It makes sense to have a co-chief executive during early stages of a business to help share the workload and improve efficiency. Alamy
It makes sense to have a co-chief executive during early stages of a business to help share the workload and improve efficiency. Alamy
It makes sense to have a co-chief executive during early stages of a business to help share the workload and improve efficiency. Alamy
It makes sense to have a co-chief executive during early stages of a business to help share the workload and improve efficiency. Alamy

LinkedIn says soft skills in high demand as hiring picks up in certain sectors


Kelsey Warner
  • English
  • Arabic

The worst of the hiring slump is over in the UAE and the most in-demand skills are changing to better handle crises, according to data from LinkedIn.

"We have noticed an increase in the demand for soft skills and a higher emotional quotient [EQ]," Ali Matar, LinkedIn's head of the Europe, Middle East and Africa emerging markets, told The National.

"During a time of uncertainty, we have seen an increase in members adding critical thinking and crisis management to their skill list, as it became apparent that employees who are able to adapt quickly and be creative problem solvers are revered in an economic crisis."

The Covid-19 pandemic, declared by the World Health Organisation on March 12, devastated the global jobs market as lockdowns and travel bans adopted to contain the public health crisis disrupted livelihoods and supply chains. The labour body of the United Nations estimates that 6.7 per cent of working hours were lost globally in the second quarter of this year – the equivalent of 195 million jobs worldwide.

About half of the UAE's adult population, four million people, are members of LinkedIn, which shared its jobs and hiring data for the 12 months to the end of July with The National.

With certain sectors struck particularly hard as a result of the pandemic, LinkedIn observed a trend of professionals shifting industries, possibly for good.

Those working in the recreation and travel industry were five times more likely to apply for a job outside their field during the 12 months ending in July. In the retail sector, people were 2.1 times more likely to apply for a job in a sector other than their own.

Looking at labour statistics predating the coronavirus pandemic, LinkedIn found a gap between workers in industries with declining job opportunities – in part, due to automation – and workers with in-demand job prospects. It found that workers with in-demand jobs tend to stay in high-demand roles, even when they change jobs.

"For workers with jobs in decline, there's a negative feedback loop: the majority of career transitions they make are into another declining job," Mr Matar said.

"Today, it's all the more important to zero in on these transitions since coronavirus has put so many of the declining roles at even greater risk," he added.

In the UAE, the top three skills following the outbreak of the pandemic have been analytical skills, project management and communication, according to LinkedIn.

"Looking at millions of job postings, soft skills such as these are crucial in the current economic climate," Mr Matar said.

After the drop in the UAE’s hiring rate between the months of March to May (hiring fell to 62 per cent of last year's level in April), there has been a period of recovery as the rate began to rise again steadily in late June and July when the lockdown was lifted.

The software and IT sector saw a 44 per cent increase in the share of job postings for the period of May-July 2020 compared with the year before. To build the workforce that will carry organisations into the new digital, post-pandemic world, employers are looking for critical skills in the field of IT and technology.

Technology skills are important, but they have a shorter-than-average lifespan and it is easier than ever to acquire the skills needed, Diana Wu David, the founder of Future Proof Lab in Hong Kong and a partner at the Future Work Forum, told The National.

She said that today's workplace – and increasingly workplaces in the future – will demand interdisciplinary skills.

"Someone crunching the data now needs to know how to do some storytelling around that data. The roles are blurring," she said.

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

THREE
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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.”

Race results:

1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min

2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec

3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec

Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press