Thursday, May 24, 2018

Accounting and IT Professionals are in high demand in 2018

Implementation of VAT in the Gulf region will continue to boost the demand for VAT experienced professionals.

Demand for technology and accounting jobs is on the rise across the UAE as businesses continue to invest in massive digital transformation, cybersecurity, big data and cloud infrastructure projects, in addition, to ensure a VAT-complaint system in place.

Recruitment firms affirm that the demand for IT and accounting jobs are here to stay as most of the Gulf countries look set to introduce value-added tax (VAT) by next year following its successful implementation in the UAE and Saudi Arabia in January this year.

Similarly, headcount for IT-related roles is bound to further increase as more and more organisations are leveraging the opportunity offered by the Internet of Things (IoT) innovation and blockchain popularity.

Referring to recent Robert Walters Middle East jobs index, analysts are of the view that there is a shortage of lawyers and tax experts in the region as the adverts for professional positions increased by 25 percent between the fourth quarter of 2017 and first quarter of this year. They said VAT experienced accountants, CAs, CFAs, economists and legal professionals are in demand in the region.

According to the latest Monster Employment Index, there has been a two percent increase in online hiring within the financial services sector between the fourth quarter of 2017 and first quarter of 2018. The sector registered a year-on-year growth of 30 percent in March 2018.

The IT industry continued to exhibit restrained hiring, charting a 4 percent decline between the fourth quarter of 2017 and first quarter of 2018. However, recent month-on-month hiring is optimistic; the sector registered a 3 percent growth in February 2018 and a 2 percent increase in March 2018. There has been a nine percent growth in online hiring activity between March 2017 and 2018. This is unsurprising given the need for companies in the UAE to hire trained specialists to effectively manage new VAT-related requirements.

Abhijeet Mukherjee, CEO of Monster Gulf, said the UAE businesses are now required to submit tax returns and they must have to recruit the necessary talent to meet the new reporting and compliance obligations.

"Of course, this is not only businesses, but we have even seen the UAE government planning to create a 'tax team' and the Ministry of Finance announcing 28 tax-related positions," Mukherjee told.

Endorsing the similar positive sentiment, Neil Clark, vice-president - technology division at TASC, said there is demand for key jobs following the introduction of the VAT and ongoing digital transformation in the corporate sector.

"We have seen an increased demand for technology and IT roles in banking, airlines, logistics, e-commerce, pharmaceuticals and other industries. With more and more businesses focusing on digital transformation, this comes as no surprise," Clark said.

Overall, he said there has been a 12-13 percent increase in demand for new jobs, mainly driven by an increase in IT positions. "There continues to be an increasing demand for expertise in technology functions. Some of the popular IT roles have been programme and application developers, data scientists', business intelligence analysts, ERP planners, project managers, IT security managers, cloud architects, business analytics experts, and taxation specialists.

"Individuals proficient in SQL/Oracle database, or professionals with knowledge of the hottest technologies in the market - such as Microsoft Dynamics CRM, AX - will stand to benefit," he said.

Vikas Panchal, business head at Tally Solutions in the Middle East, said implementation of VAT has led to the creation of more job opportunities in the market, which would lead to the economic growth of the country.

"In times to come, more and more businesses will realise the importance of automation and streamline their operations. This would help them bring discipline and better control, leading to profitability. The rise in automation would mean the need for IT and associated services. Our journey in the UAE has only just begun," he said.

Divyang Bhandari, director taxation and advisory, Manage MYVAT said the advent of VAT definitely means that there will be a surge in demand for specialists in the taxation and IT domains resulting in job creation.

"Specific to IT, support of specialists would be required in the areas of data capture, data validations, data analytics, MIS, process automation, bug fixing and product upgrades. Before products are ready for sale, support would be needed for testing," he said.

In addition, he said resources would be required on an ongoing basis to keep up with changing regulations and continuous auditing of processes to avoid penalties. This could result in demand for qualified professionals in the field of accounting and taxation.

In the fourth quarter of 2017, IT sector recorded a two percent decline over third quarter 2017 while financial services sector witnessed a 12 percent increase. This can be attributed to the challenging economic climate and fluctuating oil prices in the UAE last year.

"We started to witness a positive change at the tail-end of last year given the inevitable implementation of VAT at the start of 2018. This was reflected in the latest MEI which demonstrated strong Q1 2018 results within the IT and financial services sector," added Mukherjee.

The Monster CEO sees hiring within the financial services and IT sectors continue to increase. The IT sector is recording a month-on-month growth of two percent while the financial services are growing at a slightly slower, but stable one percent.

"We would expect this growth momentum to continue as we move further into 2018. As more and more companies, both large and small, begin to take the necessary steps to become tax compliant, IT departments must evaluate if enterprise financial platforms currently in place are capable of supporting VAT requirements, while finance specialists must develop innovative tax strategies and identify potential tax risks," Mukherjee said.

Sunday, May 20, 2018

UBS to hire 3,000 people in India

Swiss money-management giant UBS will double headcount in India to 3,000 people by the end of this calendar year, group chief financial officer Kirt Gardner told.

The world’s largest wealth manager is shifting its strategy from outsourcing to setting up captive centres in India to house key processes in functions as crucial as finance and accounts, branding and marketing, and human resources, Gardner said. “India is a significant part of our talent and technology strategy. We are setting up more captive centres here with the addition of a new one in Pune.”

UBS already has two captive centres in Mumbai and Pune. The bank is also ‘studying’ regulatory developments that could pave way for it to re-establish a wealth management presence in the market, according to Gardner, though he did not elaborate on the timing or the construct within which it could offer these services.

Stock market regulator Sebi, through a circular on February 15 titled “easing access norms for foreign portfolio investors”, said it would allow wealth management arms of private banks to invest in securities on behalf of their offshore clients.

“We are impressed with the ease of doing business in India in the past three years and consider this to be a strategic market for us,” Gardner told. To be sure, he cautioned that while the overall outlook on India remained positive, the outcome of general elections next year was being closely monitored by investors.

“We went through an exercise in 2012 to streamline our capital footprint. We pulled out of a lot of structured and fixed income businesses and streamlined our rates footprint and credit footprint,” Gardner said.

The bank, which manages more than $2 trillion of assets for wealthy individuals and families, said it was noticing key trends that included wealthy Indians diversifying investments globally, showing interest in buying blockchain companies and becoming conscious about sustainability and philanthropy.

UBS expects near-term volatility in equity markets to continue due to economic as well as geopolitical factors such as protectionism.

"Asia will continue to remain the engine of global economic growth", Gardner said, backing his claim by saying that the Asian region had become the second highest contributor to profits for the bank’s global wealth management unit, beating Europe.

Wednesday, May 16, 2018

Walmart India offering Jobs for Professionals

Walmart India owns and operates 21 Best Price Modern Wholesale stores offering nearly 5,000 items in a Cash & Carry wholesale format. Walmart has been looking to make inroads into the Indian markets for quite long. With its billion-dollar deal with Flipkart, Walmart is offering jobs for professionals from various backgrounds like engineering, computer science, communication and finance.

 Walmart CEO Doug McMillon has said that India is a growth market when it comes to e-commerce and that the brand is eyeing to expand in large scale in the future. Walmart aims to have 50 stores in five years in India and more investment would mean more jobs.

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Tuesday, May 15, 2018

Apple is hiring multiple positions in the UAE

If you are a job seeker in UAE, we have some great news for you. Multiple positions have opened up at Apple, across different departments. Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services

The tech company posted opened many positions for the UAE market. These jobs range from a technical specialist, senior manager, the market leader, manager, store editor etc.

The positions up for grabs:

AE-Specialist: Strong interest in technology, particularly Apple products, and agility at learning new products and features.

AE-Technical Specialist: Ability to assess customers’ support needs when they arrive, then provide solutions or refer them to other team members

AE-Senior Manager: Ability to collaborate with the store leadership team to develop strategic plans across multiple business groups, improving the process and surpassing standards to drive the business in the store

AE-Market Leader: Experience building respected leadership teams and developing talent to support business growth.

AE-Manager: Proven ability to drive amazing customer experiences — and results — through team development.

AE-Operations Expert: Ability to think quickly and perform problem-solving tasks, even within changing conditions.

AE-Genius: Ability to maintain composure and customer focus while troubleshooting and solving technical issues.

AE-Expert: Demonstrated proficiency in technology, particularly Apple products, and the ability to quickly learn about new products.

AE-Creative: Ability to teach small groups and coach multiple customers simultaneously.

AE-Business Expert: Knowledge of how businesses use technology and what Apple solutions can offer them.

AE-Apple Store Leader Program: Experience in leadership, whether at work, on a team, or in your community