According to a salary report for Saudi Arabia, 67 per cent of employers in the Middle East plan to hire more workers this year. However, 41 per cent of them report a shortage of skilled talent in the market.
The report titled "Hays Salary Guide 2024 for Saudi Arabia" also highlights top priorities for HR investments in 2024:
- 43 per cent of HR leaders in surveyed organisations plan to increase investments in employee training programmes.
- 38 per cent of them aim to introduce better talent retention strategies.
- 35 per cent plan to invest more in effective talent acquisition initiatives.
The report also finds that 41 per cent of employees in surveyed organisations currently report that they do not receive any benefits, and 31 per cent of them plan to change jobs in 2024. However, they do not aspire to elevated roles. Additionally, there's a noticeable gap between what employers think they offer and what professionals actually receive in terms of benefits. This provides an opportunity to organisations in the Middle East that want to hire new talent and retain their existing employees. How? HR and talent professionals need to introduce or increase investments in benefits packages crucial for attracting and retaining employees. The most preferred benefits for workers in the Middle East include air ticket or travel allowances, child education allowances, and flexible working arrangements.
In addition to this, HR leaders need to introduce effective career development initiatives and a positive work culture to attract and retain skilled talent, as:
- 60 per cent of employees in the surveyed organisations agree that a benefits package helps them to stay longer with an organisation.
- 48 per cent will stay in organisations with a positive work culture.
- 44 per cent of them will continue in organisations offering effective career development programmes.
According to sector-wise talent acquisition data, the factors attracting talent are:
- For the Real estate sector, positive economic conditions and ambitious government initiatives in UAE, and growth fuelled by the Saudi Vision 2030 plan in KSA, improve talent attraction and retention.
- For the BFSI sector, bond/Sukuk activity and expansions with successful Mergers & Acquisitions/IPOs in UAE, and increased lending, advisory, and transaction support, coupled with unmatched investment activity in KSA, created high demand for skilled talent and fuelled hiring in this sector.
- For the Technology sectors, the key drivers for talent attraction and retention include technological innovation in UAE and infrastructure development in KSA. Additionally, startups and local players are driving regional hiring and shaping a dynamic digital landscape.
The report asserts that despite global challenges, the region's labour market thrives on economic transformation, with high job demand. However, expanding organisations face fierce talent competition. Success hinges on robust employee training, retention, and recruitment investments. Nonetheless, varied remuneration perceptions present challenges.
Commenting on the survey findings, Oliver Kowalski, Managing Director of Hays Middle East, said, “The transformation of the economy is continuing at pace and the government's long-term goals are being pursued. All signs point to further growth - 2024 will certainly be very exciting again! The Hays GCC Salary Guide 2024 provides valuable trends and insights that can be leveraged by employers shaping the future of their business, and by professionals looking to propel their career to new heights.”