CEO Challenges and Growth Strategies: Insights from the UAE Job Market

According to a comprehensive study by Cooper Fitch, talent recruitment and retention are paramount concerns among CEOs in the United Arab Emirates (UAE), with over half citing it as the primary obstacle to growth. 

As the UAE economy witnesses robust post-pandemic growth, CEOs navigate a competitive job market, prioritizing product and service expansion and fostering diversity within their organizations. 

Additionally, the report sheds light on bonus expectations, revealing insights into compensation trends among regional executive leaders.

Talent Acquisition and Retention:

The study underscores the formidable challenge of talent recruitment and retention, with 52% of UAE CEOs identifying it as a significant obstacle to growth. 

The competitive job market, spurred by robust economic expansion, has compelled companies to explore innovative strategies, including remote work arrangements, to attract and retain top-tier talent amidst escalating salary expectations.

Expansion Strategies and Diversity Initiatives:

Despite the economic resurgence, 43% of UAE CEOs prioritize product and service expansion as a pivotal component of their growth strategies for 2024. 

Notably, diversity and inclusion initiatives feature prominently on CEOs’ agendas, with 65% implementing clear strategies for including female executives, underscoring a commitment to fostering diverse and equitable workplaces.

Bonus Expectations and Remuneration Trends:

The survey delves into bonus expectations among CEOs, revealing a spectrum of anticipated changes in compensation. 

A significant proportion (29%) anticipates a modest uptick of between 1% and 10% in their 2023 bonuses, with a notable 4% expecting a doubling of their bonuses year on year. 

Moreover, bonus structures vary, with 27% of CEOs expecting bonuses equivalent to 1-3 months of their annual salary, while others anticipate bonuses ranging from 4 to over 12 months’ pay.

Regional Comparisons and Industry Insights:

The report offers comparative insights between the UAE and Saudi Arabia, highlighting variances in bonus expectations and remuneration trends. 

Notably, Saudi Arabia outperforms the wider region, with a significant proportion of CEOs reporting substantial bonuses equivalent to 4-9 months’ pay, signaling positive prospects for the Kingdom’s economic landscape.