While the labour market in the Middle East continues to be unpredictable due to the instability caused at national and regional levels, a trend that is likely to continue into 2018 according to new research from recruitment consultancy Michael Page.
According to the research, a majority of Michael Page clients believe that while the trend is expected to continue, 2017 represented the completion of the “bottoming out” phase.
Michael Page found that several sectors – such as financial services, real estate and energy – are all recruiting new personnel, while retail and consumer goods sectors, on the other hand, remain in a “go slow” mode. Investment in recruitment in a number of industries, such as education and healthcare, have remained steady, according to the research.
The research suggests that over the course of the last two years, the public and private sectors have all take the necessary action to streamline their organisations, leaving them ready for an upcoming period of growth in the region. The timing of decision making, however, will continue to be effected by regional events and trends unfold.
Jobseekers and candidates now accept that salary and bonus figures are in “new era” following the collapse of oil prices in Q4 2015, with Michael Page noting there “is not as much push back.”
“The challenge for all organisations entering 2018 is how to manage annual increases, given the introduction of five percent VAT (value added tax),” the report notes. “The general view will be that five percent VAT is still a lot less than the high level of personal income payable in most countries.”
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