It’s appraisal time. Most of us will be building the case for a reasonable pay raise. While we may have done the right things to claim that raise, it seems that many could be met with disappointment. Spiraling oil prices have reduced the chances of getting that much deserved pay rise.
The salary report from Morgan Mckinley published last month, paints a somber picture as far as increment goes. The report predicts a moderate 5-6% rise in pay, which is only enough to cover the impact of inflation that was at its highest in six years. In short, the increment will not offer additional capacity to save or splurge during the next year.
Getting creative at work
The Morgan Mckinley report should not bring your plans to earn more to a complete standstill. To make that turnaround happen you could either get creative at work or look for a fresh beginning.
Most workplaces have spot bonuses and incentives that reward outstanding performers almost immediately rather than during appraisal time. Check out such schemes and work towards achieving that reward through:
- Enhancing your contribution by doing extra – step in when there is an urgent pitch presentation for a new client to compete.
- Actively introducing your business line to new customers – new business counts.
- Go beyond your current skill sets, making yourself a resource that your organization won’t let go easily.
Current hiring trends in the UAE
On the other hand, you may have gone the length at your workplace and this could actually be the right time to look for change. The Morgan Mckinley report showing that 23% more jobs were created in the professional hiring market since Q1 of 2014 (6,653) and Q1 of 2015 (8,213).
The report further predicts that the oil sector is expected to strengthen and register a 3-4% year-on-year GDP growth in the UAE in the financial year 2015-2016, spurring at least moderate growth in the professional hiring market, in spite of conflict in countries such as Syria. Overall, a 6-8% growth in new professional hiring is forecast.
As expected, certain industries will see stronger hiring activity as compared to others. The Morgan Mckinly report offered a series of sector forecasts:
- The banking sector will see high demand for compliance and legal professionals
- Specialist finance professionals such as internal auditing, project and corporate finance will have increased opportunities
- Manufacturing, compensation and benefits specialist, IT and marketing will also show good growth
- No major requirements in oil and gas – except in the replacement of vacant jobs, created by people leaving or retiring from their employment
- Pharmaceutical and the FMCG will focus on hiring talent in sales, marketing, Six Sigma or lean techniques