Are bankers set to become rich[er] in UAE?

Professionals in finance and accountancy - better known as bankers - are set to get pay hikes that will be thrice the rate of inflation in the UAE, leaving them more disposable income and savings.

That’s according to the latest figures released by recruitment firm Robert Half International. The findings suggest that the UAE jobs market for experienced accounting and finance professionals has further tightened.

With many companies continuing to experience economic challenges, those UAE finance leaders who plan to increase base salaries for staff, will do so by an average 6.1 per cent, easily outpacing UAE inflation by more than three times.

Globally, however, the UAE lags behind some of the other emerging markets. Finance leaders in China are setting the pace on pay, with an expected increase on base salaries of 13.6 per cent.

Other emerging markets that outpace the UAE include Brazil (10.8 per cent) and Singapore (6.8 per cent), although the UAE is ahead of Chile (5.3 per cent).

Looking at the proportion that plan increases, four in 10 (43 per cent) UAE finance leaders said they will raise base salary levels and over a quarter (27 per cent) will be increasing bonuses, while half (51 per cent) will maintain current bonus offerings, according to the research.

China is also leading the way when it comes to remuneration, with 70 per cent of finance leaders saying they plan to increase base salaries and 61 per cent planning to increase bonuses. From an average global perspective, over four in 10 (44 per cent) plan to increase base salaries and more than one quarter (28 per cent) plan to increase bonuses.

Gareth El Mettouri, Associate Director, Robert Half UAE said: “The job market for UAE accounting and finance professionals has tightened dramatically over the last couple of years, with businesses now paying a premium to recruit and retain top professionals. With organisations competing for a limited talent pool, finance professionals are in high demand, with many candidates receiving multiple offers.

“To retain business critical staff, companies need to pay competitively, as well as offer a host of other benefits, such as relocation assistance and schooling allowance,” he added.

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