The Deloitte Talent in Banking Survey 2014 UAE in Focus

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1 The Deloitte Talent in Banking Survey 2014 UAE in Focus Among business in the UAE, banking has fallen from second-most popular industry to fourth in just one year. As with most private sector organisations in the Emirates, they are overwhelmingly reliant on expatriate labour. Business 1 from local universities, more than 90 per cent of whom in our sample are expatriates, prefer airports/airlines, software companies and the fast-moving consumer goods (FMCG) sector as places to work. About the Research This report is based on the Universum Talent Survey Universum has been researching career intentions since In , it surveyed about 700,000 and professionals drawn from around 2,000 universities and institutions of higher education in 36 markets. Deloitte examined the survey results from 174,000 business in the 31 markets most relevant to banking: in the Americas, Brazil, Canada, Mexico and the US; in APAC, Australia, China, Hong Kong, India, Indonesia, Japan and Singapore; and in EMEA, Austria, Belgium, the Czech Republic, Denmark, France, Germany, Ireland, Italy, Middle East (defined by Universum as Egypt, Lebanon, Kuwait, Qatar and Saudi Arabia), the Netherlands, Norway, Poland, Russia, South Africa, Spain, Sweden, Switzerland, Turkey, the UAE and the UK. The number of markets included in global and regional averages varies between 24 and 31. Figure 1. Student demographics, the UAE, 2014 All business Bankinginclined Investment banking-inclined Female 61.6% 56.0% 49.4% Male 38.4% 44.0% 50.6% Number of 1, Average age Students studying business-related subjects. 2 Business were presented with a list of employers from a range of sectors. They chose an unlimited list of companies for which they might consider working. Next they narrowed the choice to a maximum of five ideal employers. Banking dips to fourth place Despite the upturn in banking in the last couple of years, the sector has declined in popularity, dropping from second place in the academic year to fourth place in Airlines and airports are most popular employers The UAE s success in becoming an international airline hub is clearly reflected in the ideal employer 2 rankings. Three of the top five ideal employers for business are airlines or airports, including Emirates at number one. Everyone loves Google Google is the second-most popular employer. In this respect, UAE business are similar to their peers in other countries. It is among the top three ideal employers in 15 EMEA markets, mostly at number one. Gender balance bucks trend There are significantly more women than men among banking-inclined 3 in the UAE, while investment banking-inclined are split almost 50:50 between the genders. This is unlike most other EMEA markets, where there is a fairly equal division between men and women among banking-inclined, but most investment banking-inclined are men. Work-life balance and job security are top career goals More than half of banking-inclined in the UAE chose to have work-life balance and to be secure or stable in my job among their top three career goals, out of nine possibilities. a leader of manager of people was the third-most popular aspiration, chosen by 42.9 per cent. Students value professional training and a friendly atmosphere The two attributes that banking-inclined most want from their employers are professional training and development and a friendly work environment. The good news is that they expect banks to deliver well on both. 3 Banking-inclined are a subset who put at least one bank in their top five ideal employers.

2 Banking faces tough competition Figure 2. Industry popularity among business, the UAE 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 15.8% 14.1% Transportation and Logistics 10.3% 12.5% Fast-Moving Consumer Goods (FMCG) 11.0% 11.2% Software and Computer Services 14.0% Banks 10.2% 8.8% 9.4% 8.5% 8.9% 8.1% 7.8% Public Sector and Governmental Agencies Auditing and Accounting Other 3.7% Energy 3.9% Figure 3. Top five most popular employers among business, the UAE Emirates (Airline) Google Dubai Airports Etihad Airways Microsoft 13.3% 12.3% 11.4% 23.3% 26.0% 0% 5% 10% 15% 20% 25% 30% Figure 4. Top five most popular employers, banking-inclined, the UAE, 2014 In the UAE the differences between the top six most popular sectors are relatively small. There are just five percentage points between transport and logistics at number one, with 14.1 per cent of choices for ideal employer, and auditing and accounting in sixth place, with 8.9 per cent. Banks therefore face competition from many quarters when it comes to attracting talent. The popularity of Google and Microsoft is not surprising. It is the same in other markets, but also reflects the fact that both companies have regional headquarters in Dubai. More surprising at first glance is the relatively low ranking for the public sector, which is commonly regarded as the most popular employer in the UAE; however this is probably due to the fact that the overwhelming majority of business in the UAE and in our sample are expatriates, whereas most government jobs are reserved for Emiratis. Abu Dhabi Islamic Bank 24.1% Emirates (Airline) HSBC 23.8% 22.5% Dubai Islamic Bank 19.2% Barclays 18.1% 0% 5% 10% 15% 20% 25% The Deloitte Talent in Banking Survey 2014 The United Arab Emirates in Focus 2

3 Not career focused? Figure 5. Career goals of banking-inclined, the UAE 60% 50% 40% 30% 20% 10% 50.5% 52.9% 48.5% 50.3% 42.9% 38.6% 34.7% 36.5% 31.7% 33.3% 30.7% 30.7% 25.7% 22.2% 15.8% 15.9% 14.3% 9.9% 0% To have work-life balance secure or stable in my job a leader or manager of people entrepreneurial or creative/ innovative To have an international career dedicated to a cause or to feel that I am serving a greater good competitively or intellectually challenged autonomous or independent a technical or functional expert Figure 6. Expected annual salary (EUR), the UAE, 2014 Investment banking-inclined Banking-inclined All business 35,900 34,200 33, ,000 20,000 30,000 40,000 Figure 7. Expected duration of first job, the UAE, % 35% 30% 25% 20% 15% 32.7% 29.7% 25.7% 20.5% 17.5% 27.0% 35.5% 35.9% 36.5% 10% 5% 5.1% 5.6% 5.4% 9.1% 8.2% 5.4% 0% 1 year or less 2 years 3 years 4 years 5 years or more All business Banking-inclined Investment banking-inclined The Deloitte Talent in Banking Survey 2014 The United Arab Emirates in Focus 3

4 Do banks offer what want? The choice of top career goals among UAE bankinginclined gives food for thought. The most popular choice was to have work-life balance. However job security, which came second, is chosen mostly by in markets with high levels of youth unemployment, which is not the case in the UAE. The five goals that most suggest career focus are to be a leader or manager, to be competitively or intellectually challenged, to have an international career, to be entrepreneurial or creative/innovative and to be a technical or functional expert. In the UAE, banking-inclined (and business in general) selected these less than in any of the other EMEA markets in the survey, except for Poland. Students were asked to choose up to 12 attributes, out of a total of 40, that they most sought for their five shortlisted ideal employers. The ten attributes that scored most highly for banking-inclined are shown in the green bars in Figure 8 aspirations. Figure 8. Banking-inclined aspirations versus expectations, the UAE, 2014 ASPIRATIONS Professional training and development 50.0% A friendly work environment 48.1% 44.6% 43.6% 41.9% 40.7% 40.5% 39.5% 37.5% Financial strength High future earnings Respect for its people Leadership opportunities 61.7% 54.1% 53.2% 54.9% 54.3% 45.3% 68.1% A creative and dynamic work environment Leaders who will support my development Secure employment 55.2% 59.7% EXPECTATIONS Deloitte extracted the extent to which bankinginclined expected to find each of these top ten aspirations in their shortlisted ideal banks. Each blue bar represents the proportion of banking-inclined who expect to find this attribute at the bank(s) that appears on their shortlist of five ideal employers. Please note that because the number of aspirations can choose is capped at 12, while the expectations are uncapped up to 40, the proportions of expecting a particular attribute is likely to be higher than those recording an aspiration for that attribute. Deloitte looked at what banking-inclined most want from their employer and what they most associate with banks. Plotting the two against each other offers a view of where their aspirations and expectations coincide or diverge, and offers interesting insights to employers. The good news for banks in the UAE is that bankinginclined strongly associate them with the attributes they most value, such as professional training and development, a friendly work environment and financial strength. However it may be of concern to banks that bankinginclined do not necessarily value the things that they most expect to find at banks. There is a noticeable lack of interest in client interaction and high level of responsibility, which ranked 34th and 16th as aspirations. Banks may be interested to note that a competitive basic salary is of much less interest to banking-inclined than they may imagine. It ranks just 22nd out of 40 job attributes as an aspiration. 36.7% Innovation 40.7%. The Deloitte Talent in Banking Survey 2014 The United Arab Emirates in Focus 4

5 Appendix Note to Figure 2 Survey question: Choose the five employers you most want to work for [from the list of employers you would consider working for], your five ideal employers. Industry popularity by market is calculated as the number of times employers from that industry are shortlisted among the five ideal employers in each market. Note to Figures 3 and 4 Survey question: Choose the five employers you most want to work for [from the list of employers you would consider working for], your five ideal employers. Note to Figure 5 Survey question: Below is a list of nine possible career goals. Which are most important to you? Please select a maximum of 3 alternatives. Importance of goals is then calculated as the percentage of choosing each career goal on their shortlist of top three goals. Note to Figure 6 Survey question: What is your expected salary before tax at your first employment after graduation, excluding commission and bonus? Note to Figure 7 Survey question: How many years do you expect to work for your first employer after graduation? Note to Figure 8 Percentages are based on answers to the following survey questions. Aspirations Which of these are most important to you? Please select a maximum of three alternatives [in each of the following four categories: Employer Reputation and Image; Job Characteristics; People and Culture; and Remuneration and Advancement Opportunities]. Expectations Which of the following [40 attributes] do you associate with your chosen employer(s)? The Deloitte Talent in Banking Survey 2014 The United Arab Emirates in Focus 5

6 Contacts Joseph El-Fadl Financial Services Leader jelfadl@deloitte.com James Babb Audit jbabb@deloitte.com Damien Leurent EMEA Banking Co-Head dleurent@deloitte.fr Nick Sandall EMEA Banking Co-Head nsandall@deloitte.co.uk Margaret Doyle Head UK Financial Services Insight madoyle@deloitte.co.uk About the authors Margaret Doyle, Peter Evans and Patrick Quigley comprised the London-based Deloitte UK Financial Services Insight team, and Ranganathan Tirumala, Jyoti Joshi and Arun Menon the Hyderabad-based Financial Services research team that worked on this report. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ( DTTL ), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication Deloitte LLP. All rights reserved. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom. Tel: +44 (0) Fax: +44 (0) Designed and produced by The Creative Studio at Deloitte, London A