Return-to-office plans have been pushed back in cities across the US in the face of the Omicron variant. PA
Return-to-office plans have been pushed back in cities across the US in the face of the Omicron variant. PA
Return-to-office plans have been pushed back in cities across the US in the face of the Omicron variant. PA
Return-to-office plans have been pushed back in cities across the US in the face of the Omicron variant. PA

More high-income earners will be working from home this year, study says


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The shift to remote work for high-paying jobs will accelerate this year, a report shows, in defiance of city officials who are desperate to bring workers back and reinvigorate economies.

More than a quarter of all professional positions in North America, largely concentrated in the US, will be fully remote by the end of this year, up from 18 per cent at the end of 2021, Ladders, the career site for jobs that pay at least $100,000, reported.

That means more than 20 million people will not be going back to the office after the Covid-19 pandemic, Ladders said.

Return-to-office plans have been pushed back in cities across the US in the face of the Omicron variant and some employees have been working from home since the pandemic first swept through the country in March 2020.

New York City Mayor Eric Adams and Washington Mayor Muriel Bowser have implored workers to return, but employers in both cities are telling their staff to stay home.

“This life-changing shift to remote work is progressing even more rapidly than anyone thought it would,” Ladders chief executive Marc Cenedella said in the report.

Those who predict workers will return to offices are “fooling themselves”, he said.

Remote work opportunities are especially growing in fields that emphasise technical and organisational skills, Ladders said. Those tend to be in positions for engineers and product and project managers.

A report released this week showed a record 4.5 million Americans quit their jobs in November, highlighting a persistent churn in the labour market.

Resignations and job changes have been on the rise as employers offer perks like higher pay and flexible working arrangements to attract new talent.

Since the start of the pandemic, Ladders has been tracking remote work data from North America’s largest 50,000 employers, not only those with listings on its site. Before Covid-19, about 4 per cent of six-figure-paying jobs were available remotely, the firm said in its quarterly report.

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SPECS
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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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COMPANY%20PROFILE
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if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: January 06, 2022, 4:30 AM