For sure, the amount of salary is most people’s number one concern and any credible news affecting one’s salary position – whether current or future is of utmost concern.
Against this backdrop Cooper Fitch has just launched its UAE Salary Guide 2017 which covers professional (mid to senior level) jobs across the UAE.
Cooper Fitch is the new name for Morgan McKinley in the Middle East. The UAE-based firm specialises in jobs for the following industries – accounting, sales, marketing, banking, digital, tax, legal, audit, strategy, compliance, supply chain, construction, technical sales, manufacturing, engineering, supply chain and technology.
The 2017 Salary Guide provides valuable insights into the region’s employment and salary trends in key sectors. The guide summarises salary expectations and recruitment forecasts for this year. All the salary predictions in the guide are based on information provided by organisations located in the UAE, as well as market observations from Cooper Fitch’s own experts.
According to the Cooper Fitch 2017 UAE Salary Guide, 2016 was a flat year economically (approximately 1-2% GDP growth) and this was reflected in recruitment activity, with slower job creation and consolidation in some sectors leading to job losses.
It was observed that salaries reduced or remained flat in certain industries and it has been a particularly tough year for the banking and energy sectors. Banking remains uncertain for 2017 with a significant number of mergers planned for the next 12 months. Overall, the economy was sluggish, due in part to poor consumer confidence and low commodity prices. The number of new jobs coming onto the market was lower than in 2015, resulting in a softening of salaries for the year as a whole.
The outlook for 2017 is improving and market sentiment looks reasonably positive. Cooper Fitch estimates GDP growth of between 4-6% across the UAE, with oil prices predicted at between $55-$65 per barrel. Cooper Fitch expects to see increases in salary levels and new jobs being made available following a better than expected finish to 2016 and a similar start to 2017.
Cooper Fitch also sees new hires for the year ahead, with jobs in consultancy, advisory, legal, strategy and tax, along with big infrastructure projects, playing a major part in the recruitment drive for 2017. Other areas, such as supply chain and manufacturing have also shown signs of recovery, but to a lesser extent, as have the energy and oil and gas sectors, with reasonable job creation and head count approval predicted for 2017. The imminent introduction of VAT in the UAE, and across the GCC, is believed to be the biggest contributor for job creation in the year ahead.
Overall, Cooper Fitch predicts that salaries will rise by between 4-6%, dependent on the GDP and commodity prices outlined above.