Kuwait Employment and Career News
Gist of the report on GCC Salary Trends and Recruitments
The report on Global Financial Crisis and GCC Salary Trends published by Markets Insights Division (MID) of ADVANTAGE, states that the employment expectations in the manufacturing and service sectors remain horrible.
The Banking and Financial sectors are most adversely affected due to the ongoing economic turmoil. The projected salary increase of the year 2009 for Banking and Investment Sector is 9.2 percent, which is less than the 12.2 percent salary increase of last year.
The Real Estate sector is the next worst affected. The projected salary hike for 2009 is 10.3 percent, which is marginally higher than the pay rise in other GCC sectors.
The FMCG and Oil and Gas Sectors, however, were enjoying steady increase in salaries until end of 2008, 11.9 and 11.0 percent respectively, but have been projected to dip by 8.3 percent and 8.9 percent respectively due to sharp decline in prices of crude oil in the international market and the changes in consumer spending behavior across GCC.
The Health sector remains at the bottom of ranking during past two years with 8.1 percent increase this year, and is hoped to remain at 6.1 percent in 2009.
So far, the UAE and Qatar have topped rankings (until Aug 2008) with average pay hike of 13.6 percent and 12.7 percent respectively. The salary hike for 2009 depicted a downward trend of 10.2 percent in Qatar and 10.9 percent in UAE, following the economic meltdown.
As for recruitment trends, hiring expectations will touch the lowest levels in four years, with manufacturing and service sectors planning to cut down payrolls, rather than increase jobs. However, top-level talent is readily available for recruiters seeking to recruit.
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