eFinancialCareers

The dollar might have hit new lows last month, but that’s not stopping Gulf employers hiring new staff from Europe.

Companies need specific skills and if they have to pay more for them, that’s what they’ll do, recruiters say.

The mighty dollar’s drop against the euro and sterling has left employers in the Gulf – where currencies are dollar-linked and pay agreed in dollar sums – forking out more to offer European staff the same packages as a year ago.

“Clients are having to pay a little more,” says Gareth Clayton from Charterhouse Partnership, a leading regional recruiter. “They are looking for the right talent…If they have to pay 10% more in line with foreign exchange, they will.”

The dollar hit a 14-year low against sterling last month, trading at nearly half the value of the British pound.

As ever in the region, adaptability, flexibility and cultural awareness play a big part in commanding the big money.

European hires looking for dollar salaries that match their sterling or euro-denominated responsibilities might be more expensive, but they account for a large chunk of the workforce, say recruiters.

“Fewer Americans seem to want to live in the region… They tend to see the Gulf as an unsafe place to live,” says Metin Mitchell from Korn Ferry Dubai, another leading recruiter.