Firms should be ready to compete for talented professionals
A recent salary survey reported that established professionals who maintained their positions throughout the hard times of the financial crisis are beginning to seek out new opportunities in the region. This change is making waves across the business world.
Advantage Consulting out of Dubai stated that the Gulf region’s recruitment remains cautiously optimistic due to the fact that hiring in the IT and finance sectors are steadily on the rise. The report was entitled Salary Trends – the Changing Landscape.
In this improving economy businesses are facing the need to compete for those experienced professionals at a time when they need expert staff the most. Firms are acknowledging the need to maintain salaries that attract and retain those experienced professionals.
Businesses are working towards increased operations in those sectors that have growth potential over the long term, sectors such as finance and asset management. Private equity firms are currently switching their focus from the real estate and finance industries into healthcare, utilities and education sectors. As such, recruitment in those sectors is expected to rise.
Safa Al Hashem noted that businesses are revamping their workforce and refocusing their talent in efforts to advance and adapt in the new post-economic crisis business world. Al Hashem is the Chairman and Managing Director at Advantage Consulting and her comments were reported in the publication by the Markets Insights Division (or MID).
She also stated that from this point forward, a firm’s compensation package will be what sets them apart in this new business climate where a “War for Talent” is being fought.
GCC salary trends were the subject of this report and the 2010 moderate and steady salary increase of 7.7 per cent was far removed from the increases seen before the recession. However many businesses opted against salary freezes in 2010, which is in stark comparison to last year, where salary cuts and freezes were by far the norm.
Safa noted that businesses taking the Performance-linked Pay systems currently popular in the region are a good choice since they allow firms to reward workers that move the business towards its short and long term goals. If companies tie incentives to employee performance they can increase sustainability in their salary strategies. Also, when the company’s bottom line is linked with employee performance, the entire organization is focused on the return on investment.
The report stated that businesses need to put innovative and attractive compensation packages together to bring in new talent, as well as build up and retain current talent.Paul Holdsworth, Staff Writer, Gulf Jobs Market News