Banking Jobs – Sector Update for Dubai & Middle East

The whole profit of the issuance of money has provided the capital of the great banking business as it exists today. – Frederick Soddy

When it was announced only last week that financial newswire Bloomberg were to double their Dubai workforce to 90 it set me thinking. Was this a strategic, simply geographical decision, or , in fact does it mean that there must be more to report on. More financial news means more finances, right?

Well, it remains to be seen, and as someone with first hand knowledge of the current Dubai banking jobs sector, pickings are not exactly ripe out there for the third quarter of 2009. Any body out there looking for a financial career change in Dubai or the Middle East is definitely going to have to work harder than they would have had to have previously.

Most global banks have retrenched or made staff redundant over the past 6 months with very few exceptions. Many of these roles, usually, within sales, had become superfluous as the credit tap was turned off. Wealth Management departments have also suffered as investors have turned more cautious during current economic woes.

As reported by ArabianBusiness.com this week; ‘The UAE economy may be in for a “pleasant shock” in 2010’ said Marios Maratheftis, regional head of research at Standard Chartered Bank ,

“To be honest I was much more nervous this time last year than I am now,” he said.

CEO & Director Jobs – Outlook for Dubai & UAE

The best CEOs in our research display tremendous ambition for their company combined with the stoic will to do whatever it takes, no matter how brutal (within the bounds of the company’s core values), to make the company great. Yet at the same time they display a remarkable humility about themselves, ascribing much of their own success to luck, discipline and preparation rather than personal genius. – Jim Collins

If you operate at a senior or Director Level within the Dubai and UAE business sphere, the prospect of finding another director or CEO job, if you are looking for a career change is a tricky option.

Senior executives in global organisations are finding themselves displaced as Middle East sectors restructure whole departments with some senior roles being consolidated with others.

It’s a given fact that the talent pool at director and senior executive level is shallower, just by the law of averages, but that also means that there are fewer jobs to go around. When there are then fewer jobs to go around, in lean economic times that talent pool becomes rather crowded.

It’s not all doom and gloom though, we are told. Thousands of employees in Dubai lost their jobs over the past year as companies trimmed their payrolls in the wake of the financial crisis, but there are signs that hiring is starting to pick up again. However, experts remain cautious about predicting when, if ever, there will be a return to the hiring levels that existed in the emirate prior to the downturn.

The Power of LinkedIn Networking

For any professional out there who knows their way around the cyber ether, it seems the world has gone social media crazy. You probably spend much of your working week catching your employees on Facebook and Twittering away, if you haven’t had the sense to put a corporate ban on the ultimate timewasters.

But it’s not all a waste of time, trust me it’s not. For all you networking cynics out there who claim it’s only for teenagers, bored housewives and , well, sad men, think again. There is one Social Media Site you need to know about.

If you’re not LinkedIn, you’re pretty much locked out. Linkedin.Com is a powerful networking tool for professionals. Harness the power of a network of connections you build and help yourself to industry tips, news, career opportunities and so much more.

Network It

The clichéd phrase ‘It’s not what you know, it’s WHO you know’ is as old and overused as the day is long. But it’s clichéd for a reason. No man is an island, to coin another oft used maxim, and whatever our experience or skill set, we need others to help us along the way.

But it needn’t be a case of a human ladder with a huge dose of nepotism. Think of others as a support network, not dissimilar to what you might have in your personal life. Very few of us could live without a network of family and friends out of work hours. Your career should be no different.

The benefits of a professional network are huge. In the 21st century it’s important to cultivate a close, likeminded group of individuals to whom we can turn for a myriad of uses, and return the favour.

The CEO Leadership

CEO Leadership

It’s not easy at the top…

This article, Three rules for brand-new CEOs, intimates that life at CEO level may not be all rosy. It’s a given that the higher the salary or fatter the package, the nearer the buck stop is, until ultimately, you are the carrier of a multi million dollar weight on your shoulders. As an incoming CEO, it’s pretty obvious you would have pretty big shoes to fill, right? It’s a given also, like anyone following the path of an executive career, that your followers would have an ‘adjustment’ period, to the new ways and personalities of the new boss.

So, if a new CEO announcement should draw kudos rather than derision – how does it work here in the Middle East? It’s a fact that many senior management positions in local organisations are not acquired via work experience, and length of CV. Even if you come to the role with years of loyal service and the esteem of your colleagues, the transition can be fraught.

Love The Career, Love The Money

It’s all about the money…

Do you work for love?

Now I’m sure some people do, but human nature dictates that for most of us, the monthly paycheck can’t come soon enough.

In all seriousness though, I wouldn’t like to think that too many of us were slaves to the salary alone. By its very definition ‘work’ isn’t something that’s meant to be a hobby or what we’d choose to do as a hobby. Still, there has to be some element of enjoyment in your daily grind, an inkling of career related satisfaction at least?

As the economy shrinks, more and more people are looking for better paying jobs and seeking out opportunities within niche markets where they can find them.

Battle Your Way to the Next Executive Position

Have you held various executive positions over the years of your career? CFO? CEO? COO? You may have the skills and expertise in all these areas and more. But let’s buff your experience with a couple of simple steps to compliment your profile.

Aside from building that focus into your resume, you may also want to choose a specialty to concentrate on, network with past and future professionals, or build that personal brand you’ve always wanted.

Let’s take a look at these simple yet effective steps towards your next executive career.