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Join Date: 05 Mar 2015
Location:  OmanPosts: 24 |
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Salary increases in Oman showcase GCC’s growth upswing |
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Salary increases in Oman showcase GCC’s growth upswing
Dubai: Tier-one executives in Oman are paid between OMR12,702 ($33,027) and OMR14,585 ($37,921) per month across all sectors, a market research survey has revealed. With the Gulf Cooperation Council's economic growth once again on the upswing, pay packages are now rebounding to former levels, after a fall in 2014. According to market research, average incomes across the region and across different sectors have registered a 7 per cent surge in 2015. Meanwhile, top-tier executive salaries have seen a whopping 39 per cent hike in some sectors in the GCC. CEOs in the construction sector – incidentally, the highest-paying sector for senior management executives in the region – now get up to OMR461,940 ($1.2 million per annum) as basic pay. "The construction and real estate sectors have experienced exponential growth last year. Top-level executives in these sectors are now in a position to reap the benefits of the momentum. Companies too stand to benefit with the value these talented executives are capable of adding to in leading organisational development and augmenting income," said Mohamad El Turk, Partner at Rasd. The pioneering regional executive search firm boasts of 25 years of market experience in the GCC and specialises in connecting quality leadership talent with enterprises serious on building organisational capability in high growth markets. Confirming this, an owner of a construction company, Rashid Khalfan, said that salaries in the construction sector in Oman have risen, as they have experienced exponential growth over the last few years. "You have to pay more to get the best talent on board," he said. Lagging slightly behind the construction sector in top-level executive pay scales are the commercial banking sector's CEOs, who earn basic incomes of anywhere between OMR230,879.99 ($600,000) and OMR384,950 ($1 million.) Meanwhile, executives within the real estate, consumer goods retail and automotive sectors are now drawing anywhere between OMR134,680 ($350,000) and OMR211,639.99 ($550,000) per annum. "Another trend we're noticing is the need for candidates who have a profound understanding of local market dynamics. A trend that is driving companies, that are particular about their requirements, to invest in attracting talented indigenous executives who understand the corporate and cultural challenges and, as a result,are able to capitalise on the promising economic outlook in the region," added El Turk. Once again, this year Saudi Arabia and Qatar remain the highest paying countries within the GCC, especially for professionals in CEO-level roles. Nadim El Said, Managing Partner at Rasd, explained: "The cultural component plays a big role when hiring in GCC countries. Multinationals are willing to pay significant amounts, especially for highly skilled leaders who also exhibit cultural-compatibility. This trend is even more pronounced with local groups and conglomerates, who seek leaders possessing a deep understanding of the region and who can communicate effectively with native stakeholders." Source:timesofoman http://www.timesofoman.com/News/51789/Article-Salary-increases-in-Oman-showcase-GCC%E2%80%99s-growth-upswing |
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