UAE online job postings down 35% but improvement expected

Banking, financial services and hospitality are the industries in which the number of new jobs listed are showing their steepest declines.

The banking and finance sector witnessed the biggest decline in new opportunities. Pictured, the Dubai International Financial Centre. Satish Kumar / The National

The number of online job postings in November dropped by 35 per cent in the UAE, with the banking and finance sector witnessing the biggest decline in new opportunities, according to a new survey by listings site Monster.

The firm said that the percentage of recruitment roles posted in banking, financial services and insurance dropped by 39 per cent year-on-year, meaning that it performed marginally worse than the hospitality sector, which witnessed a 37 per cent drop in job listings.

The best-performing sector was education, but even this witnessed a 1 per cent year-on-year decline in new job listings.

Despite a slight increase in the number of jobs listed in October, the rate of new jobs on offer has generally been in decline since March last year.

However, Monster.com’s managing director for the Middle East and Asia Pacific regions, Sanjay Modi, predicted that 2017 would be a better year for jobseekers in the UAE.

“With the uncertainty surrounding the new oil production cuts by Opec and the strengthened US dollar, it appears that UAE businesses are taking a cautious approach to growing their workforce, however, this is likely to change in 2017 as confidence is restored with more stable market conditions,” he said.

“While online hiring activity in the UAE currently remains very low, the movement of employees and employee talent gaps will create more opportunities but higher competition for job seekers, making it important for job seekers to find ways to stand out.”

In the wider Middle East region, online recruitment opportunities fell by 44 per cent, with hospitality and banking and finance once again proving to be the among the worst-performing sectors.

New job listings in hospitality declined by two-thirds (66 per cent), while roles in banking, financial services and insurance dropped by 61 per cent.

Retail, trade and logistics roles fell by 64 per cent. The consumer goods/FMCG, food and textiles sector reported an 8 per cent increase in job listings.

Last month, recruiter Hays said that 15 per cent of employers admitted that their biggest challenge when recruiting new staff is a lack of suitable candidates.

Respondents to its latest salary survey, the full results of which are due to be published this month, highlighted unrealistic salary expectations and competition for talent from rival firms were its other two main challenges when it comes to hiring new staff.

Meanwhile, those seeking new jobs listed career development, the benefits package, organisational culture, work-life balance and job security as their five most important influencing factors when considering employment with a company.

More than half (55 per cent) of professionals said there was no scope for progression within their current firm, and the same number said they were considering switching jobs in 2017.

Chris Greaves, the managing director of Hays Gulf Region, said: “While it is not easy, particularly during more challenging market conditions, organisations must review their approach to both talent attraction and retention. They need to understand how their offerings compare to others in the market and identify what they can do to stand out from the crowd.”