2015 promises to be a buoyant one for finance executives with forecasters predicting growth across many sectors as well as a positive hiring outlook and salary increases.
Particularly in the Middle East, the diversification of investment away from the oil sector will ultimately lead to a more stable economy, one that is not so reliant on the blooming oil market.
The financial services sector is seeing its first signs of growth in 2015, with money and hiring levels similar to those before the recession hit.
Of particular interest is the hiring climate with more companies looking to recruit more staff since the stabilization of the global economy. It has given these institutions greater confidence in the market to invest in new initiatives whilst also expanding existing teams.[Tweet “Finance salary & trends for financial executives in the Middle East via @careerintel”]
Indicated in the Robert half Middle East Salary Guide 2015 more companies are looking towards the finance departments to provide strategic direction for the growth plans.
Companies are seeking “finance professionals skilled in budgeting, forecasting, margin analysis and bids, as well as individuals adept at delivering cost efficiency.”
Many financial directors have indicated that the competition for suck skilled workers has increased as specialist occupations outpace the more generalised jobs.
Both factors have put greater emphasis on employee retention, as many companies look to protect their best assets from poaching companies by offering more enticing bonus, remuneration and compensation packages.
Over 50% of HR Managers have indicated that they are either more willing or much more willing to offer sign-on bonuses to make offers more alluring for new workers.
Offering healthcare/life benefits, pension contribution, additional pay bonuses, flexible working hours, and offering another devise are the top 5 benefits HR managers look to add to various remuneration packages to retain their top talent as well as offering more meaningful pay rises.
Out of all financial executive positions, CFOs of larger companies are expected to see the greatest rise in salary with an average of 5.6% increase in 2015. Financial Controller of a small to medium enterprise is anticipated to receive and increase of 5.4% and their assistants likely to see an increase of 4.2%. (for a full list, please see the table below).
So how do you get yourself hired?
Obviously you need the educational qualifications first and foremost. Further to this point, internationally recognized qualifications are becoming an essential aspect for a successful applicant in the Middle East.
If you have the education, a minimum of 3-5 years working experience is desirable, with more experience becoming more and more sought after.
Corporate governance, advanced knowledge of the proper software such as excel and ERP systems (oracle and SAP )is a necessity as well as the ability to exhibit strong communication skills, be an effective problem solver and demonstrate sound technical competency.
These are the skills at the forefront of Financial Director’s and Hiring Manager’s minds. Exemplifying these – coupled with the ability to speak Arabic – on your CV are of paramount importance to penetrate to 2015 executive job market in the Middle East.