There is good news indeed for the skilled professionals who come to Dubai in search of greener pastures. Since there has been a fall in the number of highly skilled workers arriving into the region, experts foresee a sharp rise in their salaries. Experts at Korn Ferry were speaking on the issue at a press conference on Wednesday, which also saw discussions on the report entitled “The salary surge”. The report stressed on the fact that countries, including the UAE will now have to dole out more substantial salaries in order to retain highly skilled talent, failing which the annual cost of labor in global organizations could see a sharp incline by 2030.
Jonathan Holmes, MD, Korn Ferry Mena, said that the supply of highly skilled workers is seeing an alarming decline. He was quoted as saying, “By 2030, it is estimated that the global supply of highly skilled labor will fall short of demand by 16 per cent”. Holmes further said, “We have to change the paradigm of how people are rewarded; millennials, in particular, look for a safe environment where they can take risks, be creative and innovative.”
The study conducted by Korn Ferry investigated the talent-supply gap in 20 developed and developing economies. The study established that the possible salary hike is the result of the shortage of highly skilled workers, which is a staggering 85 million. Vijay Gandhi, Regional Director, Emea region at Korn Ferry Products, said that now skilled workers will be in the enviable position of being able to negotiate higher salaries.
In UAE, the trend in salary increase sees the incentives keeping pace with inflation. However, the salaries for sought after workers could add a hefty amount of $5.9 billion to the national payroll.
Another study conducted by Bayt.com arrived at the theory that in the Mena region, a challenging and competitive work environment was highly coveted. Other aspects that could prove to be positive influences are fair evaluation, balance between work and life, and creativity. The VP of employer solutions at Bayt.com, Suhail Masri, says that the prospect of increased salaries in UAE has lent a glimmer of hope to prospective job seekers. A Middle East and North Africa salary survey carried out by Bayt.com established that a majority of respondents felt optimistic that their salaries would rise.