Many Gulf states are implementing new national hiring targets which combined with changing labour requirements mean that the GCC’s banking sector needs to focus its recruitment to ensure more Gulf nationals are employed in skilled roles. This initiative is particularly critical in the banking and financial services (FS) sector, where hiring local candidates will help to create a robust talent pool of skilled professionals who can contribute to the sector's growth and innovation.
The private sector in the Gulf is expected to play a significant role in the region’s ongoing development strategies. Integrating nationals into key financial positions promotes inclusive growth and ensures that the leadership and decision-making processes within the banking and FS sectors reflect the interests and perspectives of the local population. This article explores effective strategies for meeting these hiring targets and bridging current and future skill gaps effecting the GCC banking sector and financial institutions.
Background on Hiring Targets in the Banking Sector
Let’s explore the ambitious new national hiring targets in more detail. In the UAE, 12,000 businesses with 50 or more employees have been notified of new targets to raise Emiratisation rates by 2% annually for skilled roles. It is hoped that by implementing these targets they can achieve an overall rate increase of 10% by 2026. For smaller private sector companies, with between 20-49 employees the target is to hire at least one UAE citizen starting in 2024, and at least two by 2025.
There can be strict financial penalties for companies that fail to meet these requirements, with fines of AED 96,000 in 2024 and AED 108,000 in 2025 for non-compliance. The government hopes that by implementing these targets they can achieve an overall rate increase of 10% by 2026.
More specifically for banks and FS institutions, businesses are expected to meet additional targets. They must achieve:
- 45% of their total employees to be Gulf nationals by 2026
- 30% of senior executive roles to be filled by GCC nationals by 2026
In Saudi Arabia similar targets have been set for skilled roles, with private sector businesses expected to allocate 25% of new engineering roles to nationals from June 2024. Qatar’s National Development Strategy 2024-2030 is focused on providing greater private sector employment for the 50,000 Qataris expected to enter the workforce.
The banking sector in Kuwait has already achieved significant progress in meeting hiring targets, having been praised for surpassing hiring targets with 79% of its workforce being made up of national workers.
Challenges for Banks and Financial Services in Meeting National Hiring Targets
Meeting these ambitious hiring targets in the GCC banking sector presents several significant challenges to organisations.
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Skill Gaps in Banking and Financial Services: One of the foremost issues is the current skill gaps within these sectors. Globally 75% of banking and FS leaders are struggling to fill vacancies requiring key digital skills and tech expertise. Across the GCC, many nationals may lack the specific technical skills and experience required for various roles in banking and financial services. The rapid evolution of financial technologies and the increasing complexity of financial products and services exacerbate these skill gaps, making it even more challenging to find qualified candidates. Overcoming these gaps means organisations must invest substantially in training and development programs to equip employees with the necessary competencies.
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Recruitment and Retention: Recruitment and retention pose another set of challenges for banks and financial institutions trying to meet hiring targets. Attracting top local talent can be difficult especially when competing with other sectors that may offer more attractive compensation packages or career advancement opportunities. Once hired, retaining these employees requires creating a supportive and engaging work environment that offers clear career progression and professional growth opportunities.
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Balancing Quality and Quantity: Banks must ensure they are not only meeting numerical targets but also bringing in high-calibre talent who can contribute meaningfully to the organisation's success. This balance is essential to achieving sustainable hiring that benefits both the workforce in the GCC and the financial sector itself.
Strategies for Meeting Hiring Targets
Using a specialised recruiter with experience in the banking and financial services sectors and possessing local knowledge and expertise in the GCC is a crucial strategy for organisations aiming to meet national targets and hire quality talent.
In the context of the GCC’s banking sector, a specialist recruiter like Aventus brings a wealth of expertise to the table that spans sourcing, assessing, and placing candidates who meet the stringent requirements of these fields. Their focus on the financial sector and familiarity with the unique aspects of GCC recruitment make them indispensable partners for organisations aiming to fulfil national hiring mandates effectively.
5 of the most important benefits of using a specialist recruiter are:
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Expertise in Sourcing Qualified Candidates: Our consultants have a deep understanding of the local talent pool, especially for GCC National candidates. Our consultants identify, map, engage and maintain relationships with the local candidate pool in their specialist area of banking and financial services. In addition to the local candidate pool, our consultants are equally adept at sourcing highly niche skillsets from a global perspective. This is especially important for highly specialised role such as quantitative skillsets, as well as emerging technology experience in areas such as AI, web3 and cutting-edge Fintech. This benefits our clients as they gain access to the top tier local candidates as well as being able to compare and contrast against a selection of the top global candidates for any given role.
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Deep understanding of the GCC market dynamics: Each of Aventus’ 4 directors have been living and working in the GCC for 15+ years. The majority of our 30+ consultants were hired from the region as well and help Aventus cultivate extensive networks within the regional financial services market and ensure we are aware of the latest trends, challenges and market movements. The benefit to our clients of partnering with a locally founded firm like Aventus is that we understand and appreciate the intricacies of the GCC market and can help our clients navigate the specific regional challenges. Safe in the knowledge that we have a long track record of getting the job done for similar banks and financial institutions in the region.
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Tailored Recruitment Strategies: Each industry has unique hiring needs, and the banking and FS sectors are no exception. We have developed tailored recruitment strategies that meet the specific demands and regulatory requirements of these sectors. Because we understand the nuances of the industry, we can secure you a better match between the job requirements and the candidates' qualifications.
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Streamlining the Hiring Process: The recruitment process can be time-consuming and resource intensive. Aventus streamline this process by handling everything from initial candidate screening to final placement for you. By closely managing the recruitment pipeline we lower your time-to-hire and reduce the administrative burden on your HR department, helping you meet your hiring targets on time.
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Developing Employer Branding: By promoting the company’s strengths and values in a way that resonates with local candidates, we can enhance your employer brand. We understand the cultural and professional aspirations of GCC job seekers and can position you as an employer of choice.
Beyond the immediate advantages in sourcing and hiring, specialised recruiters also contribute to long-term recruitment and retention through identifying training needs, helping organisations design clear career progression paths, offering insights and strategies for creating an inclusive workplace culture and using advanced HR technologies and data analytics to improve the talent management. All of which can be critical for attracting and retaining local talent and meeting national hiring targets.
At Aventus we are the recruiter of choice for banks and financial services institutions across the GCC. Our network of high quality mid-to-senior level candidates combined with a reputation for discretion and quality service, mean we are perfectly placed to help you with all your talent needs.
Find out more about our services, or contact one of our expert consultants to discuss your hiring needs.