The power shift in hiring across the region
In the past few years, we have mainly seen a candidate recruitment driven market. With a limited pool of talented, available professionals, it was the employee who held the ‘power’ when it came to seeking out new job roles. However in the past six-months, there has been a major shift which has seen employers reign supreme, and they now hold the cards again when it comes to negotiations.
This has happened, I believe, primarily due to the influx of talent we have seen relocating to the region recently. Second to this, there are a lot of existing residents who are looking for a change and/or who have been redundant due to various reasons for example UAE hubs moving to Saudi or back to Europe.
With this, there are key themes:
HIRING NEGOTIATIONS
With this shift, employers are taking their time with recruitment. There is no longer as much pressure to snap up talent that does not perfectly suit a business’s requirements, as there is a widespread belief that the ideal candidate could be just around the corner. In addition to lengthier interview processes and longer consideration times, employers are calling the shots when it comes to package negotiations. From salaries to flexibility in remote working, companies have a larger pool of qualified talent to choose from, and therefore are able to be more selective with talent choices and their compensation offerings.
NICHE SKILLS
For new talent entering the market, relying on industry-specific expertise is no longer enough. With it being an employer’s market, along with so much talent coming from within the region, those looking to relocate need to bring something extra to the table, as they are up against others who come ready with existing experience working in this nuanced market. One skill that I have seen employers increasingly enquire about is artificial intelligence (you can read my thoughts on how AI will impact the future of talent, here (https://www.linkedin.com/pulse/what-does-uptick-ai-adoption-mean-future-talent-nikki-samson-yurkf/) with some companies in USA reportedly offering packages worth over $1 million for Chief Artificial Intelligence Officers (https://www.linkedin.com/posts/fortune_businesses-are-scrambling-to-appoint-ai-leadersand-activity-7159712957382213632-mSSL?utm_source=share&utm_medium=member_desktop).
JD EVOLUTION
There is an increasing demand for adapted job roles, with a number of positions – both within in-house and agency environments – evolving with market and cultural changes. There are several instances of individuals taking on multi-faceted roles that would have previously been the responsibility of multiple individuals, with talent bringing expanded skills to the table and often offering a more collaborative approach across departments. One example I have seen frequently is the introduction of Chief Growth Officers (CGO). Often replacing the positions of Business Development individuals, whilst also overseeing teams and culture, this dual role looks at not only the growth of the business, but how the internal workings of a company can be enhanced, including when it comes to personnel – an interesting development to watch.
I have also noticed an introduction of VP and President titles, mainly in the agency environment. My first thought was ‘I feel as if we are in the US with these titles …’ as sometimes these big titles do not necessarily mean that the person has the level or the expertise required. However I am happy to have placed a Regional President at the end of 2023 who has the right expertise:-).
TALENT RETENTION
While there is a lot of movement, as always, I believe in retaining and upskilling talent to bolster and grow a workforce. Culture, training, and diversification of skills ultimately impact a business’s success and employee turnover, with the cost of hiring and training a new recruit being a costly exercise for any company – particularly when you consider that there is a three-to-six-month delay before a new team member becomes autonomous. So, whilst it is an employer’s market, this is a significant consideration to keep front of mind.
