PHOTO
The UAE job market is headed for a much-needed job stability boost in 2020 following a spate of restructurings and mergers that have jolted workforce hirings and compensation.
But while this is a positive attribute, salaries are largely expected to remain broadly flat across most sectors in the UAE.
In its 2020 UAE Salary Guide, Cooper Fitch predicts that UAE salaries will remain broadly flat across most sectors.
However, the report also singles out specific industries that are poised to experience the most significant market-range salary increase for 2020.
According to the latest salary guide, the salaries in the strategy sector is expected to grow by five percent while those in the investment management, manufacturing, technology and telecommunication sectors will experience a modest increase of about two percent.
Speaking at the unveiling of the report, Trefor Murphy, Cooper Fitch founder and chief executive officer was optimistic that despite the marginal salary increases, UAE's development projects would significantly boost the job market and create fresh revenue streams in the months ahead.
However, staff retention coupled with stiff competition from the public sector, incoming technological changes and neighboring countries such as Saudi Arabia are some of the key challenges organizations in the UAE will be facing.
"Organizations are, however, still finding it difficult to retain top talent some of whom are increasingly joining the public sector or looking for greener pastures in neighboring countries," said Murphy.
