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Salaries of employees in the UAE's professional services have increased 2% year-on-year. However, 69% of employees in a survey conducted by Robert Half said they are likely to look for a new job before the end of H1 2024.
While salaries in professional services had grown 2% on average, finance and accounting wages increased by 1.6%, financial services by 1.2% and IT and technology by 1.2%, recruitment agency Robert Half said.
Admin, human resources (HR) and business support salaries increased by 4.4%, the agency said, while legal salaries grew by just 0.7%.
The new Robert Half Salary Guide launched on Wednesday said a relatively high uplift in the HR sector was due to the appetite for businesses to both attract and retain the best talent.
Close to seven out of ten of those surveyed, 69%, say they are likely to look for a new job by the end of the first half of 2024, the recruitment consultant said.
“The rising cost of living is the dominating driving factor for 46% of employees as soaring property prices and unrelenting food inflation put pressure on consumers’ finances,” the report said.
The agency said 41% of employees had received a pay increase in the past 12 months, 46% had seen no change, and 30% said there had been no bonuses in the past 12 months.
Gareth El Mettouri, associate director, Middle East at Robert Half, said demand from expats wanting to move to the city is high.
“With an influx of talent flooding the region and more competition for roles, candidates are willing to accept lower packages to give themselves a foothold in the Middle East, which brings down the overall market rate and restricts salary growth at a time of high inflation and rising costs,” he said.
El Mettouri said global and regional instability is seeing many companies put their hiring plans on hold until next year in the hope of gaining clarity on what the future holds for the global economy.
Data showed that employees who have been in their roles for three to five years are the most likely to leave their jobs, as are those aged between 25-34. More than one quarter, or 27%, of those under 24 are looking to leave their current jobs within the first three months of 2024.
The report said the cost of living in the UAE, with increasing school fees, property prices and healthcare, is a driving factor.
However, 45% described themselves as ‘very satisfied’ with their current roles, which the report said was likely due to the mass movement in the job market over the past two years, and the realisation that they may not be able to secure the same benefits elsewhere.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
