Key Highlights of the Month
The Gulf’s foundit Insights Tracker (FIT) recorded an 11% annual rise in online recruitment activity, with the index climbing from 128 in October 2023 to 141 in October 2024. Month-over-month, the index remained stable at 140, but a 3% decline over the past six months reflects a dynamic and evolving job market. Despite this, steady annual growth highlights a promising recovery trajectory.
Month-on-Month (MoM) Hiring Trends
Industry Trends
- Education (+12%) saw the strongest growth, reflecting robust demand for learning programs.
- Engineering & Construction (+5%) and Hospitality (+3%) showed steady expansion.
- Declines in Consumer Goods/FMCG (-5%), Healthcare (-3%), and IT & Telecom (-2%) indicate sector-specific challenges.
Functional Area Trends
- Customer Service (+7%) led the functional growth, followed by HR & Admin (+4%) and Sales & BD (+4%).
- Declines were evident in Marketing & Communications (-5%), Healthcare (-5%), and Finance & Accounting (-2%), highlighting budgetary pressures.
Regional Trends
- UAE (+5%) emerged as the top-performing region, with Egypt (+2%) and Bahrain (+1%) also posting gains.
- Contractions were observed in KSA (-4%), Kuwait (-1%), and Oman (-5%), reflecting regional economic adjustments.
Hiring Trends – Industry
11 of the 12 industries monitored experienced annual growth in October 2024.
In Demand:
- Education (+27%) led the growth, driven by the increased demand for online learning.
- Engineering, Construction, and Real Estate (+20%) benefitted from large-scale infrastructure projects.
- Hospitality (+14%) rebounded with a surge in tourism, while Oil & Gas (+13%) saw consistent demand.
- Consumer Goods/FMCG (+12%) and Production/Manufacturing (+9%) were bolstered by strong consumer activity.
Facing Challenges:
- Retail/Trade and Logistics (-4%) faced setbacks due to supply chain disruptions and shifting consumer habits.
Hiring Trends – Functional Area
Recruitment activity expanded across most functional areas.
In Demand:
- HR & Admin (+38%) topped the charts, reflecting organisational restructuring and recruitment drives.
- Engineering & Production (+25%) and Software, Hardware, Telecom (+25%) experienced growth, driven by industrial activity and tech adoption.
- Purchase/Logistics/Supply Chain (+24%) gained momentum due to operational efficiencies.
Facing Challenges:
- Customer Service (-17%) and Finance & Accounting (-15%) faced the steepest declines, attributed to automation and cost-control measures.
- Marketing & Communications (-12%) also contracted due to budgetary constraints.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT), formerly the Monster Employment Index, provides a comprehensive view of online recruitment trends in the Gulf. By analysing millions of job postings across key industries and functional areas, FIT offers invaluable insights for job seekers and recruiters alike. For more details, visit founditgulf.com.
