A recent survey of more than 600 executives in the Gulf Cooperation Council (GCC) countries revealed that 53% intend to hire more staff in the next 12 months. Only 13% said they will be reducing staff levels over the same period, while 34% will maintain current staff levels until the second quarter of next year.
The survey comes amidst a flurry of announcements of staff reductions in high profile companies. Yet more than half of top executives in the region - consisting mostly of Managing Directors, Chief Executive Officers and General Managers - are sounding out a voice of reassurance and calm, easing some anxiety off of the more than 13 million expatriate employees currently working in the GCC.
The Doing Business in the Gulf Survey was conducted by the Leaders team ahead of the largest gathering of regional business leaders at the Leaders in Dubai Business Forum in October this year. It asked actual and key decision makers across the GCC questions covering a number of vital economic and management issues, such as investment, recruitment, profitability and global competitiveness.
“Tough times are upon us, but majority of the companies surveyed – around 67% - expect their operations to yield increased profits in the next 12 months,” said Lucy Mountain, Project Director, Leaders in Dubai. “With better than expected performance during the downturn, business leaders are counting on increased profits to help ease the impact of the crisis by providing more employment opportunities.”
Whether the projected profitability can be achieved remains a question, considering current market conditions. This and other issues will be the subject of many presentations and panel discussions amongst business leaders and a high profile list of speakers headed by Nobel Laureate Al Gore and top management guru Gary Hamel at the Leaders in Dubai Business Forum 2009 on October 26-28, 2009 at the Dubai International Exhibition and Convention Centre.
The premiere senior level business conference in the region is sponsored by Philips, The Monarch Hotel, Saxo Bank, Dubai Islamic Bank, Canon, Al Arabiya and BBC World. For more information please visit www.leadersindubai.com.
