Online hiring in the GCC registers a 30% increase during the third quarter of 2018, according to Monster Gulf
Online hiring in the GCC registered a 30 percent increase during the third quarter of 2018, according to the latest research by recruitment firm Monster Gulf.
The report said that despite experiencing a slight decline from the first quarter of 2018 to Q2, online recruitment demand in the GCC has been steadily increasing on a quarterly basis since late last year.
It added that the online hiring trends can be attributed to reforms and stimulus packages being rolled out by regional governments.
In line with the Monster report, the International Monetary Fund (IMF) recently raised the economic forecasts of all the GCC countries for 2018 and 2019.
It estimates that the UAE’s fiscal position is predicted to strengthen by 2.9 percent, while Saudi Arabia and Kuwait are expected to grow by over 2.3 percent each in 2018.
Bahrain, which recently received $10 billion in financial aid from neighboring GCC states, is projected to record a 3.5 percent increase in GDP growth by the end of this year.
Commenting on the research, Abhijeet Mukherjee, CEO of Monster Gulf, said: “The growing online hiring trends experienced across the GCC region can be largely attributed to the various reforms and stimulus packages being rolled out by regional governments to advance the non-oil sector.
"Furthermore, we are now seeing structural reforms across the GCC, as opposed to revenue injections, which underlines the regions’ determination to taper off its oil dependency and achieve long-term economic sustainability. Economic and market diversification will play a significant role in the continued recovery of the GCC.
"Reforms designed to promote the private sector, such as the introduction of long-term visas for professionals and easier licensing requirements for new businesses, will catalyze market competitiveness and job demand.”
According to Monster Gulf, the technology sector is the top hiring industry of 2018 at 40 percent growth from the same period last year.
Other industries actively hiring online across the region this year include consumer goods and oil and gas which both registered 22 percent growth each. This was followed by production (including manufacturing) and business, financial services and insurance which increased by 17 and 16 percent respectively.
Education recorded a 12 percent surge, while chemicals, healthCare and hospitality all profited from equal growths of 8 percent.
Engineering (including construction) and retail (including trade and logistics) experienced increases of 7 and 3 percent respectively. According to the research, advertising (including public relations and media) witnessed a drop of 2 percent.
Mukherjee added: "The high demand for technology professionals is no surprise given the rapid digital transformation of the GCC in recent years and the recent announcements of smart city megaprojects. Furthermore, customer demands are evolving putting pressure on businesses to offer more digitalized services and creating opportunities for IT professionals.
"Given these developments, it will be interesting to see how the GCC job market will react next year. Although it may be slow, the road ahead appears to be positive and we can feel optimistic for 2019 as we prepare for a busy and vibrant 2020.”