The UAE'S job market is booming, as demand for talent in certain roles is likely to significantly outstrip supply in 2024. According to 'Salary Guide UAE 2024' released by Cooper Fitch on Wednesday, more than a quarter (27 per cent) of companies expect a shortfall in available talent, while 73 per cent believe that there is available talent in the country to meet their hiring requirements for the next year.

The survey, which covered business leaders across more than 1,000 organisations in the Gulf region, revealed that management and leadership roles could see the most significant talent gaps, followed by sales.

The UAE job market has seen exponential growth in the post-pandemic period due to strong growth in various non-oil sectors such as real estate, travel and tourism, trade and logistics, and retail and aviation, among others. The UAE showed a massive growth rate of 7.9 per cent in 2022. The country bounced back strongly after the pandemic as a large number of investors, millionaires and professionals flocked to the emirate.

“That ‘management', ‘leadership' and ‘sales' occupy the top three spots on this list [of roles where demand may outstrip supply] is ... worrying, as it suggests a dearth of qualified individuals

Among non- oil sectors, real estate, travel and tourism and aviation will continue to lead the UAE’S economic growth.

The Cooper Fitch survey found that more than four-fifths – 81 per cent – firms either increased or made no changes to employees’ salaries in 2023. More than half – 54 per cent – raised salaries in 2023, reflecting sustained demand for talent in the UAE.

Approximately 8 per cent of firms increased wages by more than 10 per cent, suggesting that talent retention has been a priority within certain sectors.

The survey revealed that almost three- quarters – 71 per cent – of companies plan to issue annual bonuses based on their organisation’s financial performance in 2023, compared to 29 per cent having no such plans.

The largest proportion of firms ( 35 per cent) that intend to issue bonuses expect to pay one month’s basic salary. Almost a fifth (17 per cent) will pay two months’ salary, 12 per cent said three months, 4 per cent said four months, and 1

The survey revealed that almost three-quarters – 71 per cent – of companies plan to issue annual bonuses based on their organisation’s financial performance in 2023, compared to 29 per cent having no such plans.

per cent said five months. Employees working in the fields of accounting, chemicals, consumer goods, and hospital and healthcare can look forward to bonuses amounting to a generous six months’ basic salary, it said.

Companies that don’t intend to pay bonuses are financial services, consulting and IT industries.

“While salaries continue to play a crucial role in talent retention, factors beyond fixed remuneration – such as annual bonuses and the ability to work remotely – are playing an increasingly important role in the UAE’S job market,” said Jack Khabbaz, managing partner and CEO of public sector advisory at Cooper Fitch.