TAG | Morgan McKinley
Morgan McKinley’s London Employment Monitor gives us some interesting insight into the hiring market in London each month to compare with the picture across the UAE. The latest data from June 12 highlights a large 33% drop in the number of available jobs across the sector. This is also a fall on the same time last year. So, here’s an overview of the current hiring market for financial services in the UAE:
Cautious hiring market
- As with many financial services centres around the world, Dubai’s financial institutions remain relatively cautious in their approach to hiring, perhaps as a result of the previous crisis.
- Employers will find the hiring market full of job seekers, however for those looking for a new career move, there are fewer available roles – similar to the London market.
- The Euro crisis has also impacted the UAE – with European banks looking at cost cutting measures.
So is there any opportunity?
- Although banks are right-sizing and down-sizing, there is some growth to be seen in areas of these organisations that are making money.
- Some banks are making significant profit in areas of sales trading and fixed income trading and there is continued demand in this space. This in turn has led to increased demand within risk management. This mirrors the requirement for talent in the London market as well, and is also the case for compliance where a healthy amount of hiring is a result of banks’ need to adhere to regulation.
- Hiring is strategic, as budgets are tight, so employers are looking for key hires with exactly the right skills.
- Hiring managers are also looking for ambitious job seekers, who are prepared to be more flexible on where their next role is located.
- Dubai has long been an attractive location for expats, however the opportunities right now in the financial services sector are in Abu Dhabi and Qatar. In particular Qatar is growing at a steady pace.
Best approach to finding a new role
- Competition is going to come from professionals who are prepared to move around the UAE – job seekers are increasingly prepared to commute two or more hours to work each day or even to relocate away from Dubai within the Middle East for a good career move.
- Dubai continues to be attractive to overseas job seekers because of the perceived lifestyle advantageous. Visiting Dubai and networking is highly recommended to improve the chances of a successful job search.
- Opportunities exist for the right talent; look at the skills that you offer and do some research or contact Morgan McKinley UAE to find out if your skill set matches areas of the market that are still growing and hiring.
- Consider how flexible you are prepared to be, both in your location and in your salary expectations.
To get ahead in financial services whether in Dubai or elsewhere in the UAE – it’s important to focus on what employers really need right now. Morgan McKinley UAE can help you with advice on the skills in demand, areas of the market that are growing, remuneration across the entire region.
Contact Anthony Graves on +971 (0) 4 324 4094
As a follow up to my last blog Improving ease of movement within non-free zone companies, I’d like to examine the UAE Labour Reform Directive which came into effect 1 January 2011.
The legislation presents various benefits, including:
1) Ministry of Labour (MOL) governed employers will have an unrestricted talent pool from which to source cheaper, local talent and can position themselves as employers of choice.
2) MOL governed employers will also be able to benchmark their current workforces against industry standards, both in the UAE and abroad.
3) Employees will have freedom of movement across the whole of Dubai.
4) Employees will no longer be ‘held to ransom’ by the threat of financial and/or workload bans.
5) Local businesses constitute the majority of MOL governed employers. If local SMEs are more enfranchised, it will stimulate crucial growth in the domestic economy.
In addition, part time, contractor and juvenile employees will all be subject to less bureaucratic processes and fewer barriers to entry in the employment market. It is hoped that this level playing field will lead to a more open, transparent and competitive employment market that will benefit recruiters, employers and candidates.
Ministerial Resolution No. (1186) of 2010 on the Rules and Conditions of Granting a New Work Permit to an Employee provides that once the labour relation has been terminated, the MOL can issue a permit to an employee which allows them to move to another employer without the application of the six month ban. Practically, this allows for the immediate transfer of sponsorship, provided that the termination was: consensual; and that the employee had worked for at least two years for the first employer.
The fine print
It is however, important to note that there are four exceptions to the consensual termination requirement above: i) the employer has breached any of its legal or contractual obligations; ii) the employee has filed a complaint with the MOL due to the establishment’s closure; iii) the employee has filed a labour claim with the Dubai Courts; or iv) the employer’s unilateral termination or non-renewal of employment.
Furthermore, the requirement for the employee to have spent at least two years at the first employer to avoid the six month ban can be avoided if: i) the employee joins the first skill level earning at least AED12,000, the second skill level earning at least AED7,000 or the third skill level earning at least AED5,000; ii) the employer is in violation of its legal obligations towards the employee or the employee is not the cause of the termination; and iii) the employee moves to an establishment which is owned by the first employer or if the employer is a shareholder in that establishment.
These legislative changes will significantly impact the movement of employees within the UAE. If you would like to discuss how they might affect you or your business, do not hesitate to contact me +971 (0)4 324 4094 or firstname.lastname@example.org.
The key to success is the ability to adapt and through thirteen years of operations, iQ selection has evolved in order to remain the recruitment consultancy of choice in the GCC. Now we are undergoing the biggest change to date – we are rebranding to Morgan McKinley!
But this is not an act of vanity. We have however recognised a growing trend, even during the recession, in which the global workforce is casting its net wider and looking for opportunities in multiple geographies. At the same time, our clients are competing globally (as well as locally) and demanding that the talent pool includes markets outside the GCC.
So we are delighted to announce, as reported in The National, that iQ selection is integrating its operations with global professional recruitment firm, Morgan McKinley and is rebranding its name and identity as a result. It’s no secret that we are already part of the same recruitment group but clients and candidates will now recognise a single and unified brand that operates from 24 offices in 9 countries and offers them a streamlined service as a consequence.
So with a new name above the door, but the same people and excellent service behind it – Morgan McKinley will now be able to better promote the GCC region as a career destination of choice for international talent.
One of the ways we’ll do that is through our new blog – in which we will discuss the latest trends, issues and insights into the recruitment market in the GCC. Our contributors are all relatively new to blogging – just another way in which we continue to embrace and implement change!
By Christo Daniels, Managing Director of Morgan McKinley UAE