Estimated pay adjustments will be dependent on a 4 to 6% GDP growth and oil prices of between $55 and $65 per barrel.
28 February 2017 Pay cuts expected for banking and financial services professionals
Dubai: The outlook for salaries of employees in the UAE this year is mixed, although the general forecast is that monthly incomes in the country will rise by between 4 per cent and 6 per cent, according to the latest analysis.
UAE-based specialist recruitment firm Cooper Fitch said on Monday that the hiring trends this year can vary according to sector, with some more likely to perform better than others, directly impacting salary performance.
“We expect 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,” noted Trefor Murphy, chief executive officer of Cooper Fitch
The estimated pay adjustments will be dependent on a 4 to 6 per cent gross domestic product (GDP) growth and oil prices of between $55 and $65 per barrel. “The outlook for 2017 is improving and market sentiments look reasonably positive,” Murphy added.
While overall salaries are forecast to rise, increases won’t be across the board. Cooper Fitch
’s latest Salary Guide for 2017 showed that some employees, depending on the industry they work in, are still likely to get some salary reductions.
Those who can expect some good news this year are professionals in the manufacturing, sales and marketing, legal and digital sectors, where monthly incomes are forecast to rise by 5 per cent, 6 to 10 per cent, 3 to 4 per cent and 10 to 12 per cent, respectively.
For those working in the audit and risk industry, including auditors and specialist advisors, a 5 per cent increase on salaries is expected as well.
A somewhat subdued outlook, however, is forecast for accounting and finance employees which, according to Cooper Fitch, are likely to feel downward pressure, as companies resort to more stringent recruitment criteria and rigorous interview process amid an oversupply of qualified talent in the local market.
“The overall salaries across finance functions are only expected to increase marginally above the inflation level in 2017," said the report.
Banking and financial services professionals can also expect some pay cuts ranging between 5 per cent and 7 per cent.
© Gulf News 2017