Seven months and I'm off...

1 May 2008

2 minute read

Jobs are plentiful, talent is scarce, competition is fierce and fickle financial services professionals in the Middle East are now changing jobs every seven months.

The skills shortage in financial services in the Middle East is well known and it seems bankers are using this to their advantage - bolting after bonuses and shifting jobs for extra cash or a better position.

Speaking at a recent conference, and citing headhunter research, Firas Mallah, Middle East head for Bahrain-based Dexia Asset Management, says Dubai is the worst for job-hopping.

"The advantage of being in Bahrain is that there is less job volatility. The average tenure in Bahrain is 18 months, against seven months in Dubai."

In fact, Mallah says that financial services professionals go through so many companies that after a few years some CVs resemble a copy of War and Peace.

"In the UAE, you will find it a common scenario for a financial services executive to hop through three companies in less than two years."

The combined pressures of a lack of 'Middle East experience', localisation targets and massive expansion plans have added to the jobs merry-go-round, reckons Wassim Moukahhal, private equity associate at The National Investor.

"All financial companies are looking at the same pool of talent, which is scarce. In this part of the world, every person who finds a new job gets an offer the next day, with better pay and benefits."

A study by consultants Mercer shows that an influx of expats has lead to an increased focus on Western-style benefits. Occupational pension funds, private medical plans and perks like school fees and housing allowance are taking the pressure off salaries, reckons the survey.

AUTHORPaul Clarke

ho
hotaitm
13 December 2008
This is called taking advantage of an unregulated job market. How can you stay in a job for 7 months and move on. What value can you add in that period to a business.
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Gl
Gloria
11 September 2008
What should I do. I signed a contract in the middle east with a university. I am a doctor in my field. Now I discovered people with less education and experience make more than me. What should I do?
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mu
muradhanoush
2 July 2008
May I relay that it's not in the best interest of a professional global banking practice community that such an unbelievable job turnover takes place in Dubai. Up until the 80's; I took the risk of being repatriated 3 times to the GCC as I diligently served with utmost honesty and loyalty prominent Arab banks for 18 yrs. And, I thought that my assignments were not too long! Now; as I look back; I am glad to read that not too many astute bankers think so! However, I pause a question to: Board Directors and General Management of GCC banks as well as to Executive Recruiters who prescribe to a: Code of Ethics in job enrichment? How often it takes a business plan and a feasibility study for growth in market share and client base (and now...what is common, is: Overseas branching out globally) to be performed and concluded to surpass budgets and to meet goals? It's a challenge to be in the Arab World! Intellectuals educated in the best universities are in demand for results oriented skills. Pay is not the only motivator! Murad Hannoush-B.Sc.-MBA-Japanese Management-Tokyo-Mutual Funds Representative-Private HighNet Worth and Fin'l Security Advisor-Montreal-Quebec-Canada-Investors Group-
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gusaindelhi
8 May 2008
Dubai need to look more furter in visa process for financial jobs as it is still difficult to find a job for an expat sitting outside UAE. Process need to be efficient. Job site do provide listing but hardly call people not working in UAE. Such restrictive practices will surely boil the market.
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AM
AMR
4 May 2008
Thanks a lot for the answers.
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