Survey reveals salaries are “realistic”
MacDonald and Company releases fourth industry salary survey at Cityscape.
The latest salary survey from MacDonald and Company has indicated that earnings and opportunities in 2010 are now at “realistic levels”.
The company’s fourth survey, in collaboration with The Royal Institution of Chartered Surveyors
and Cityscape Intelligence, questioned 1041 real-estate professionals working in quantity surveying, project management, contract management, architecture and in development management sectors.
Commenting on the report, company director Ben Waddilove said the jobs market in the UAE is cautious but sensible and remains attractive to those struggling to find opportuni- ties in Europe.
“The average monthly salary is AED 38,351 (US $10,440), a 1.1% rise on last year. Generally we are seeing a levelling out in the market. Going back to the period 2005-2008, salaries were going up and up. Looking at 2009, they are now at much more realistic levels and the people here want to be here.”
Despite the problems in the industry, the survey found 25% received a rise with average bonuses increasing from AED 50,066 ($13,630) to AED 69,882 ($19,025), although 56% of respondents received no bonus. Redundancies are down 24% and of those made redundant, 78% have already found another job. As many as 44% of respondents believe that the current economic activity will remain unchanged.
Last week, regional news reported job vacancies were increasing for the first time since the recession, with interviews increasing 113% quarter on quarter according to recruitment consultant FiveTen Group.
Commenting on the future, Waddilove said: “The patterns of 2005-2008 will not be repeated in the same way, companies are more cautious when recruiting and now invest in people. They are not willing to hire unless they have interviewed extensively and feel they have the right person for the job.”
