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Monday, June 5, 2023

GCC labor market strong; new jobs being created: report

Despite global turmoil, the GCC has remained stable, with continued investment and diversification leading to a buoyant labor market in 2023, creating new jobs across multiple sectors and regions in the region, according to a new report.

This is evidenced by the fact that 85% of employers plan to hire permanent employees this year. However, Hays Middle East, which has released its 2023 GCC salary guide, said competition for the best talent is expected to intensify as 45% of professionals expect to change their organisation.

The guide provides comprehensive salary data for more than 400 jobs across 13 industries in the region, as well as the latest workforce trends based on expert insight and analysis of surveys of more than 2,000 employers and professionals.

Sarah Dixon, Managing Director of Hays Middle East, said: “2023 promises to be a prosperous year for the labor market and the GCC as a whole, with investment programs from a wide range of countries, across multiple sectors and across the region. Regions will create new jobs. Source. The Hays GCC Salary Guide 2023 provides employers and professionals with valuable insights to help them navigate today’s hiring environment and remain competitive for tomorrow.”

Employers can take advantage of flexible working

Offering flexible work options is a viable way for employers to respond to stiff competition. The guide reveals that while only 49% of organizations in the GCC currently offer remote or hybrid work options, 20% of employers expect employees to be required to work more in the workplace. Professionals prioritize work-life balance and flexible working styles when looking for a new job.

Addressing skills dissonance is critical

Employers and employees in GCC have different perceptions about the availability of talent within their organizations. The guidance states that while 82% of workers strongly believe they have the skills they need to perform their roles in 2023, only 35% of employers strongly believe they have the talent they need in the coming year. Employers and employees must work together to address this disconnect to ensure future success, the guidance said.

Growth Prospects for the Technology and Industrial Sector

The guide highlights that technology remains the most active sector for hiring, with 77% of organizations increasing headcount in the last year, thanks to continued local and foreign direct investment in key areas such as data, cybersecurity and cloud solutions. GCC growth continues despite uncertainty in the global tech sector. In fact, 88% of employers plan to hire permanent employees in 2023.

In Saudi Arabia, the industrial sector is expanding at an exponential rate. As the kingdom prepares to further leverage its abundant natural resources and central location, industrial diversification into new products and materials will lead to a focus on talent with experience, technical skills and operational knowledge.

In the UAE, nearly one in two (49%) employers will increase their hiring of Emirati citizens this year as they work to meet Emiratisation quotas and diversify their workforce.

Key findings of the guideline include:

74% of employers expect wages within their organization to increase this year, most commonly by 5% or less.

Lack of career development opportunities was the top reason for 45% of employees planning to change roles this year.

Along with salary, benefits are the number one factor attracting employees to new roles.

The top three benefits include flexible working, children’s education allowance and airfare allowance.

65% of employers are optimistic about the broader economic environment and job opportunities in the coming years, down from a record 78% last year. – trade arab news agency

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