The UAE saw a year-on-year decline of 35% in online job postings for the month of November 2016, according to job portal Monster.com’s employment index.
The banking, finance and insurance industry saw the biggest decline at 39%, while hospitality and retail, trade and logistics declined by 37% and 35% respectively.
According to Sanjay Modi, managing director for Monster.com APAC and Middle East, the declines were evidence that UAE businesses are taking a cautious approach to growing their workforces – thanks to the uncertainty surrounding oil production cuts by OPEC and a strengthened US dollar.
But Modi added that he was optimistic about 2017 being better for hiring, with more stable market conditions expected this year. However, he also pointed out that the job-seeking market would remain highly competitive.
“While online hiring activity in the UAE currently remains very low, the movement of employees and employee talent gaps will create more opportunities but higher competition for job seekers, making it important for job seekers to find ways to stand out,” he said.
That said, several reports have pointed out that UAE firms are in need of talent. A study from Manpower Group said that two-thirds of UAE firms are looking to expand in the next 12 months, while another study, from Hays, said that 14% of UAE employers do not have adequate talent.
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