Is there a Talent War in the Region – VME PoV on Sector Perspectives

Is there a Talent War in the Region – VME PoV on Sector Perspectives

Staff Writer

As the region is experiencing continued significant economic growth in recent years, the demand for talent across various disciplines, sectors and industries has seen a peak hike in the region, creating highly competitive job markets. This demand has been lately referred to in many reports as the “Talent War.

Public & Private sectors in the region have recently been offering competitive and attractive salaries & benefits, in addition to other incentives as part of their new total reward strategies to attract and retain top talent leading to shortages in some sectors such as Financial Services & Technology.

Public & Private sectors have been offering competitive and attractive salaries & benefits

The challenges that some sectors in the region are facing are also related to attractive employment opportunities for top talent coming from outside the region, such as Asia and Europe, which means that companies are not only competing with each other on Talent but are now competing with other global talent demand dimensions.

Throughout our engagement with our clients in the Public & Private sectors, we discussed with them what their thoughts were on the “Talent War” topic and how it related to their industries. Below are some highlights on the sectors that are facing talent attraction challenges. The Digital industry is growing rapidly in the region, and there is a high demand for professionals with skills in areas such as data analytics, cybersecurity, artificial intelligence, cloud computing, and software development. Transformation in the Healthcare sector is key strategic initiative adopted across all countered within the region and the demand for healthcare professionals, health management professionals, doctors, nurses, and other healthcare workers is at its highest since the past 20 years.

The banking and financial services sectors, despite being mature and well-established in the region, we can see that there is still a huge demand for professionals with expertise in areas such as corporate finance, investment banking, asset management, and financial analysis.

With all the new construction projects, the demand for engineers  is on the rise.

Infrastructure projects and investment in capital projects is also on the rise and with all the new construction projects the demand for engineers with expertise in areas such as industrial engineering, mechanical engineering, etc is also on the rise.

The Hospitality and Tourism agendas in the region across most of the countries, especially in KSA and UAE to become popular travel destinations have also created a high demand for speciality calibres skilled in the hotel management, hospitality & tourism management as well as entertainment & event management professionals. The heavy and increasing focus on the ESG agenda within the region and the mega initiatives adopted and sponsored by the region’s leadership towards sustainability and environmentalism has also created a growing demand for professionals with expertise in areas such as green & renewable energy, environmental management, CSR and sustainable development. In summary, the demand for professional and skilled talent required within our region is a reflection of structured investment and strategic transformation of the growing economies and restructuring of key sectors which is a positive indicator towards our region’s growth.