Q4 Finance Recruitment review for UAE & KSA
Conor McHugh, ACCA
Expert in Accounting, Tax & Treasury Recruitment at Alchemy Search | Senior Level Appointments across the Middle East | [email protected]
Leading on from my previous article, this article is all about giving any finance professional an insight into what has happened in Q4 2021 and what may happen in Q1 2022
To give an overview of what I will cover in this review, you will find :
General overview of Q4 from a finance recruitment perspective
Overall Q4 has been a good quarter for the team here at Alchemy Search. It hasn't been 'excellent' but it also hasn't been 'bad'. We are seeing a lot roles rolling forward into 2022 so I do think Q1 2022 will be the busiest quarter in recruitment that I will have seen since arriving in Dubai 4 years ago. So if you are looking for a new opportunity I think you may have luck in 2022.
WHY I THINK IT WILL BE BUSY
Junior level finance roles review in UAE
The junior end of the market has been fairly buoyant throughout the year not just Q4. The vast majority of recruitment at this level has been re-hiring candidates into positions that were let go during the pandemic.
I can't see this trend changing anytime soon, as a lot hiring managers I'm speaking with plan on hiring Senior Accountants, particularly in 2022. At this level it is all about being on the ground in UAE as there is still a significant oversupply of solid candidates versus jobs.
The hot jobs for the quarter from our side with salaries ranging from AED8k to AED18k per month:
If you are looking for your next role at this level please connect with my colleagues Kim Azzam and Surabhi Thakwani for a confidential discussion.
Mid level finance roles review in UAE
This level of the market was without doubt the busiest space for the team and I at Alchemy Search. We had many roles at this level across multiple industries but the most common role we had was for FP&A professionals.
It's great to see the hiring of FP&A professionals as it's showing a shift in the mindset of companies who historically may have seen the finance team as a 'cost centre' and not a business partner.
The reality is in the UAE that there is a shortage of strong FP&A professionals and we have noticed a trend that companies will consider strong FP&A professionals from outside the region provided they are willing to relocate themselves at no expense to the hiring company. In particular in the Fintech and FMCG space there seems to be a huge demand for such finance professionals.?
The hot jobs for the quarter from our side with monthly salaries ranging from AED25k to AED35k :
If you are looking for your next role at this level please connect with my colleagues Pooja Bhatt and Weam Kamel for a confidential discussion.
Senior level finance roles in UAE
Disappointingly for us a business we weren't too busy in the Senior level finance roles. We had a couple of FD roles and one CFO role but being honest I was hoping we would have been more busier in that space. However in saying that we have a few Fintech FD roles which will become 'live' in mid-January.
Despite us not having too much on, I could see from LinkedIn a lot more senior level job postings and also from speaking to my network it was clear to see there was a lot more activity in that space.
I do feel Q1 2022 should be getting more and more busy at the?senior end of market. Why is this?
The hot jobs for the quarter from our side with salaries ranging from AED60k to AED100k :
领英推荐
If you are looking for your next role at this level please connect with my colleagues Pooja Bhatt, Weam Kamel or myself.
Finance Recruitment in KSA
Recruitment in KSA has been fairly stagnant for us as a business in Q4 as we are trying to focus more in the Abu Dhabi market going forward. We have decided to work with a couple of reliable clients who will not put roles on hold after all the work is done and more importantly pay on time as opposed to in six months!
The elephant in the room with regards to KSA finance recruitment is given the ever changing entry issues into the country it's very hard to build meaningful relationships with new businesses there. Hopefully later this year we can really start building some momentum there but thankfully our plate is being kept full in UAE and in particular Abu Dhabi.
In saying the above, the roles we have had have all been for Saudi Nationals bar one. As outside of some of the massive Giga projects in KSA it's becoming increasingly tougher for EXPAT finance professionals to secure work there and also seems to be less attractive for EXPAT finance professionals to relocate there given the uncertainty of the border. However, hopefully this will change later in 2022 and we can share some good roles in KSA.
The hot jobs for the quarter from our side with salaries ranging from AED35k to AED80k :
If you are looking for your next role in KSA please connect with my colleague Kim Azzam and Weam Kamel.
2022 will be a 'candidate driven' market
In my opinion this is the best bit of a news for jobs seekers and the worse bit of news for hiring companies that historically like to 'low ball' candidates!
I'll tell you why I feel 'The tables have finally turned' :
The rise in 'counter offers' in Q4 2021
This was a big growing trend we saw in Q4 and will continue in 2022 as the majority of candidates looking for new roles are currently employed in another role.?
As companies panic when good talent resigns they naturally do everything they can to retain them by throwing money at them and promising promotions down the line (which they may not have actually influence on!)?
As the recruiter we are caught in the middle of such situations and of course we will have a subconscious bias to a candidate turning down a counter offer but this is my honest view having seen what I have seen in the market:
But the other of side of the above is hiring companies need to start making stronger offers to candidates as it's easy for a company to make a counter offer if the hiring company makes a weak offer.?
Example - a candidate is on AED20k a month and is looking for AED25k a month for their next role. The candidate goes through 3 rounds of interviews and receives an offer of AED22k from the hiring company despite the candidate being in a job and having shared their salary expectations from the outset. The candidate is naturally disappointed with the offer but goes to resign. Their boss sees the offer and automatically matches it and as the candidate feels so undervalued by the hiring company they accept the counter offer, declining the offer from the hiring company. As a result, hiring company are back to square one while if they had of offered what they had budgeted and not left anything to chance they would have most likely secured the candidate!?
Why you should build good relationships with recruiters in 2022
I would like to hope if you have read down this far into the article it's clear that I believe finance recruitment in 2022 will be good.
These are the reasons why I feel you should build good relationships with recruiters in 2022:
Conclusion
I hope the above article provides some insight into how I see things currently in the region and of course should you want to have a confidential chat about your next role or next hire please do not hesitate to reach out to me on [email protected]
Group Audit Manager and Division Head of Internal Audit
2 年Thanks Conor for sharing this article with the market analysis in relation to finance Job. I is certainly helpful for may. I was wondering or rather hoping if you can give some insights on mid to senior level roles in Internal Audits in UAE.
Great piece Conor. I have re-shared to my network.
Chartered Certified Accountant | R2R Officer |
2 年Insightful and detailed as usual. Excellent write up Conor McHugh, ACCA. I hope I may one day have the opportunity to catch up with you.
Senior treasury professional | FX, Interest rate risk management,hedging & trading,Investments, Insurance, Cash Flow planning| Help companies manage global treasury function
2 年Great insight Conor McHugh, ACCA
Finally! A fully decent recruitment article with meaningful stats and ground honest cases for a reader to follow and digest. Some light at the end of the tunnel in the uae. Good one Connor and thanks!