Following the recent trade agreement between UAE and India which is expected to boost bilateral trade between the 2 nations to over $100 billion in the next 5 years, it has become all the more important to look at the long-standing relationship these 2 nations share. Today UAE and India share political, economic, and cultural links. There are over a million Indians in the United Arab Emirates, being by far the largest migrant group in the country.
The UAE recently recorded one of the most robust hiring booms globally, with hiring rates almost 36% higher compared to the last year, and the expanding digital drive coupled with the expanding startup incubation in the UAE, it has become an attractive destination for expatriates from all around the world to come and work. The UAE government’s initiatives in offering long-term residency visas for freelancers; as also its cost-effective and business-friendly packages for establishing startups are playing a big role in attracting talent and startup entrepreneurs from India.
The UAE continues to be a global talent magnet, ranking fifth in the world for total talent inflow after the US, the UK, Canada, and France. After the recent relaxations in the visa norms, it is evident, that the UAE government is making a strong push towards making itself a haven for top talent from all over the world.
India in itself is experiencing an upward hiring trajectory, with a record 22 percent year-on-year growth in June 2022 compared to last year. With the Indian economy growing steadily, the job market is also seeing a consistent uptick in hiring activity across key sectors and cities. This upward trend is a positive indication as a significant proportion of new job opportunities are being created for professionals across sectors and experience bands. India is home to a massive consumer base, and the working-age population is soaring. The global corporate arena is swiftly turning to the Indian talent pool due to several push-pull factors like problem-solving, digital literacy, relentless hard work, and the ability to adapt to new technology. Transition is the law of nature, and Indian talent has the potential to circumvent this global transition.
Hiring Trends in India
• Sectors leading hiring for freshers include travel and hospitality (+158 percent), retail (+109 percent), insurance (+101 percent), accounting finance (+95 percent), BFSI (+88 percent), and education (+70 percent).
• Growth in hiring sentiment was also observed for other experience brackets such as 4-7 years (+19 percent), 8-12 years (+17 percent), 13-16 years (+21 percent), and over 16 years (+17 percent) in June’22 v/s June’21.
• Other key sectors that saw an uptick in YOY trends are insurance (+48 percent), education (+47 percent), real estate (+46 percent), auto (+37 percent), and oil and gas (+36 percent) while telecom and pharma/biotech remained flat.
Hiring trends in the UAE:
• The job market in the UAE, the second-largest Arab economy, has recovered strongly from the pandemic-induced slowdown on the back of the government’s fiscal and monetary measures.
• Sectors in the UAE with the highest recovery in hiring levels include healthcare, software, and information technology, all of which saw recruitment pick up after the immediate onset of the pandemic
• The retail, recreation, and travel industries have also recovered and are above pre-pandemic levels; while other sectors such as construction, energy, and mining are yet to catch up
• Many employees switched their careers in 2021 to become “professional and personal coaches”, leading to a 208 percent growth in these roles compared with the previous year.
• Women now make up a greater share of the UAE workforce, climbing to 29 percent in 2021 from 23 percent in 2011. This makes the Emirates one of the top-five most-improved countries in the world in terms of female representation in the workforce
With both nations leading the global corporate arena in terms of employing greater and higher quality talent, it will be interesting to see what lies in the near future. Both nations are equally capable and well equipped to grow and contribute to the global economy. Exciting times lie ahead!
Peergrowth!
