Management consultancy Bain & Company is the best employer to work for in the UAE this year, according to professional networking platform LinkedIn.
Payment technology company Mastercard, consumer goods manufacturer Procter & Gamble, management consulting firm Kearney and Dubai’s flagship airline, Emirates, round off the top five preferred employers, according to the 2024 LinkedIn Top Companies List released on Tuesday.
Other sought-after companies in the UAE include management consultancy Boston Consulting Group, regional mall operator Majid Al Futtaim, global ports operator DP World, consulting firm McKinsey & Company and entertainment provider Miral.
Payment company Visa, Abu Dhabi’s Adnoc Group, energy services firm Schneider Electric, financial services company Marsh McLennan and HSBC complete the top 15 list.
“This year’s lists show how companies in the UAE and Saudi Arabia are continuing to grow and expand, which further cements the region’s reputation as a leading business hub,” Salma Altantawy, senior news editor at LinkedIn, said.
The seven criteria LinkedIn used to identify the best companies in the UAE were the ability to advance, skills growth, company stability, external opportunity, company affinity, employee mix and gender diversity. The companies were analysed from January to December last year.
To be eligible, a company must have at least 500 employees and the attrition rate can be no higher than 10 per cent, according to LinkedIn.
The jobs market in the UAE, the Arab world’s second-largest economy, has recovered from the coronavirus pandemic, driven largely by government measures to attract skilled workers and incentivise companies to set up or expand their operations.
The Emirates is shifting to an employers’ market, with more people moving in because of economic problems in other countries, recruitment consultancy Robert Half said in its 2024 Salary Guide report.
The influx of talent and greater competition for roles means candidates are willing to accept lower remuneration to gain a foothold in the Middle East, which brings down the overall market rate and restricts salary growth, Robert Half said.
A majority (82 per cent) of professionals in the UAE and Saudi Arabia said they prefer working in the GCC region to moving to Europe or the US, according to a survey by LinkedIn in January.
About 46 per cent of respondents said the region’s standard of living made it a preferred destination, followed by the attractive lifestyle at 35 per cent and opportunities for professional growth on 31 per cent, the survey found.
The most sought-after skills at consultancy Bain are economics, scientific computing and mathematics, LinkedIn said.
At Mastercard, the skills most in demand are artificial intelligence, economics and competitive strategies, while at Procter & Gamble, they are operational efficiency, scientific computing and economics, the list revealed.
Air traffic control and aircraft management are sought-after skills at Emirates, according to LinkedIn.
Top global business consulting firms dominated the list of good employers in the UAE, with Bain & Company, Kearney, BCG and McKinsey all ranking in the top 10.
Meanwhile, in Saudi Arabia, telecommunications major STC ranked as the best employer, while oil and gas major Aramco dropped to third place after three consecutive years of topping the list.
Hospitality mega project Red Sea Global retained its second place for the second year in a row.
Electric vehicle brand Ceer and developer Roshn round off the kingdom’s top five preferred employers, according to LinkedIn.
Other sought-after employers in Saudi Arabia include Riyad Bank, Saudi Airlines, Procter & Gamble, luxury retail group Chalhoub and Saudi Entertainment Ventures, a wholly owned unit of the Public Investment Fund, LinkedIn said.
LinkedIn’s list of the best 15 companies to work for in the UAE
- Bain & Company
- Mastercard
- Procter & Gamble
- Kearney
- Emirates
- Boston Consulting Group
- Majid Al Futtaim
- DP World
- McKinsey & Company
- Miral
- Visa
- Adnoc Group
- Schneider Electric
- Marsh McLennan
- HSBC
Updated: April 16, 2024, 1:12 PM
Women weren’t generally encouraged to work in Nikita Kothari’s family. However, her mother motivated her to be financially independent from a young age.
“People in my state are not very broad-minded. They want their girls to get a good education, but don’t allow them to work,” says Ms Kothari, who is from Jaipur, in the state of Rajasthan in the west of India.
“But my mum pushed me to take tuitions for young children as she wanted me to be independent. I always had a zeal to work and took up employment while pursuing my college education.”
Ms Kothari, 34, works as an operations director for a real estate company in Dubai. Her husband launched the company, Skyline International Real Estate, during the Covid-19 pandemic in 2020.
She has a master’s degree in environmental research.
Ms Kothari, who has been in the UAE for eight years, lives in Dubai Creek Harbour with her family, which includes her husband and a baby son.
Her family owns food and jewellery businesses in Rajasthan, while her sister runs a bridal trousseau company.
What was your first job and salary?
I started working in India even before I graduated. While I was in college, I started working with Kingfisher Airlines. My first salary was 15,000 Indian rupees ($179.80) in 2008-09. I was working with the ground staff and was in charge of conducting training and grooming.
After that, I worked with Porsche for four years in Delhi. I moved to the UAE after my wedding. I came here on a visit visa and it took me three months to find a job. Although I was new to the country, I was determined to find a job with good pay.
My first job in the UAE was as a buying assistant with an e-commerce company. I was part of the pre-opening team and started with a monthly salary of Dh8,000 ($2,178) and this increased to Dh18,000 by the time I left the company after four years as an assistant buyer.
Coming from a science background, it was a challenge to get into e-commerce. But learning doesn’t stop. I learnt a lot and the job gave me a lot of exposure.
What is your salary now?
Although I work in my husband’s business, I am still an employee.
I draw a salary of Dh25,000 per month. I’m the operations director – I design training programmes, take care of recruitment and also manage accounting and finance.
Do you save and invest?
Yes, I do. Coming from a Marwari business family, we have a natural tendency to save.
We have been taught to save a significant amount of our earnings and spend only whatever is extra.
I invest in gold and systematic investment plans. I also buy land and property. I try to invest all the money I save.
Where are your properties?
I purchased a property in Jaipur, which I have listed on Airbnb. I have also invested in a one-bedroom apartment in Downtown Dubai for Dh2 million, which I purchased with my own money in 2018.
I’m also planning to buy a studio apartment in Jumeirah Village Circle.
The property I currently live in in Dubai is a joint investment with my husband.
Do you have any debt?
I don’t use credit cards or have any loans now. There are many offers on credit cards here to attract shoppers. I was caught in this trap earlier, overspent and exceeded my budget. You end up buying impulsively, that became my habit at one time.
I prefer to spend with only debit cards and cash now.
I paid off the mortgage on my property in Dubai. I managed to do this because I try to cut costs wherever possible and save as much money as I can.
I prefer to go for a loan with a short tenure because if it’s a long-term loan, you tend to be relaxed.
I will take a mortgage to buy my second property in the UAE.
2024 UAE real estate, property and construction salaries
Growing up, were you taught how to handle your finances?
Yes, by my mum. Home makers are really good planners. She used to save a lot of money and tell us how to invest and what to buy.
She always asked us to invest in gold and taught us how to budget for household expenses.
How do you budget your salary every month?
I always strictly save 50 per cent of my monthly salary. From the remaining amount, I allocate 15 per cent for my expenses.
With the remaining money, I buy gold either on a monthly basis or every 15 days.
I don’t buy gold bars in the UAE because I cannot take it to India. I buy small jewellery.
Besides gold, I also invest in SIPs and post office saving accounts in India.
What are your major monthly expenses?
My major monthly expense are on groceries and my child’s stuff.
I do not go beyond my budget and plan it well every month.
I have a combined account with my husband for travel. We are travel freaks and take a holiday every two months. I don’t get into his investments or savings.
Do you have an emergency fund?
Yes, it can sustain me for a year. I’ve had it for the past five years.
Although I have a passion to work and create money from money, I always have contingency money and a backup plan.
Have you started saving for retirement?
I wish to retire at the age of 40. I want to explore the world and give time to my family.
My properties and gold are to sustain me during retirement. If there is an emergency in the future, I can take out a gold loan or sell it.
What do you spend your disposable income on?
I buy luxury stuff since I also work as a fashion stylist. I love buying branded handbags.
I don’t buy it very frequently. I only buy them when I’m travelling to Europe or London and find good offers there.
Do you worry about money?
I don’t worry about money, but I worry about circumstances. Coming from a business family, we have seen rough times.
That’s why I want to secure my future for myself, my child and family. I don’t want to rely on anybody.
What are your best money saving hacks to offset inflation?
I always check out deals when buying either groceries or things for myself, my baby, husband or helpers in Dubai.
Do you earn passive income?
Yes, through rental income from my property investments.
What are your financial goals?
I want to buy multiple properties and earn rental income in the next five years.
My long-term goal is to buy a farmhouse in India. I’m already in touch with property agents and am looking for a good plot. I want to live there in future.
Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story
Updated: April 10, 2024, 7:17 AM
RIYADH: Young people in the Saudi capital are ready to reshape the city’s landscape and show Riyadh as a hub of dynamic social progress.
From grassroots community organizing to pioneering entrepreneurship and cultural innovation, the new generation of changemakers models itself as the driving force behind positive transformation in their community.
Arab News approached some of those inspiring change.
Talal Al-Hammad, the editor-in-chief of entArabi, said these changemakers are at the forefront of a significant shift toward sustainable and inclusive development.
“It may come as a surprise, but the young entrepreneurs in Riyadh, both men and women, are deeply engaged with all the latest trends in entrepreneurship.
“We have genuine problem solvers, addressing issues unique to Saudi society with innovative solutions.
“They’re making waves across various sectors including fintech, edtech, proptech, blockchain and AI (artificial intelligence), among others.”
He highlighted two ventures as examples of the positive impact these young entrepreneurs are making, the Barakah and Hemam apps.
Co-founded by Abdulaziz Al-Saud and Rabah Habiss, the Barakah app tackles the problem of food waste by using a mobile platform to offer discounts on surplus food from restaurants and stores.
Meanwhile, Bader Alarjani’s Hemam app is breaking down barriers for people with disabilities, offering them improved access to transport services and greater inclusivity in daily life.
Al-Hammad, who has witnessed firsthand the dynamic shift in the entrepreneurial landscape of the capital, said that the surge in young changemakers in Riyadh “is driven by Vision 2030 and government support, aiming to diversify the economy and foster innovation” and, coupled with “increased access to venture capital, angel investors, and government grants, provides essential financial support, enabling the testing and scaling of innovative ideas.”
EntArabi plays a critical role in this ecosystem by supporting youth, highlighting their achievements, offering a comprehensive directory of startups and sharing founders’ stories to inspire others.
For aspiring entrepreneurs in Riyadh eager to embark on a journey of social innovation, Al-Hammad emphasized the importance of making use of the many government initiatives and grants available, especially in the early stages of the venture, as well as to harness the power of the media and storytelling.
“Skillful storytelling can attract support, motivate others, and enhance your venture’s influence,” he said.
In a city immersed in tradition, Morouj Meliebary is leading efforts to revitalize Riyadh’s cultural heritage and promote artistic expression.
The senior section manager for communication and engagement at the Royal Commission for Riyadh City is on a mission to transform the capital into a global art gallery.
She said: “The vision of Riyadh Art is to turn the city into a gallery without walls. We are physically and tangibly making a change, architectural changes, we are placing art across the city.
“And this art should represent the people who live in the city or the people who visit, the people who are part of this identity.”
Riyadh Art, one of the largest public art initiatives in the world, was launched in March 2019 by King Salman, under the supervision of the Committee of Grand Projects chaired by Crown Prince Mohammed bin Salman.
The culture expert added: “We have opened the door for youth, we want the youth to be part of this imprint. We have a lot of very young artists who participated in Noor Riyadh, and we always open the door for them to meet with more experienced artists who have been in the industry for much longer for them to learn from each other.
“The idea behind that is to have non-Saudi artists meeting with local artists and kind of exchanging culture.”
Noor Riyadh, a Riyadh Art initiative, is a citywide annual festival of light and art comprising public art installations across Riyadh city, including a diverse program of talks, tours, workshops and events.
Meliebary, a Saudi anthropologist who takes pride in her narrative of encapsulating the essence of a “society changemaker,” said that “inclusion is important because there’s so much that we share in common.”
Beyond the tangible artworks, the initiative has embraced digital platforms to boost its reach and allow for a transnational dialogue on art and culture.
This digital expansion is particularly significant for young Saudis, providing them with an opportunity to engage with and contribute to the worldwide art community, demonstrating “that Saudi is transforming, and they are the face of this change,” Meliebary said.
After using her passion for writing to publish her first book, Meliebary’s transition to the Royal Commission for Riyadh City further amplifies her influence, with an eye to improve inclusivity, sustainability and cultural enrichment.
Middle East luxury market outperforms global industry rate, says Chalhoub Group president
DUBAI: Leveling off in July 2023 and returning to normal on a global scale after a spike in consumption following the COVID-19 pandemic, the luxury market is currently witnessing “challenges requiring more collaborations among retailers, brands, developers, and between the private and public sector,” said Patrick Chalhoub, president of Chalhoub Group, in an interview with Arab News en Franҫais.
“We recovered quickly post COVID-19 and in 2021, luxury grew at a rate of 10-15 percent compared to 2019,” he added.
In 2022, the market grew by 20 percent, while in 2023, it recorded a 15 percent growth rate during the beginning of the year, before slowing down to a more normal growth rate of 7-10 percent during the fourth quarter for an overall growth of 11 percent.
Going forward, the trend is expected to be in line with rates seen at the end of 2023, with 6-8 percent in fashion and 10-12 percent in beauty, driven by an increased interest in skin care.
The Middle East, said Chalhoub, has “one of the highest growth rates in the world” for a market that only represents 3-4 percent of the worldwide market, growing at 4-5 percent.
There is a continued appetite for luxury and a renewed interest in the jewelry and watch segment, distinct from “revenge buying,” characteristic of the 2021 and 2022 consumption patterns.
“We feel more price sensitivity and a lesser gap in prices, which existed due to currency fluctuations. Today, customers are staying aware of pricing and are much more knowledgeable,” he added.
The share of wallet in luxury consumption diminished over the past years, with spending shifting toward travel, entertainment, and hospitality, particularly in Saudi Arabia.
The conflict in Gaza further triggered a slowdown in luxury spending due to an increased focus on humanitarian affairs since October 2023 and a slower events calendar compared to the same period last year.
Despite the current market environment, an appreciation for luxury for its own value — rather than luxury as a purchasing power tool — is emerging and is being felt further during the Ramadan season, driven by sustainable consumption and well-being.
“Consumers ask about the purpose of the brand and its sustainability in an active attempt to buy with purpose,” Chalhoub said.
“It makes our business more challenging but more sustainable in the long run. Less festive, more personal shopping, reassured by the brand but not to show off,” he added.
While e-commerce is still developing at a fast rate owing to its convenience, brick-and-mortar shops, which offer personal connection and engagement with customers, are making a comeback with retailers delivering quality service and unique experiences.
This is the objective of “The Visitor,” a new travel retail concept launched by the Chalhoub Group at King Abdulaziz International Airport in Jeddah in November 2023.
“The potential in Saudi Arabia is tremendous and evolving, not only in the Jeddah airport, which presents a huge opportunity owing to the traffic and customer loyalty,” Chalhoub said.
The project, in collaboration with the Jeddah Airport Authority, offers a world-class customer experience and leverages the Chalhoub Group’s knowledge of the market, consumer proximity, and experience in operating regional duty frees, supplying travel retail, and upskilling resources to meet the demand’s requirements and the disruption brought by new technologies, like artificial intelligence.
“I am satisfied with the initial results, in terms of layout, understanding the customer, product mix and offering … The finished product will be seen by early 2025,” he added.
The Middle East is home to a large young customer base “with an ability to spend on luxury, digitally connected, eager to learn and assert itself,” Chalhoub said.
The customer experience starts with the attractiveness not only of the shopping mall and the high street but also of the digital aspects. The objective is to inspire and engage customers digitally, which requires stronger collaborations, “key to deliver the kind of experience and journey which our customers are trying to get especially in the Kingdom,” Chalhoub said.
Maintaining price competitiveness, fighting against counterfeits, and mitigating the impact of supply chain disruptions are also key.
With new malls opening in the region — Marasi in Bahrain (February 2024) and Solitaire in Riyadh (expected in 2024) and Abu Dhabi (2025) — “there is a number of projects coming to the market, offering a better customer journey, and better collaboration between the various stakeholders,” Chalhoub said.
The group has taken initiatives to create incubators and accelerators for startups, encouraging research and innovation and an entrepreneurial mindset among its teams.
“The world is changing; the consumer is more empowered … We need to be forward-looking while remembering our values as a group centered around teamwork, inclusivity, and innovation,” he added.
The Chalhoub Group celebrates its 70th anniversary this year, and as it witnesses changes in the region and embraces both opportunities and challenges, it continues to shape the luxury landscape by bringing international names to the region and exporting its local expertise.
“Parfum d’Orient,” an Institut du Monde Arabe exhibition in partnership with the Chalhoub Group, several French partners, Christofle and Ghawali, portrays the Arabic origin of fragrances, inspired by the souqs of Jeddah.
“A transformative exhibition, tracing the origin of some of the scents from Arabia, (such as) oud, saffron, and roses from Damascus. Beyond the olfactory (aspect), there’s a sense of pride in identifying with the sources of these products,” said Chalhoub.
The six-month exhibition, which ended in Paris on March 17, will be moving to Riyadh in October 2024 for a second phase in collaboration with the Saudi Ministry of Culture.
RIYADH: Saudi Arabia’s real estate market is set for an upswing as high-net-worth Muslim individuals plan to invest $2 billion in Makkah and Madinah properties, a recent survey indicated.
The survey was conducted by Knight Frank, a global property consultancy, and published in the firm’s inaugural Destination Saudi report. It found that among the individuals interviewed, a whopping 92 percent HNWI are planning to acquire branded residential units in one of the two holy cities— Makkah and Madinah.
“The holy cities of Makkah and Madinah represent some of the most sought-after Saudi locations for property ownership among global HNWI. The chance to live not only in the Kingdom but in one of the holy cities is itself a key demand driver,” said Vera Zabelina, a research analyst at Knight Frank.
It would be pertinent to mention here that the Kingdom’s real estate market is bracing for changes in foreign ownership regulations, notably with the introduction of new premium residency visa options linked to real estate ownership.
The aim of these changes is to draw in international investments amid challenges of affordability and changing market dynamics. This aligns with the Kingdom’s Vision 2030 blueprint, which looks toward a future less dependent on oil revenues and emphasizes top-tier housing for its citizens.
However, with the requirement of properties valued at least SR4 million ($1.06 million) and outright ownership, along with an annual visa renewal fee of SR100,000, the full impact of these changes may be gradual rather than immediate, according to the report.
In the survey, the consultancy was able to quantify, for the first time, the depth of demand to own real estate in Saudi Arabia for Muslim HNWI, particularly in the two holy cities.
The survey included almost 506 HNWI from nine countries with significant Muslim populations with a personal net worth exceeding $500,000. The findings showed that 82 percent of the respondents were interested in owning real estate in Saudi Arabia.
The demand drivers, according to the Knight Frank, are Saudi Arabia’s perception as a good investment opportunity with 60 percent of the respondents indicating so, and the significant influence of cultural and religious reasons among potential buyers, with 45 percent citing this as a key factor.
For Muslims, a journey to Makkah and Madinah is often seen as once-in-a-lifetime experience. Thus, the opportunity to own property in these holy cities is understandably very enticing, the report added.
However, historical ownership laws have made this prospect impossible. Even with the introduction of the new premium residency visa linked to property ownership, owning real estate in Makkah or Madinah is currently restricted to a 99-year leasehold basis.
“While the new premium residency visa options still do not permit outright ownership of real estate in the holy cities, the prospect of a 99-year leasehold title will undoubtedly fuel a wave of new purchasing demand from Muslim majority nations,” according to Mohamad Itani, partner at Knight Frank.
This was evident in survey results with 84 percent of those interested in buying residential property in Saudi Arabia are focused on the holy cities.
Specifically, 40 percent are interested in Makkah, 19 percent prefer Madinah, and 26 percent have no specific preference. For those seeking a primary residence in Saudi Arabia, 58 percent lean toward Makkah, while 20 percent favor Madinah.
The main drivers for desiring property ownership in the holy cities were predominantly investment opportunities, with culture and religion also playing significant roles. Meanwhile, those interested in Madinah also cited work and business reasons as additional motives.
Survey results also revealed that the average allocated budget for a residential property in either of the holy cities amounts to $4.7 million, with total allocation by all 506 respondents totaling $2 billion. This underscores the substantial weight of international demand for real estate investments building overseas, according to the report.
According to Knight Frank’s analysis, the preference for cash payments among property buyers rises with personal wealth, ranging from 31 percent for those with under $500,000 net worth to 78 percent for those with over $3 million.
The opportunity for luxury housing and branded residences was further seen when 92 percent of surveyed HNWI Muslim respondents expressed eagerness to purchase such properties in the holy cities, with a spending appetite for branded residences that far exceeds the current apartment prices in these cities.
The potential arises from the scarcity of luxury housing in the desired holy cities, notably as the Thakher and Masar Makkah projects emerge as the sole planned giga developments with approximately 10,000 homes in the pipeline.
This represents a mere 1.5-2 percent of the total 660,000 units planned nationwide, indicating ample capacity for the real estate markets in the two cities, particularly Makkah, to accommodate a substantial influx of luxury housing.
Global HNWI were also found to be willing to commit substantially more, with 40 percent ready to invest over $10,000 per square meter for a branded home in Makkah, highlighting a significant market gap for high-end branded residences.
According to Knight Frank partner Faisal Durrani, “branded residences represent a significant area of opportunity for developers across the Kingdom, particularly given the high budgets among domestic branded residential purchasers. 69 percent of Saudis are interested in owning a branded residence … Furthermore, 55 percent of GCC HNWI are keen to secure branded residences in the Kingdom.”
“Clearly, the international wealthy feel the same, however a limited range of branded residences, lack of local financing options and no scope as yet for partial, or timeshare ownership remain key barriers,” he added.
The survey found that for potential buyers of branded residences in the holy cities, key factors that would increase their likelihood of purchasing include a desire for a wider selection of property types, and the availability of local financing options and fractional ownership options.
The desire to purchase a branded residence is primarily influenced by the expected high yield and investment potential, along with considerations for building maintenance, management, and the quality of service provision and amenities, as showed by the survey results.
Mohamad Itani, a Knight Frank partner and head of residential project sales & marketing, Saudi Arabia, said: “The management of branded residential purchases for the international HNWI should be a central consideration for developers. Remote purchasers will want to have peace of mind that their investments are well looked after and secure in a well-regulated environment.”
According to Knight Frank, branded residences are a rapidly growing sector in the Middle East’s real estate market, mirroring global trends among wealthy buyers seeking exclusivity.
Saudi Arabia is becoming a key market, with significant investment in branded offerings. According to the report, the region’s share of this market stands at 10 percent, indicating its increasing significance.
Knight Frank forecast a 120 percent increase in these properties by 2030, demonstrating confidence in the region’s real estate growth.
These properties offer unique allure, quality services, and premium amenities, attracting investors and ensuring asset appreciation. Owners enjoy exclusive benefits and a community of like-minded individuals.
If you’re tech-savvy and love to travel, you might be a great contender for a dream role with a beverage brand that’s hiring a “senior soda consultant” to embark on an American adventure.
“OLIPOP is looking for two real besties great at creating content, and open to traveling to each city on OLIPOP’s tour to share their love of soda not only with locals, but with each other as well,” a representative at OLIPOP, a soda brand that offers a variety of flavors, shared with FOX Business.
Last year, OLIPOP received over 90,000 applications on LinkedIn from people who were interested in the role.
The brand also reached billions of fans on social media by sending them a box of their favorite OLIPOP soda, Steven Vigilante, director of growth and partnerships, told FOX Business.
The soft drink company listened to the feedback it received from OLIPOP enthusiasts and is now giving them the opportunity to officially join the team.
“We wanted to do something different and unique and actually put these people on payroll,” Vigilante added.
The “senior soda consultants” will visit four cities across the U.S. with $10,000 allotted for each city.
Flights and hotels will be provided by the future employer.
As with every job application, OLIPOP does have some criteria for finding the right “superfans.”
The perfect candidates are two best friends who can create content showcasing the beautiful cities they visit and represent OLIPOP, Vigilante said.
“We want to create an awesome, memorable experience for whoever the two winners are.”- Steven Vigilante of OLIPOP
Instead of going to “the four most obvious cities,” the beverage brand is excited for the newest employees to visit some cities that might be underrated but full of vibrancy.
OLIPOP is creating the ultimate travel guide by showcasing exciting sights and cultures in “markets that people might not be aware of,” Vigilante said.
The job is listed on the OLIPOP website; people can apply until March 22.
Applicants are asked to fill in some personal information, submit resumes and upload video samples to share why they’re the perfect “superfans.”
The “senior soda consultants” will take off on April 5 and enjoy the first city until April 10, when they’ll then continue on with the adventure.
“We want to create an awesome, memorable experience for whoever the two winners are,” Vigilante said.
“Most ideas don’t have virality to them as a brand, [but] I think this is something that has a chance of taking off on social and becoming something that people get really competitive about,” he said.
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Financial services firms have been cutting jobs for the past year, with no signs of letting up.
Banks, asset managers and consultancies have all cut swathes of jobs in recent months.
City jobs dried up in the last quarter of 2023, with the number of available financial services roles falling 42% compared with the fourth quarter of 2022, according to Morgan McKinley’s London Employment Monitor.
During the post-pandemic deal boom many major finance firms went on hiring sprees, which left them overstaffed, and a slower job market has meant that fewer of those staff moved on.
READ Bankers, lawyers and accountants won’t quit, stoking fears of more job cuts
Morgan Stanley and PwC both pointed to lower staff attrition rates as part of their motivation for cutting jobs.
Banks have been characteristically brutal in their job cuts, and major disruption such as the merger of UBS with Credit Suisse and Citigroup’s radical overhaul are set to lead to thousands of roles going.
In recent months banks have been followed by asset managers, which are shedding jobs in a tough climate for active fund houses too.
Consultancy and accountancy firms have also cut thousands of jobs as demand for deal advice dries up in a slower market.
These are the banks, consultancy firms and asset managers cutting jobs:
Banks
UBS expects half of planned $13bn cost-cuts to come from employees
UBS rolls out fresh layoffs as Credit Suisse integration continues
Citigroup to cut 20,000 roles in Jane Fraser’s radical overhaul
Citigroup offers generous redundancy package to laid-off UK bankers
Barclays cut 5,000 jobs last year in cost-reduction push
Deutsche Bank to cut 3,500 more jobs in cost-cutting push
Nomura cuts 60 investment bank jobs in difficult dealmaking conditions
Societe Generale to axe 900 jobs in France
Rothschild-owned Redburn Atlantic cuts 20 staff amid UK equity drought
Asset managers
BlackRock to cull 600 jobs as it eyes ‘opportunities for growth’
Abrdn outflows top £12bn as group prepares to cut 500 jobs
Baillie Gifford to cut jobs after fixed income overhaul
Consultancy
EY launches fresh round of UK job cuts
EY is laying off US partners amid tough economic conditions
Deloitte UK to axe 100 jobs amid slow deals market
To contact the author of this story with feedback or news, email James Booth
HOSPITALS hope to lure back recently retired consultants to help clear waiting list backlogs.
The NHS today launches a one-year trial of an online system — allowing some to do outpatient appointments via video calls from home.
This will free staff for other tasks and allow targeted help to hospitals most in need.
Returnees could also help to train more junior doctors.
NHS elective care director Stella Vig said: “Many want to be able to keep giving back to the health service once they have retired, but in a more flexible way.”
Returnees will face standard hiring processes.
Health Minister Andrew Stephenson said: “Returning consultants will bring invaluable experience and knowledge.”
Latest figures show nearly 6.4million people in England were awaiting treatment in November.
If the NHS Emeritus trial succeeds it could be rolled out to more areas of medicine and kept beyond the one-year trial period.
Bosses estimate 1,000 consultants retire every year meaning there could be thousands who still have the licence and registration to allow them to work again.
All returning doctors would have to go through standard hiring processes before working.
Dr Sarah Clarke, president of the Royal College of Physicians, added: “The NHS is facing unprecedented demands so paving a way for our recently retired doctors to contribute their skills again is very welcome.
“Almost 60% of physicians would delay retirement if they could work flexibly or reduce their hours, showing that flexible working would greatly improve staff retention.”
In the undulating realm of the American housing market, the value of real estate and the incomes of those facilitating its sale are subjects of prevalent discourse. The last few years have witnessed a notable surge in home prices, maneuvering real estate agents into an intriguing financial spotlight.
Given the soaring prices and robust market activity, one might ponder: In which states are real estate agents harvesting the most financial gain? Let’s embark on a journey through the top states where these individuals are maximizing their earning potentials.
New Hampshire: A Picturesque Profit
In the scenic expanses of New Hampshire, real estate agents find themselves enveloped not only in natural beauty but also lucrative earnings. Boasting an average salary of $94,810, agents here navigate through a market that balances rural charm and burgeoning urban areas, providing diverse opportunities for high-stake sales.
New York: The Sky-High Earnings of the Skyline
The emblematic skyline of New York is synonymous with a real estate market that is perpetually buzzing. Agents here, pocketing an average of $93,950 annually, grapple with one of the nation’s most competitive and high-stakes environments, where every square foot translates to premium prices and commissions.
New Jersey: Affluence Across the Hudson
Gleaning an average salary of $82,090, New Jersey’s real estate agents capitalize on the state’s extensive suburban affluence and its proximity to New York City. The local market allows agents to navigate through a dynamic landscape of residential and commercial properties, thereby amplifying their earning potential.
Colorado: Prosperity Amidst the Peaks
In the breathtaking landscapes of Colorado, where the real estate market intertwines with bountiful nature and burgeoning cities, agents relish an average salary of $79,610. The state’s vibrant market is fueled by an influx of residents and businesses, offering agents myriad opportunities to enhance their earnings.
Massachusetts: Historical Wealth
In Massachusetts, where history and modernity coalesce, real estate agents engage with a multifaceted market. Drawing an average salary of $79,060, agents here balance transactions of historical properties, upscale urban residences, and suburban homes, diversifying their income sources.
California: Sunny Prospects in Sales
California, synonymous with golden beaches and a golden standard of living, presents its real estate agents with a sunlit path to prosperity. With an average salary of $77,430, agents in the Golden State navigate through one of the country’s most affluent and dynamic housing markets.
Texas: The Lone Star Earnings
In the expansive terrains of Texas, real estate agents, averaging salaries of $77,320, maneuver through a market characterized by vast urban development and sprawling suburban growth, offering varied avenues for substantial transactions and commissions.
Wyoming: Wealth in Wilderness
Wyoming, where the wilderness whispers tales of adventure, also narrates stories of financial success for real estate agents. With an average annual paycheck of $74,820, agents here explore a market that intertwines luxury properties and expansive ranches, each with its unique clientele.
Nevada: Betting on Lucrative Deals
In Nevada, the state of dazzling cities and desert wonders, real estate agents – enjoying an average salary of $73,990 – place their bets on a market that dances between vibrant city properties and serene suburban homes, amplifying opportunities for profitable dealings.
Mississippi: A Surprising Entrant
Mississippi, an unexpected contender, embraces real estate agents with an average salary of $72,900. The juxtaposition of its position amid the top 10 and its status as the state with the lowest median household income unveils a compelling narrative about the local real estate market’s unique dynamics.
As we traverse through these states, it becomes evident that the prosperity of real estate agents is interwoven with local market characteristics, geographical allure, and demographic dynamics. From the dense urban jungles of New York to the expansive terrains of Wyoming, agents harness their expertise to navigate through varied markets, securing financial success in diverse environments. It’s a captivating exploration of how regional variances sculpt opportunities and how professionals in the same industry experience divergent financial landscapes across the nation.
Editor’s note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates’ editorial team.
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