The global economic downturn has affected the profitability and challenged the human capital strategies of organisations everywhere, from the most populous nations of the East and the West to the booming oases of the Gulf.
Now, with signs of broad recovery on the horizon, it is evident that the Middle East has weathered the recessionary storm better than many regions, with continuing positive economic output driven by oil exports and the prospect of greater economic growth in the coming year. Yet employers continue to have to put more effort and investment into attracting the best international talent to the region. While high levels of layoffs and reduced job markets in the US and Europe provide a temporary opportunity, this may not last long as they are already on the path to economic recovery and their demand for skilled labour will increase again.
Positive economic growth in India and China has elevated their own demand for talent, while Brazil, with its recent head-spinning discoveries of oil, will drive the demand for labour in South America. It is therefore not surprising that GCC companies are putting a significant emphasis on talent retention. The typical tenure of three to five years is now viewed as rather short and companies are looking for longer-term partnerships with their best employees.
This is not an easy task and it will test corporate capabilities in developing robust and attractive career development systems and effective training programmes, as well as in introducing long-term elements to compensation and benefits structures. For those companies that have operations in more than one country in the region, the challenge is facilitating the transfers from such popular destinations as Dubai and Abu Dhabi to other locations.
Another issue is repatriating employees that have been transferred from less developed countries back to their home nations at the end of the assignment.
Organisations dealing with these challenges are looking for creative solutions and several have started to develop a more structured way of managing employee mobility within the region. For instance, some companies are adding a requirement for business experience in more than one Middle East country into their career development plans, while others are providing an additional allowance as an incentive for regional mobility. In an area with youthful demographics such as the Middle East, one of the most important issues related to talent management is the need to develop an effective local labour force that will stay in the region. GCC governments have recognised this need and have launched special programmes directed at labour force development and localisation.
The intention is not to eliminate the expatriate workforce, as international skills will still be needed and in some countries the size of local population is simply not able to satisfy the demand for labour.
But facilitating their citizens' labour skills development and employment in both public and private sectors are the key priorities of such programmes. Noteworthy is the fact that different quotas are required by the different GCC governments for different countries and, in some cases, for different industries.
Recruitment and retention of GCC nationals represent a challenge, especially in Abu Dhabi, Qatar, Dubai and Saudi Arabia. For instance, though educated people coming from wealthy families may have developed high-level skills, they may not need to work to support themselves. Therefore, a recognised employer brand, values aligned with their own, interesting jobs, training programmes and career development opportunities would be essential to draw in and keep this segment of the workforce.
That does not mean compensation does not play an important role in the rewards package and employment deal. As local employees become very well aware of competitive remuneration levels and structure, some firms are providing local employees with the same or even higher levels of base pay and allowances as those provided to their expatriate colleagues.
Private organisations, be they domestic or multinational, have to compete for national talent with numerous governmental institutions as the public sector provides very generous remuneration and benefits, as well as shorter working hours. Many international companies operating in the Gulf region have a significant advantage in attracting and retaining local talent due to their brand names, learning and development programmes, career plans and dynamic work environments. A strong employer brand is valued more than a prestigious international brand. Becoming an employer of choice will also require recognising local cultural attributes. It is important that international employers are receptive to religious and social needs of their local employees and provide them with a work environment that is conducive to their integration and performance.
Employee salaries in the GCC appear to have weathered the economic crisis far better than in many other parts of the world, the recent Mercer Total Remuneration Surveys, conducted in the organisation's six member countries, shows.
Companies in the GCC have increased their staff salaries this year by as much as 6 per cent, the surveys show. They also reveal that companies are planning to increase salaries by as much as 7 per cent next year. It seems that the salary increases in the region are higher than the forecast inflation rates for this year and next. The IMF has forecast a consumer price index inflation rate across the GCC of 3.7 per cent and 3.8 per cent for this year and the coming year respectively.
Clearly, GCC employers want to link reward to performance more closely than they did in the past, which means changing the way bonuses are determined.
This is reflected in the percentage increase in the target and maximum bonuses being allocated by companies in which a higher proportion of the total package is linked to performance.
Numerous cash allowances have become an integral part of remuneration packages in GCC countries. It is typical to provide housing, transport and home travel allowances. There are also many companies with very diverse allowance structures.
We have observed, though, that there is a growing interest in simplifying the allowance structures and introducing a flex element to cover a number of cash payments and benefits. Though there is a growing emphasis across the region on using retirement programmes and flexible benefits as tools for retention and competitive recruiting, compensation levels tend to vary. The UAE and Qatar, for example, lead the GCC in all elements of compensation, with higher allowances and short-term incentives. Regarding executive remuneration, companies in GCC countries have been following the global trend towards variable and performance-related components and some are starting to revisit their governance practices.
Our experience of advising companies in the GCC on their executive remuneration structures and short- and long-term incentive plans has shown how important it is that boards practise good governance.
There should be a formal, transparent procedure for developing policies and fixing remuneration packages for executives. To move in the right direction, companies should revise their current approaches and embrace good executive remuneration governance, which will secure the right executive talents for better company performance and enhance market visibility and credibility.
If anything, the varied and complex mix of factors and rapid change in the Middle East continues to pose a broad challenge for human resources (HR) leaders. Acquiring the right talent is a priority and a problem complicated by regional, cultural and legislative differences.
HR must therefore focus on attracting talent and developing leadership as well as training and coaching line managers, while refining the way they deal with cultural aspects and communication. It should also focus on enhancing the effectiveness of HR teams.
These are not easy tasks in such a dynamic and multifaceted region. But as the global recession gives way to renewed economic growth, the organisations that take action to master their human capital challenges will outperform those that do not.
Bassam Gazal is the head of information product solutions, and Larisa Muravska the mergers and acquisitions lead for the Middle East and Eastern Europe at the human resources firm Mercer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,200m
Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Handicap Dh170,000 (D) 1,200m
Winner: Way Of Wisdom, Connor Beasley, Satish Seemar.
7.40pm: Maiden Dh165,000 (D) 1,900m
Winner: Woodditton, Connor Beasley, Ahmad bin Harmash.
8.15pm: Handicap Dh185,000 (D) 2,000m
Winner: Secret Trade, Sandro Paiva, Ali Rashid Al Raihe.
8.50pm: Handicap Dh185,000 (D) 1,600m
Winner: Mark Of Approval, Antonio Fresu, Mahmood Hussain.
9.25pm: Handicap Dh165,000 (D) 2,000m
Winner: Tradesman, Pat Dobbs, Doug Watson.
Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
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Forced%20Deportations
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Violence%20
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
COMPANY%20PROFILE
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Abu Dhabi Sustainability Week
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
if you go
The flights
Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.
The tour
Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.
THE%20SPECS
%3Cp%3EEngine%3A%204.4-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3EPower%3A%20653hp%20at%205%2C400rpm%0D%3Cbr%3ETorque%3A%20800Nm%20at%201%2C600-5%2C000rpm%0D%3Cbr%3ETransmission%3A%208-speed%20auto%0D%3Cbr%3E0-100kph%20in%204.3sec%0D%3Cbr%3ETop%20speed%20250kph%0D%3Cbr%3EFuel%20consumption%3A%20NA%0D%3Cbr%3EOn%20sale%3A%20Q2%202023%0D%3Cbr%3EPrice%3A%20From%20Dh750%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY%20PROFILE
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Killing of Qassem Suleimani
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
