GNcareers, from Gulf News

Pay, bonuses on the rise for finance professionals

PayImage Credit: Supplied

• More than four in 10 (44%) global finance leaders plan to increase base finance and accounting salaries, compared with 43% within the UAE

• A quarter (27%) of UAE CFOs plan to increase staff bonuses, compared with 28% worldwide

Dubai: The UAE jobs market for experienced accounting and finance professionals has further tightened, according to the latest global research from specialist recruiters Robert Half.

With many companies continuing to experience economic challenges, those UAE finance leaders who plan to increase base salaries for staff, will do so by an average 6.1%, easily outpacing UAE inflation by more than three times.

Globally, however, the UAE lags behind some of the other emerging markets. Finance leaders in China are setting the pace on pay, with an expected increase on base salaries of 13.6%.

Emerging markets

Other emerging markets that outpace the UAE include Brazil (10.8%) and Singapore (6.8%), although the UAE is ahead of Chile (5.3%).

Looking at the proportion that plan increases, four in 10 (43%) UAE finance leaders said they will raise base salary levels and over a quarter (27%) will be increasing bonuses, while half (51%) will maintain current bonus offerings, according to the research.

China is also leading the way when it comes to remuneration, with 70% of finance leaders saying they plan to increase base salaries and 61% planning to increase bonuses.

From an average global perspective, over four in 10 (44%) plan to increase base salaries and more than one quarter (28%) plan to increase bonuses.

Gareth El Mettouri, Associate Director, Robert Half UAE said: “The job market for UAE accounting and finance professionals has tightened dramatically over the last couple of years, with businesses now paying a premium to recruit and retain top professionals.

With organisations competing for a limited talent pool, finance professionals are in high demand, with many candidates receiving multiple offers.

  Increased salaries Increased bonuses
Global average 44% 28%
China 70% 61%
Hong Kong 69% 43%
New Zealand 60% 31%
Brazil 58% 37%
Australia 55% 37%
Singapore 55% 37%
Japan 45% 33%
Germany 43% 29%
UAE 43% 27%
UK 42% 26%
Austria 39% 25%
Chile 39% 29%
Switzerland 39% 16%
France 28% 17%
The Netherlands 27% 12%
Belgium 23% 14%

Survey: 2,431 global financial services CFOs/FDs were asked: What remuneration trends is your finance department currently facing? 

 “To retain business critical staff, companies need to pay competitively, as well as offer a host of other benefits, such as relocation assistance and schooling allowance. Businesses that are unsure about the different types of remuneration, benefits and/or salary bands, should look to industry salary guides as a benchmark.” 

Source: Staff Report, gulfnews.comGN