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The UAE expects a 50 percent growth in revenue over the next 12 months.

As business rises from the depths of the pandemic, UAE-based enterprises estimate sales to increase by as much as 50% in the next 12 months, with likely gains on recruiting and investment in staff programs.

According to a new HSBC survey, three out of four businesses expect to hire more people in the next 12 months, and they see the predicted “talent war” as critical to achieving ambitious growth goals. Executives think that the struggle for talent is critical to achieving long-term profitability, with nearly 90% of companies questioned in the UAE finding a strong link between staff investment and business success. Thoughts of the Regional Head of Commercial Banking for HSBC, Daniel Howlett resonate with the same.

Over the next 12 months, the companies questioned expect a 25% revenue increase on average, and eight out of ten have already made considerable investments in hiring, upskilling, or training. Executives are well aware that the coming changes will have a significant impact on employee engagement as well as the profitability of the organizations where people choose to work.

The UAE’s business society is one of the most dynamic in the world, it’s always swift to accommodate to changing business situations, this emphasis on employee well-being, training, skills development, and flexible working is a strong indication of a global trend.

The Future of Work

Although salary remains an important element in attracting and maintaining talent in the UAE, with 47% of business leaders citing it as such, CEOs are increasingly concerned about employees’ perspectives, who perceive hybrid working arrangements as a way to promote growth and organizational culture. Managing and supporting staff wellbeing (47 percent), management and leadership in a hybrid environment (41 percent), cyber security (40 percent), and environmental, social, and governance frameworks (40 percent) are the top four areas in which UAE businesses are upskilling their workforce to respond to emerging macroeconomic trends (38 percent).

Customer experience

Businesses in the UAE are the most positive about generating innovation in product and customer service (67%) over the next 12 months, and 74% are optimistic about accomplishing their priority of improving customer experience, which is third highest after Mexico (77%) and China (74%). (77 percent). “Key themes at Expo 2020 include innovations that create possibilities, drive mobility, and nourish sustainability, and they connect well with what UAE businesses think will strengthen their competitive advantage regionally and globally,” Howlett added.

The largest problem for firms in the country in the next months is managing expenses (64 percent), but they also expect hybrid working to make it simpler to handle cost challenges (77 percent), boost employee productivity (76 percent), and increase profitability (76 percent) (76 percent).

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