DUBAI 13 January 2019: A recent salary survey has revealed that the highest – and lowest – paying jobs in the Middle East.
According to PageGroup, there was recruitment activity across every industry vertical. But it clarified that this does not mean that every industry vertical is on the up.
So who earned the highest salary?
Overall – amongst all sectors, banking and finance officials earned way higher than any other professional.
And, among them, believe it or not – it was the Head of Consumer Banking (Executive Vice-President) who earned the highest. This professional earned as high as Dh195,000 a month – and on average Dh142,500 a month.
The average salary tied with that of a Managing Director of a Private Equity or Investment firm at Dh142,500, but this professional’s highest salary was Dh190,000 a month (see table below).
Flexibility + Salary
Leith Ramsay, Managing Director, Michael Page Middle East, said: “We realise that candidate expectations are now multi-layered. Whereas previously a salary increase when changing employers was expected to be around 10–15% (sometimes more in certain sectors), candidates are now wanting more detail about career development plans and organisation culture, which also includes an approach to maintaining a flexible work environment.
“Flexibility has the same currency as salary for many candidates and the cost to organisations is negligible… There is more talent on the ground committing their careers and long term future to the region than ever before, so tax free salary is no longer enough to attract and retain the best people.”
He said sector-wise, the role of the public sector i.e. government spending in both the UAE and KSA, will continue to play a huge part in regional growth. The private sector still remains heavily reliant on major projects which drive hiring requirements across key sectors, namely Financial Services, Energy and Property & Construction.
Government spending, driven by an improved rolling annual oil price translated into improved market confidence – we felt this via an all-time record number of new job acquisitions in 2018.
So what skills are in demand and what kind of pressure does that put on salaries?
Data Science/Analytics – With an emphasis on achieving high levels of return on investment (ROI), all sectors are in pursuit of this talent, perhaps even though some do not know how to properly harness them.
Procurement/Cost Management – Professionals who have had experience reducing cost or spend across an enterprise whilst not negatively impacting productivity.
Governance & Compliance – Professionals who can design and implement a rigid process to safeguard organisations and their employees.