47% of employees would sacrifice their paid vacation for a higher salary
Dubai, United Arab Emirates – 05 March 2017: Businesses in the UAE are inclined to follow the footsteps of their peers in European markets by increasing their hiring of talent on a “gig” basis, helping them operate more flexibly and bring in specialist skills. New research from Oracle reveals that 64% of HR leaders in the UAE believe the ‘gig economy’ approach will reduce long term costs associated with recruitment and training.
The survey uncovered the trends shaping the global development of the ‘gig economy’, an environment where the number of temporary or short term contract positions available is common.
The survey found 48% of HR directors in the UAE believe the ‘gig’ approach will allow them to develop a broader and more specialist range of skills. Forty six percent also said having to invest less in recruitment will provide them with better training and development opportunities when compared to hiring only full-time employees.
That said, a significant number of companies remain unconvinced by the concept of gig economy. Only one third (34%) plan to hire more temporary employees by 2020 and nearly half (48%) view the gig economy as a passing fad or believe it is not broadly applicable to their industry.
Swami Natarajan, SaaS Sales Development & Strategy Leader – ECEMEA, said: “Over the last few years, the UAE has seen a significant number of strategic initiatives and economic reforms. As businesses continue to explore new opportunities to diversify revenue streams and deploy transformative business models, they need a fluid talent pool to meet the accelerated demand for specialized skills. As HR leaders continue to play a more strategic role in the boardroom, they need to rethink talent development to recruit skilled candidates at shorter notice and help the organization stay on top of multiple projects.”
As organizations globally continue to see the merit in adopting a gig economy mind set to recruitment and talent development, HR leaders in the UAE will be tasked with evaluating the value of undertaking these initiatives in the face of rapid economic development.
Oracle partnered with Opinium Research to poll businesses and employees in EMEA about their outlook on the gig economy and the rise of contract work. Fifty HR Directors and three hundred employees in the UAE were surveyed as part of the research.