Agencies
Dubai
Salaries across the GCC region are expected to rise by an average of 5 per cent in 2023 amid a buoyant hiring market that is being driven by strong market confidence and a boost in investments, according to recruitment specialist Hays Middle East.
Despite global economic uncertainty, the GCC has remained stable with continuous investment and diversification creating new jobs across multiple sectors, Sarah Dixon, managing director of Hays Middle East, said in the company’s 2023 GCC salary report on Tuesday.
"2023 promises to be a prosperous year for the labour market and the GCC in general,” Dixon said.
"It’s now the region with one of, if not the most, positive economic outlooks for the coming years … this is positive news for jobseekers and a challenge for employers looking to attract and retain top talent.”
Last month, economists and analysts said that inflation across the GCC was significantly lower than most advanced and emerging marketeconomies.
"GCC economies are in a ‘sweet spot’ with solid underlying economic growth, relatively low inflationary pressures, strong public finances and external accounts supported by high oil prices,” Simon Williams, chief economist at HSBC for Central and Eastern Europe, Middle East and Africa, said during the summit.
The global economic uncertainty has been fuelled by the Russia-Ukraine war, record-high inflation, rising interest rates and a cost-of-living crisis in many countries.
However, the GCC remained steadfast and continued to invest and grow, Hays said in the report, which polled almost 700 employers and about 1,400 candidates and employees.
About 74 per cent of employers in the GCC expect salaries within their organisation to increase this year by 5 per cent, Hays added.
Aside from salary, the benefits package is the number-one factor that attracts employees to a new role, the study found.
Flexible working, child education allowances and air tickets are the most valued benefits for employees, it added.
"Offering flexible working options is a viable way for employers to counter the fierce competition … professionals place work-life balance and flexible working as a top priority when looking for a new job,” Hays said.
"While only 49 percent of organisations in the GCC currently offer remote or hybrid working options, 20 per cent of employers anticipate that employees will be required in the workplace more.”
Meanwhile, technology remains the GCC’s most active industry sector for hiring, with 77 percent of organisations increasing their headcountlast year.