As the UAE job market continues to thrive in 2023, employees are eager to understand the earning potential in various sectors and the likelihood of receiving a pay raise. With strong market confidence, increased foreign direct investment, and a surge in hiring activities, the outlook appears promising. In this guide, we’ll explore key sectors’ salary and employment landscape, shedding light on potential earnings and the possibility of salary increases.
Salary Projections for 2023: The UAE job market has remarkably recovered from the pandemic-induced slowdown, supported by government measures and economic reforms. According to recruitment specialists, the average salary increase for 2023 is expected to range from 2% to 5%, varying by industry and job role. Sectors such as financial services and legal are poised for the highest salary increases, with averages of 5% and 4.9%, respectively. The technology industry follows closely with a projected 3% salary increase, while finance, accounting, and HR sectors anticipate increases of 2.5% and 2%, respectively.
Employee Expectations: A recent survey by Bayt.com and YouGov revealed that 53% of UAE employees expect a salary increase in 2023. The poll, encompassing responses from over 2,900 individuals, highlighted that 70% of employees believe their salaries will either increase or remain the same. Factors contributing to this positive outlook include increased job opportunities, economic growth, intense talent competition, and good corporate performance.
Annual Bonuses: For those hoping for an annual bonus in 2023, nearly 75% of business leaders surveyed in the Cooper Fitch salary guide expressed intentions to reward their staff. However, 26% of respondents, primarily from the logistics and supply chain sector, do not plan to offer annual bonuses. Bonus amounts vary, with 36% planning to pay one month’s gross salary, 20% opting for two months, and smaller percentages considering three, four, or even five-month bonuses. In some sectors like banking and financial services, employees may receive substantial bonuses of six months’ gross salary.
Highest Paid Jobs in 2023: The salary guide highlights the highest-paid jobs in various sectors:
- Banking: Head of Consumer Banking – Dh95,000 to Dh200,000 per month
- Legal: Partner (5+ years) – Dh105,000 to Dh231,000
- Public Sector: Undersecretary – Dh131,800 to Dh183,000
- Strategy: Chief Strategy Officer – Dh92,000 to Dh131,000
- Senior Finance: Group Chief Financial Officer – Dh102,000 to Dh153,000
- Sales and Marketing: Chief Marketing Officer – Dh70,000 to Dh120,000
- Manufacturing: Managing Director – Dh99,000 to Dh136,000
- Supply Chain: General Manager – Dh61,000 to Dh95,000
- Investment Management: Chief Investment Officer – Dh84,000 to Dh158,000+
- Technology: Chief Digital Officer – Dh95,000 to Dh126,000
- Human Resources: Chief Shared Services Officer – Dh104,000 to Dh147,000
- Accounting and Finance: Chief Financial Officer – Dh75,000 to Dh170,000
- Property and Construction: General Manager – Dh65,000 to Dh100,000; Executive Director of Sales – Dh78,000 to Dh115,000
- Secretarial and Office Support: Personal Assistant – Dh20,000 to Dh35,000
Conclusion:
As the UAE job market continues its robust growth, employees can anticipate positive trends in salary increases and the possibility of annual bonuses. Stay informed about industry-specific insights to make informed career decisions in 2023.
