The hiring outlook for the UAE’s banking and monetary providers business is buoyant because it continues to recuperate from Covid-19 headwinds on the again of financial assist measures together with the Focused Financial Assist Scheme (Tess) and authorities initiatives similar to enlargement of the Golden Visa programme.
There may be wholesome demand for know-how positions and roles in digital banking within the UAE as conventional lenders hasten the shift to on-line providers, says Waleed Anwar, managing director of Dubai-based recruitment firm Upfront HR.
“New digital banks additionally require a variety of tech expertise. Roles in anti-money laundering, mergers and acquisitions are additionally trending,” Mr Anwar says.
Though the UAE’s banking business confronted challenges throughout the Covid-19 pandemic, many banking jobs shall be created, particularly for senior administration roles, over the following few months, he says.
The UAE jobs market has made a robust restoration from the coronavirus-induced slowdown, helped by the federal government’s fiscal and financial measures.
About 76 per cent of employers within the Arab world’s second-largest financial system plan to broaden their workforce in 2022, a survey in February by Bayt.com and YouGov discovered.
About two thirds of pros within the UAE will actively search for new jobs this yr as enterprise confidence and hiring exercise return to pre-pandemic ranges, recruitment firm Robert Walters stated.
What positions are in demand?
There may be steady demand for relationship managers throughout all models of banks, similar to shopper and retail, company and wholesale, and funding and personal banking operations, says Mark Nancarrow, managing accomplice of Movement Expertise, which sources professionals for banking and monetary providers.
“With the continued introduction of recent rules by the Central Financial institution of the UAE, we’re seeing a requirement in shopper safety, regulatory, compliance and danger positions, too,” he says.
There may be demand for business and revenue-generating roles within the banking sector, similar to in mortgage gross sales, funding banking, wealth administration, mortgages, fairness, monetary buying and selling and comparable providers, Mr Anwar says.
“That is primarily pushed by the necessity to capitalise on the continuing restoration within the area publish the pandemic. And resulting from digitalisation, we are going to proceed to see demand for tech and digital roles,” Mr Anwar says.
In the meantime, within the monetary providers market, there’s a robust demand for knowledgeable analysts, gross sales professionals in any respect ranges and digital advertising and marketing candidates who’re in a position to increase an organization’s model and talk successfully to prospects and buyers, in accordance with information from Movement Expertise.
Candidates with expertise in digital funds, digital platforms, fund and funding administration, non-public fairness and capital elevating are additionally in main demand. Regional expertise within the GCC is very desired and sought-after, in accordance with Mr Nancarrow.
“We additionally proceed to see a gentle request for shared service positions similar to accountants, HR and expertise acquisition managers,” he says.
Probably the most sought-after positions within the UAE’s banking business embrace the roles of funding associates, funding finance managers, institutional gross sales administrators and associates, compliance managers, company improvement and funding managers and administrators, and fund finance managers, in accordance with recruitment consultancy Michael Web page’s 2022 wage information.
Because the finish of 2021, banking and finance roles employed for “fairly ceaselessly” embrace asset, wealth and monetary managers, blockchain builders, compliance and regulatory managers, credit score analysts, credit score approval managers, cyber-security analysts, information specialists and fraud prevention specialists, Movement Expertise says.
What expertise are employers in search of?
Monetary modelling is a key talent employers are in search of within the banking business, given modifications in organisations’ capital constructions (for instance, restructuring or refinancing of debt) and an impetus in funding exercise with cash-rich funding firms and teams prepared to choose up well-priced belongings, the Michael Web page report says.
One other talent in demand amongst employers is monetary management and business finance, the recruitment consultancy says.
“In the back of two difficult years, 2020 and 2021, organisations are eager to tighten monetary controls and have professionals who’re higher in a position to handle and lift funds. Those that include robust banking relationships are most popular,” in accordance with the Michael Web page wage information.
Expertise in institutional gross sales and fund-raising can also be sought-after by UAE employers, the analysis reveals.
With enhanced stability and mega-events nearer to going down within the area, investor sentiment is excessive throughout regional and world enterprise capital, property, non-public fairness and equities — this has resulted in a year-on-year enhance in fund-raising roles, Michael Web page says.
Compliance additionally continues to be an space in excessive demand throughout the area, the consultancy says.
The principle drivers for this demand embrace a variety of new entities opening in key monetary centres such because the Dubai Worldwide Monetary Centre and the Abu Dhabi International Market, in addition to the fixed evolution of compliance frameworks, controls and processes, it says.
“As such, employers are prioritising candidates with a wonderful data of native rules [both the ADGM Financial Services Regulatory Authority and the Dubai Financial Services Authority],” Michael Web page says.
“Moreover, as most organisations are consistently looking for to enhance their compliance controls, frameworks and insurance policies, any candidates who’ve express expertise in main tasks of this nature shall be better off.”
Apart from business expertise and the required {qualifications}, employers additionally search for glorious communication expertise, a dedication to studying, management and knowledge-sharing expertise, self-motivation, a robust work ethic, consideration to element and organisational expertise, Movement Expertise’s Mr Nancarrow says.
Are salaries anticipated to rise within the banking and monetary providers sector?
There may be positively an expectation of upper salaries on the a part of workers, which is especially pushed by the rising value of dwelling within the area, normally, Mr Anwar from Upfront HR says.
The stress is on employers to boost salaries to retain employees and likewise appeal to the very best expertise to their organisations.
Whereas there is no such thing as a mounted wage enhance throughout the banking and monetary providers industries, employers are very aggressive with their provides to safe new workers, Mr Nancarrow says.
What different advantages can workers count on?
Workers within the banking and monetary providers business are in search of a greater work-life steadiness, flexibility, autonomy and profession development. Firms that supply these circumstances and advantages could have the very best employees and appeal to the very best expertise, Mr Anwar says.
In the meantime, workers may count on — and will request — extra advantages, similar to work-from-home days, coaching and the acquisition of further expertise, for instance, in digital and know-how, to have the ability to bridge the educational hole, he says.
About 95 per cent of companies hiring now supply work-from-home and workplace steadiness and nice bonuses, whereas household medical insurance coverage and annual flights are at all times anticipated and supplied, Mr Nancarrow says.
“Housing and schooling allowances are included for higher-level grades. Nonetheless, there was a shift and these advantages are usually not as forthcoming as they beforehand have been within the area,” he says.
Do employers face hiring challenges?
A decreased inflow of worldwide expertise over the previous 18 months has resulted in a scarcity of varied specialised expertise throughout the native market, in accordance with the Michael Web page wage report.
Organisations ought to stay open, the place potential, to internationally based mostly candidates who’re open to relocating to the UAE, the consultancy says.
“They need to additionally take into account candidates with transferable expertise who’re based mostly regionally. Candidates ought to higher current their technical expertise, that are transferable, and display goal rationale for switching capabilities or industries,” it says.
Nonetheless, the largest problem employers face in hiring and attracting the “proper” expertise is discovering the steadiness between providing a aggressive wage and advantages with out disrupting present workers, Mr Nancarrow says.
There may be additionally a scarcity of expertise with digital and know-how expertise and it is a main problem for employers within the UAE, Mr Anwar says.
“There’s a excessive demand for these professionals in all sectors. That is including to the price of hiring candidates who’ve these expertise,” he says.
How a lot are you able to count on to be paid within the banking and monetary providers sector?
Wholesale banking
- Head of wholesale banking (govt vice chairman): Dh147,000 (a month)
- Head of company banking (senior vice chairman): Dh95,000
- Head of unit: Dh60,000
- Senior relationship supervisor: Dh40,000
- Relationship supervisor: Dh30,000
- Relationship officer/assistant relationship supervisor: Dh18,000
Retail banking
- Head of shopper banking (EVP): Dh157,000
- Head of retail banking (senior vice chairman): Dh97,000
- Head of belongings/gross sales: Dh75,000
- Senior supervisor for merchandise/gross sales: Dh60,000
- Supervisor for merchandise/gross sales: Dh40,000
- Officer/assistant supervisor for merchandise/gross sales: Dh20,000
Funding banking
- Managing director: Dh155,000
- Government/senior director: Dh100,000
- Director: Dh80,000
- Vp: Dh65,000
- Affiliate: Dh47,000
- Analyst: Dh25,000
Non-public fairness/investments
- Managing director: Dh126,000
- Senior vice chairman/senior director: Dh111,000
- Vp/director: Dh78,000
- Senior affiliate: Dh53,000
- Affiliate: Dh47,000
- Analyst: Dh25,000
Danger
- Chief danger officer: Dh95,000
- Head of danger: Dh67,000
- Supervisor: Dh35,000
- Senior analyst: Dh27,000
- Analyst: Dh18,000
Compliance
- Head of compliance/chief and Cash Laundering Reporting Officer (MLRO): Dh65,000
- Vp of compliance, MLRO: Dh35,000
- Compliance supervisor: Dh30,000
- Compliance affiliate: Dh26,000
- Analyst — Anti-money laundering/fraud/regulatory/compliance: Dh17,000
Insurance coverage
- Managing director: Dh97,000
- Senior vice chairman/senior director: Dh60,000
- Vp/director: Dh45,000
- Senior affiliate: Dh28,000
Operations
- Chief working officer: Dh82,000
- Head of operations: Dh60,000
- Assistant supervisor/supervisor: Dh35,000
- Officer/analyst: Dh27,000
Supply: Michael Web page
Up to date: June 16, 2022, 5:00 AM