 4 324 4094 email@example.com
BANKING & FINANCIAL SERVICES.
BANKING & FINANCIAL SERVICES. MARKET INSIGHTS
HIRING TRENDS Last year was interesting in terms of banking recruitment; we started with a sense of optimism and belief in the market followed by uncertainty and deterioration of confidence due to the global markets. International banks have looked at reigning in their international exposure, recalling teams of bankers back to their regional hubs and leaving a much smaller team of regional managers and originators in place. Regional banks and sovereign wealth funds have been able to take advantage of the talented bankers wishing to remain in the region and strengthen their teams. As for 2012, recruitment for Q1 and Q2 has and will be relatively modest. Concerns about Europe, the Arab Spring and the media attention on bonus payments have all had varying affects on the confidence of the international and regional banks. TALENT SUPPLY There is certainly a strong supply of talent available within the market and this is a great opportunity for senior management to improve their capabilities with investment in talent. Investment bankers who wish to remain in the Middle East are looking at areas they may not have once considered. Regional banks and sovereign wealth funds are all taking advantage of seasoned bankers to add value to their current offerings. We are also seeing a willingness for bankers prepared to look outside of the UAE and consider posts further afield. The private banking industry also aims to attract a new generation of investors, a new set of skills, experience and talent are in demand in order to differentiate themselves from competitors. Job seekers that are trilingual and those that possess excellent relationships are more in demand now in comparison to the traditional ‘FS experience only’ attitude. SALARY & COMPENSATION TRENDS It’s obvious to say that the best people will always command the best salaries, but in the current market, it is even more so. There is a lot of talent now on the market; however our clients want...