Employment and Salary Trends in the Gulf 2016 in the construction industry of the GCC countries has been impacted by the fall of crude prices, and reduced budgets have resulted in fewer contract awards, resulting in fewer openings for employment positions to be had.
A Gulf Talent study and subsequent report looked at the top 10 job trends forecast for 2016, where it is found that new employment trends would emerge in the GCC, with possibly the emergence and a renewed focus on multi-skilled employees. The report surveyed a large number of local based professionals, executives and human resource managers and came out with the following set of conclusive affirmations. . . . [ms-protect-content]
- Redundancies on the rise
- Changing recruitment patterns
- Construction records pay rise slowing down
- UAE most attractive
- Nationalisation pressure
- Improving worker protection
- Pay rises slowing
- Qatar tops pay rises
- Rising cost of living
The lower salary increases are in spite of rising cost of living, as GCC states gradually let go of subsidies.
With the knock-on effect of fuel prices on other goods and services, inflation across the region is fast rising, threatening to eat into employees’ already subdued pay rises.
- Stagnant disposable incomes
GCC’s professionals are likely to face a “double-whammy” of rising living costs in 2016, as a result of cuts in government subsidies, coupled with stagnant wage growth due to the depressed hiring market. It is however believed that recruitment would continue in a region scheduled to host a World Expo and the FIFA World Cup tournament.
Real salary increases net of inflation are therefore expected to be significantly lower than in previous years.Bahrain is expected to fare the worst, with average wages rising only at the rate of inflation, leaving many professionals with no increase in their disposable incomes.
For reading in detail the above mentioned report, follow the link below.