More Europeans are expected to come to the oil-rich Gulf region as unemployment figures in the euro zone are at an-all-time high, an e-paper reported on Sunday.
“There has certainly been a very significant increase in the number of applications we are getting from Europe, and this has been the case for some time,” Toby Simpson, Managing Director, The Gulf Recruitment Group told the UAE-based Emirates 24|7.
“It does increase candidate supply and competition for places, but I don’t see it having a very significant impact on salary levels in the UAE as most employers have become used to the luxury of hiring from an available talent pool in the local market, and now bring from overseas far less frequently than in 2006-2007,” Simpson added.
But a human resource manager from a multinational bank told the e-paper on the condition of anonymity that the influx of job-seeking Europeans will make it “difficult to see an upward trend,” when it comes to salaries.
Analysts believe Saudi Arabia and Qatar will be the two major Gulf countries to see more of such an influx as opposed to the UAE.
“In general, I would say that the opportunities in Saudi Arabia and Qatar are increasing the number of European recruits there while in the UAE, Abu Dhabi looks promising in terms of recruitment opportunities,” John Nolan, recruitment consultant for Huxley Associates, told the e-paper.
“Many westerners are losing opportunities due to the process of Emiratization and there is not a demand in other sectors that would balance that out,” Nolan added.
Executives have however expressed how difficult it is to find skilled professionals.
“A Robert Half survey of more than 1,300 European chief financial officers found that nearly two-thirds (63 percent) said it was challenging to find skilled financial professionals today,” he said, adding “As a result, there continues to be demand for top talent, which is keeping remuneration levels steady, or even increasing in some areas.”
The jobless rate rose for the 10th consecutive month, hitting 10.8 per cent to set a 15-year record for the 17 nations sharing the single currency, Eurostat agency reported. Grim predictions see that euro zone unemployment can reach as high as 11 percent in 2012.
Estimates also show that more than 17.1 million men and women were out of work in February, 162,000 more than a month earlier and 1.48 million more than a year ago.