RELATED — Saudi Arabia salary guide 2022: how much should you be earning?
Hiring activity in Saudi Arabia is expected to accelerate in 2022, driven by a strong economic recovery from the Covid-19 pandemic and the kingdom’s Vision 2030 plan that has already created more than half a million new jobs, according to recruitment company Hays.
Optimism is at an “all-time high” in the Arab world's largest economy, with 79 per cent of employers feeling positive about the outlook for business, Hays said in its 2022 Saudi Arabia salary guide.
“Two years on from the pandemic, the job market in Saudi Arabia has certainly bounced back,” Aaron Fletcher, business manager at Hays Saudi Arabia, said on Wednesday.
Saudi Arabia's swift response to the Covid-19 pandemic has softened the blow of the global crisis on the country's economy, which is now expected to grow 4.8 per cent this year after expanding 2.9 per cent in 2021, the International Monetary Fund said.
The growth will be buttressed by a strong rebound in the kingdom's non-oil sector and investment from its sovereign wealth fund, the Public Investment Fund (PIF).
“New and ongoing initiatives surrounding Vision 2030 and the PIF megaprojects are driving growing opportunities in the job market, as well as multiple start-ups and MNCs [multinational corporations] establishing headquarters in region,” Mr Fletcher said.
Over the past four years, Saudi Arabia has created 555,000 new jobs as part of its plan to develop $1 trillion worth of new projects to meet its Vision 2030 plan of diversifying the economy away from oil, according to the General Authority for Statistics.
The kingdom's sovereign fund is a major part of the Vision 2030 initiative that seeks to diversify Saudi Arabia's economy and reduce its reliance on hydrocarbons. In 2021, the fund launched a five-year strategy, with the aim of doubling its assets to $1.07tn and plans to invest a minimum of $40 billion a year into the domestic economy until 2025 and create 1.8 million jobs.
Business activity in Saudi Arabia’s non-oil private sector economy gained further momentum in February, shaking off Omicron-related uncertainties as new business rose amid robust consumer demand.
In February, a study by recruitment specialist Cooper Fitch found that new jobs growth across the GCC region will continue to strengthen in 2022, driven by sectors such as cyber security, digital, real estate and banking.
Job creation in the region surged 18.3 per cent in the third quarter of last year, while growth in the fourth quarter edged up 2 per cent in a reflection of the market during the holiday period, Cooper Fitch said in its Gulf Employment Index.
Meanwhile, 80 per cent of employers in Saudi Arabia intend to increase their workforce this year, compared with 43 per cent in 2021, the Hays report said.
“As an emerging economy, many companies are entering the market now to secure their place and establish a market share ahead of the anticipated boom,” Mr Fletcher said.
“As a result, we are seeing opportunities pick up across all sectors.”
The most in-demand roles include business development directors and digital transformation specialists, who have the skills to implement streamlined, automated business processes and contribute to a company's bottom line from day one, Mr Fletcher said.
There is also strong demand for design and pre-construction professionals to work on new construction projects in the kingdom, as well senior legal professionals to close business transactions on megaprojects, he added.
“Generally speaking, candidates most in-demand in Saudi Arabia include those with industry qualifications, years of like-for-like experience in both local and international markets and strong commercial skills for making informed business decisions,” Mr Fletcher said.
business manager at Hays Saudi Arabia
“As such, we have seen demand to be highest for senior-level professionals who are equipped with the relevant years of experience and who have the leadership capabilities to drive commercial success and deliver projects on budget and on time.”
However, employers in the kingdom expect there will be a shortage of candidates with technology and leadership skills in 2022 and their higher salaries reflect the competition for top talent, the Hays report said.
“Competition among employers for the most highly skilled professionals is fierce and salary, of course, is a big factor when looking to attract the top talent,” Mr Fletcher said.
“That being said, flexible working options, career development opportunities and efficient onboarding processes all have significant impacts on talent attraction and must be considered by employers.”
What are the highest paid jobs in Saudi Arabia?
- Accountancy and finance: Chief financial officer — 90,000-140,000 Saudi riyals (per month)
- Construction and property: Urban planning director — 60,000-100,000 riyals
- HR: Chief human resources officer — 100,000-150,000 riyals
- Legal: Chief legal officer — 100,000-140,000 riyals
- Manufacturing: General manager — 70,000-90,000 riyals
- Marketing: Chief marketing officer — 100,000-150,000 riyals
- Oil and gas: General manager — 80,000-120,000 riyals
- Engineering: Reservoir/exploration/production engineer — 55,000-75,000 riyals
- Procurement and supply chain: Supply chain director/procurement director — 55,000-75,000 riyals
- Sales: Country director — 80,000-120,000 riyals
- Technology: Chief technology officer — 50,000-110,000 riyals
Source: Hays Saudi Arabia
