How effective is GCC local workforce policy?
Manama, February 4, 2014
Two thirds of Middle East employees in the financial sector agree that the effort by their companies to recruit nationals respective to the UAE, Saudi Arabia, Kuwait and Qatar is working, a report said.
Meanwhile, three quarters of employees (75 per cent) working in financial services are aware of their company’s policies towards a local workforce, added the Localisation of the Workforce survey conducted by eFinancialCareers, a leading financial services careers website.
The survey gauges employee sentiment towards the recruitment of locals across the GCC in the financial sector.
Four in 10 (42 per cent) claim their company is not meeting its quota despite the fact that nearly six in 10 (57 per cent) agree that their company’s workforce localisation strategy is aligned with the corporate objectives.
The jury is out on whether Emiratisation is useful, with nearly half (45 per cent) also claim it is not adding value to the business.
The survey also examines those areas where localisation would add the most value. Two thirds (66 per cent) claimed it was the front office, compared to only 14 per cent for the back office.
Asked at which level locals were being recruited, over half (53 per cent) of respondents indicated this was happening at graduate level which puts an onus on financial institutions to ensure a retention strategy follows on from the recruitment plans.
James Bennett, global managing director of eFinancialCareers, said: “Emiratisation is a key focus for governmental entities across the UAE, and major banks such as the Emirates Islamic Bank are making it central to their talent development strategy.”
“Emiratisation, however, can be a challenge for recruiters. There are just not enough experienced and trained UAE nationals to meet the talent requirements of the financial industry, and this will only get harder with the Government’s new targets,” he added. – TradeArabia News Service