A report indicates that recruitment delays could trigger a scramble for skilled talent.
UAE Firms Plan to Freeze Hiring! Some UAE companies are hitting the pause button on hiring, setting the stage for a whirlwind of competition for top talent by late 2024 and into 2025. A recent survey of 100 senior business decision-makers in the UAE unveils the intriguing reasons behind this move.
High Stakes Elections and Economic Jitters: A whopping one-third (33%) of UAE business leaders are playing a high-stakes waiting game, holding off on hiring until the dust settles from crucial elections in the US and UK. Meanwhile, 32% are keeping a close eye on interest rates, waiting for the financial fog to clear. With global issues driving up costs in the UAE, nearly 29% of executives have pulled the trigger on hiring freezes.
Navigating the Storm: Rethinking Strategies: As global hubs, many UAE firms are reconfiguring their strategies to weather the storm of international uncertainties.
Gareth El Mettouri, Middle East Director at Robert Half, notes, “Despite a booming economy and growth opportunities on the horizon, global jitters are casting a shadow over hiring plans. Businesses here are feeling the ripple effects of international elections and economic instability, opting for a cautious approach.”
Talent Rush on the Horizon: Get ready for a talent showdown! The study warns that 37% of firms foresee a significant challenge in finding technical skills over the next year. As a result, companies are scrambling to hold onto their star employees. But with current hiring freezes, expect a frantic race for skilled talent come late 2024 and into 2025. “We’re looking at a potential hiring frenzy,” says El Mettouri. “Business leaders anticipate headcount increases despite current pauses, setting up for a fiercely competitive job market as soon as the brakes come off, especially with stagnant salaries stoking the flames of job change.”
Healthy growth expectations
Amidst the hiring hiatus, there’s a silver lining. Robert Half’s latest survey reveals that 67% of UAE business leaders are brimming with confidence about their growth prospects through 2024 and into 2025. This optimism is fueled by surging demand for products and services, expanding business opportunities, and a more favorable economic climate.
In a nutshell, while global uncertainties may be causing a temporary hiring freeze in the UAE, the forecast for growth is sunny, promising a vibrant and highly competitive job market in the near future. Buckle up, it’s going to be a thrilling ride!
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