Press Release
UAE economy showing signs of stabilising, survey shows
-Confidence about growth and job security encouraging signs
-UAE employers plan to add finance and accounting staff in coming quarter
Dubai, 7 July 2010. Even leading economists are unable to tell when a recovery is underway and a recession has come to an end. Which economic predictors are truly accurate and which are just noise? According to a recent survey by Robert Half, the world’s leading specialised recruitment firm, experienced professionals in the UAE are more confident this year versus last year about their company’s growth prospects. Furthermore, they feel more confident about their job security this year compared to last year, by more than a two-to-one margin.
The survey was developed by Robert Half, the world’s first and largest specialised recruitment firm, and conducted by an independent research firm. It included more than 2,800 Human Resources and Finance/Accounting managers from 13 countries in Europe, South America and the Middle East.
In the UAE, 86 percent of respondents indicated they are somewhat or very confident about their company’s growth prospects for the coming year, versus just 15 percent who are not confident at all. This compares favourably to the global average of 78 percent of respondents from all 13 countries in the survey who reported being at least somewhat confident about future growth.
Finance and accounting and human resources managers in the UAE were asked: “Compared to last year, how confident are you in your company’s growth prospects in the coming year?”Their responses:
Somewhat confident / 45%Very confident / 40%
Not at all confident / 15%
Additionally, finance and accounting and human resources managers from the UAE were asked, “How do you feel about your job security now compared to 12 months ago?” Their responses:
I feel the same as 12 months ago / 48%I feel more confident about my job security / 37%
I feel less confident about my job security / 15%
Regarding job security, the 37 percent of respondents from the UAE who are more confident than last year tops the global average of 21 percent of respondents who are more confident.
James Sayer, senior manager at Robert Half UAE, says:
“Like the rest of the world, the Middle East region was affected generally by the global recession, with the finance and accounting sector particularly feeling the challenge of lessened demand. It’s too early to predict with confidence, but we are starting to witness some positive signs of improvement in the region, as this survey illustrates.
“Positions in financial management, controlling, financial accounting, compliance and risk management are among those seeing stable demand during this challenging economic time. In many cases, as the economy starts showing positive signs in some regions and industries, companies are turning to highly skilled interim finance and accounting managers to handle increased workloads, as they determine whether a permanent hire is justified.”
Hiring Plans
Regarding expansion plans for the finance and accounting department, respondents from the UAE were a bit more optimistic than their counterparts in other regions of the world. In the UAE, 21 percent of respondents plan to expand their team in the coming quarter while just 5 percent plan headcount reductions, with the majority (67 percent) planning to maintain the current size of the department. This net growth of 16 percent compares favourably to the net global average of 8 percent.
Finance and accounting and human resources managers in the UAE were asked: “Are you planning to hire any finance or accountancy personnel in the next 6 months?”Their responses:
No, we are not planning any changes to our team / 67%Yes, we are planning to expand our team / 21%
Yes, we are planning to replace some members of the team / 7%
No, we are planning to reduce our team / 5%
Additionally, finance and accounting and human resources managers from the UAE were also asked, “What is the primary factor driving the need for more finance and accounting personnel on your staff?” Their responses:
Business growth / 31%Rising workloads / 31%
Systems upgrades / 21%
Regulatory requirements / 7%
Other / 7%
Merger/acquisition / 3%
Sayer says:
“It is impossible to predict which industries will spur an economic recovery. But some of the uptick in demand in the Middle East region is coming from a mix of traditionally strong sectors like utilities and the petroleum industry, and others more nascent to the region, like the insurance sector. As business trends upward, companies will be looking for highly skilled finance and accounting managers who have worked in fast-paced, global capital markets and have experience with internationally accepted accounting standards like IFRS or US GAAP. Additionally, professionals with experience unique to the Middle East are also in a more favourable position.”
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About the survey
The international study was developed by Robert Half, the world’s first and largest staffing services firm. The report examines current workplace related topics, financial employment trends and the impact of the economy on accounting and finance departments.
The survey includes responses from more than 2,800 human resources and finance managers in 13 countries across Europe, Middle East and South America.
About Robert Half
Robert Half is the world’s leader in specialised recruitment and has more than 360 offices in major cities throughout the Middle East, Europe, North America, South America and Asia-Pacific. In the UAE Robert Half is represented by four divisions: Robert Half Finance & Accounting, Robert Half Financial Services Group, Robert Half Technology and Robert Half Legal. For more information, please contact us or visit .
Contact Us
For further information please contact:
Saskia Soeterbroek
Robert Half International
Tel : 0031 10 280 15 78
Email:
Saira Taifur
Robert Half International
Tel : 00971 4 382 6700
Email: