Online job postings in the UAE dropped by 35 per cent year-on-year in November 2016, according to a new survey by jobs site Monster.com.
The monthly Monster Employment Index found that the banking, financial services and insurance industry saw the slowest growth in online recruitment, with a year-on-year drop of 39 per cent in November.
Hospitality followed with a 37 per cent decline in online job listings, while retail, trade and logistics also noted a fall of 35 per cent.
The index also found that the education sector saw the least decline year-on-year at 1 per cent, while online job postings fell by 8 per cent in the chemicals and production industries.
“With the uncertainty surrounding the new oil production cuts by OPEC and the strengthened US dollar, it appears that UAE businesses are taking a cautious approach to growing their workforce,” said Sanjay Modi, managing director, Monster.com, APAC and Middle East.
“However this is likely to change in 2017 as confidence is restored with more stable market conditions.
“While online hiring activity in the UAE currently remains very low, the movement of employees and employee talent gaps will create more opportunities but higher competition for job seekers, making it important for job seekers to find ways to stand out,” he added.
According to recent research conducted by Hays, 14 per cent of UAE employers claim they do not have the talent needed to achieve next year’s objectives.
Another study by Manpower Group also found that over two thirds of surveyed employers are looking to expand their workforce in the coming 12 months.
“With employees leaving and employers in need of relevant talent, job opportunities are likely to rise in 2017,” Monster said.
The index also found that in the wider Middle East region, online recruitment was down by 44 per cent year-on-year in November with the hospitality sector posting the largest decline at 66 per cent.
The only sectors in the region to post growth in online job postings were consumers goods/FMCG at 8 per cent and IT and Telecom at 5 per cent.