The UAE witnessed the highest increase in job creation in the last six years and the job market is expected to still see strong growth over the next coming years.
Recruitment and HR consultants say that retaining talent could also be a challenge for companies due to a shortage of skilled workers.
“We predict rapid growth in the UAE’s employment market over the next five years and confidently foresee that the UAE will continue to become a worldwide focal point for growth and opportunity despite the increasing cost and challenges of finding and retaining talent,” said Nadia Global, a UAE-based recruitment agency.
The UAE experienced the highest increase in job creation in the third quarter of 2022, an increase of 56 per cent in new jobs across non-oil sectors, according to S&P Global’s UAE Purchasing Managers Index (PMI).
As the UAE economy grew at a very fast pace in the last couple of years, Nadia Global recorded over a 200 per cent increase in vacancies in 2022 as the pool of unemployed candidates shrunk rapidly.
“The UAE became the number one destination for job searchers by overseas candidates,” said Raghib Salim, general manager, Nadia Global.
Highlighting the new jobs, the recruitment agency said the new corporate tax law, which will come into effect from June 1, 2023, will “significantly increase the requirement for tax specialists and accounting professionals” in the country.
War for talent
It added that the market is now facing the situation of an increasing number of vacancies and a shortage of suitable candidates.
“The much-predicted ‘great resignation and war for talent’ have become today’s reality. Both employers and employees must now meet balancing job security against rising costs, and a suitable medium will have to be found between businesses achieving profitable growth and paying employees a fair market rate to avoid them seeking alternative employment,” said Ian Giulianotti, executive director, Nadia Global.
Yoann Coulon, managing director of THA Staffing, said they’re experiencing a high demand for skilled employees across various segments, most notably in the events, retail and hospitality sectors.
“The UAE has become a global hub for innovation and commerce, and the prevailing trends in the job market indicate the rise of a new working-model era driven by freelancers, thereby shaping the future of the industry,” said Coulon.
Below are key trends that, according to THA Staffing, will shape the future of work in the UAE in 2023:
>> Temporary staff: Short-term staffing offers employees an alternative to conventional full-time employment, guaranteeing them more flexibility and diversity. It enables individuals to prioritise work-life balance and diversify their work as they switch roles. From a business perspective, temporary staffing provides a flexible model by securing reliable talent with precise skillsets for each job, improving efficiency and productivity levels.
>> Non-monetary motivators: As young adults and Generation Z (Gen Zs) enter the workforce, financial gains are no longer the main motivator when seeking job opportunities. Employees are growingly focused on their personal lives and opting for jobs that have flexible work models, offering a better work-life balance and flexible work solutions.
>> Quiet quitting: Contrary to popular belief, this new trend involves setting boundaries in the workplace and not going beyond the call of duty. Increasingly popular amongst millennials and Gen Zs, young adults are opting to not operate beyond working hours, shifting away from the hustle-or-grind culture. A recent report by Bayzat reveals that 56 per cent of UAE-based employees expect to change their jobs within the next 12 months.
>> Co-working spaces: This has proven to be economical in offering freelancers and digital nomads dynamic working solutions rather than a traditional office environment.
>> Environmental awareness and innovation: Young adult workforce continues to be a driving force for change, incorporating the triple bottom line in their decision-making process when seeking prospective employment. These include having a purpose-driven impact on the environment, social well-being, and prosperity based on the principles of people, planet and profit.
Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).