GF
Do locals get bigger packages?
22 August 2007
UAE nationals are in the money as banks struggle to meet government localisation targets.
The process, known as 'Emiratisation', requires firms to employ at least 40% locals – no mean feat when you consider that just 11% of the population are Emiratis. To add to the headache, targets are going up by 4% a year.
"There is a big mismatch between supply and demand," says Matthew Lewis, director at headhunters WoodHamill Ingram. "As a result, qualified locals can demand up to 20% more than expats."
But there's no need for expats to start packing their bags just yet. Samar El Gazar, managing director at Solution Bankers, reckons locals tend to be put in the back office or retail banking and very few make it into corporate banking, investment banking or risk management.
There's also the issue of just ticking regulatory boxes. Ian Jones, managing director at recruitment firm Azrek, says: "Some highly qualified UAE nationals are reluctant to join the financial sector as they fear they are being employed to meet a quota rather than on merit."
Still, most banks and recruiters support the concept and training programmes are springing up to tackle the skills shortage. Standard Chartered, for example, hit its Emiratisation targets last year and is always on the hunt for talented graduates. It has teamed up with universities and makes itself known to students by hosting regular employer days.
Ruth McGill, regional head of human resources at Standard Chartered, says: "Our Emiratisation objectives are built around three fundamental pillars – attract the right candidates, develop them and retain them." She didn't say whether more cash was part of the appeal.
This is pathetic...oh my god, how low are we going to go...?
Anonymous 22 Aug 2007
RECOMMEND Recommended 0 times | Alert Moderator