Looking for a job change in UAE? Here's the 2018 salary guide
Dubai - High demand for accounting and financial professionals in 2018, study finds
Accounting and financial professionals have a reason to be happy. According to a report, next year will see a surge in the demand for jobs in these fields within real estate, construction, professional services and healthcare industries.
Aspirants with an experience of five to eight years in the accounting and finance industry, especially in the Gulf, would stand a higher chance of landing a relevant job, says the Robert Half 2018 Salary Guide. The study also states that implementation of VAT, reshaping businesses in accordance to technological advances, and the priority on business growth, is shaping the recruiting landscape for 2018.
These large-scale projects are increasing demand for specialist professionals at a pace that supply is unable to match, and as a result, the demand for a number of key roles is expected to grow next year across specialist professional occupations.
The Robert Half 2018 Salary Guide is a resource on starting salaries and recruitment trends in accounting and finance, financial services, information technology, legal and human resources. It also employers and employees to benchmark starting salaries for various permanent professional roles on a national basis.
"In the coming year, businesses will be seeking to retain a competitive advantage while preparing for the challenges which lie ahead. Digital transformation, diversification from reliance on oil industry, and a new VAT regime have solidified the importance of finding the right candidate. An industry-wide focus on retention, transformation, and growth have seen the highest salaries awarded to professionals with the right mix of skills and cultural relevance to meet ever-increasing growth targets," said Gareth El Mettouri, associate director, Robert Half UAE, was quoted as saying in the report.
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The implementation of new technologies is a key area of focus for 48 per cent of businesses in the coming year, along with talent management and company growth. The boom for small and medium-sized enterprises (SMEs) has also caused a sharp increase in the number of transformation and digital retail businesses operating in the market. This has further helped to drive demand.
The financial services industry is experiencing a transformative shift, with 80 per cent of banks saying that they plan to implement blockchain projects by the end of the year. Cybercrime and economic instability are also having an impact, increasing the need for professionals with better analytical skills and a surplus of qualifications for any given role.
Human resources and administrative staff have become the backbone of UAE businesses, especially now that digital transformation projects are beginning to take effect, changing the nature of work. As a result, businesses are investing heavily in the training, development, and retention of HR and administration departments, to ensure the level of business support can match the future objectives, the report adds.
Accounting and financeBusinesses are hiring conservatively in the current market and are looking for accounting and finance candidates who meet the full suite of requirements for an open role. The real estate, construction, professional services and healthcare industries are showing strong demand for finance and accounting professionals.
Financial servicesFinancial services firms also continue to look for origination, coverage and placement executives with track
records in revenue generation, sourcing new transactions and new business development. Blockchain is transforming the industry, with 80 per cent of banks predicted to initiate projects by the end of the year. This has created a hard-to-fill skills gap within data analytics and heightened the need for professionals who are able to predict any impact on services, customers and business models.
TechnologyUAE e-commerce sector to rise to Dh40 billion in 2018, the report said. The UAE technology market has grown from an estimated Dh15.8 billion in 2013 to a projected value of US$ 17.2 billion last year, indicating significant growth. The region has seen a surge in the number of transformation businesses and digital retail businesses included in the SME boom, and the upcoming Expo 2020 is expected to bring more technology business growth with it.
Administration professionals are experiencing a sharp rise in demand as businesses strive to source support for
Human resources and administration
finance departments before embarking on digital transformation and VAT implementation projects. Senior-level
administration and office support positions are in high demand, especially those professionals that have proven
experience from top-tier financial services firms
Top five in-demand functional areas within office administration are:
Project administrative support
LegalAs VAT implementation has the potential to influence existing and future business contracts, in-house paralegal and
legal secretaries are also growing steadily in demand - another trend that is set to continue into the near future. Demand may be high, but both law firms and in-house legal departments looking to hire permanent candidates are doing so with caution. Hiring managers are searching for the ideal candidates who meet every requirement, including a good cultural fit.
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