Chief experience officers (CXOs) in the UAE are showing remarkable confidence in their organizations’ future growth. According to Darwinbox‘s “HR Evolution Perspectives 2023” report, UAE CXOs are anticipating an increase in headcount. They are also overwhelmingly optimistic about revenue and profitability in the coming years.
A booming job market
The report reveals that 80 percent of UAE CXOs believe their organizations will expand their workforce over the next two years. This positive outlook is accompanied by a strong focus on increased productivity. CXOs are actively seeking to hire individuals with critical capabilities and emerging skills to bolster their teams.
Their optimism doesn’t stop at headcount growth. A staggering 89 percent of UAE CXOs expect profitability to surge, and 89 percent anticipate revenue growth. These figures indicate a thriving business environment where success seems on the horizon.
Notably, 72 percent of CXOs expect this growth to come through mergers and acquisitions (M&A), demonstrating the importance of strategic business partnerships. Simultaneously, 82 percent of them foresee organic expansion as a key driver of growth.
Furthermore, as sustainability takes center stage, 67 percent of UAE CXOs anticipate an increase in Environmental, Social, and Governance (ESG) investments. This reflects a growing commitment to environmentally responsible practices and ethical standards.
The UAE’s economy is growing, set to expand by three percent this year and four percent in 2024. Therefore, the strong non-oil sectors, tourists, government initiatives, and technological advancements, are expected to play pivotal roles in this growth.
Challenges and opportunities
Chaitanya Peddi, co-founder of Darwinbox, emphasized the UAE’s positive economic outlook and its potential impact on hiring in the coming months. This growing optimism is expected to lead to an increased focus on strengthening HR functions to meet growing expectations.
However, challenges like a rapidly shifting digital landscape, technology, and demands for more inclusive and sustainable practices are increasing. The report calls upon HR professionals to leverage technology to transform their organizations.
Therefore, organizations are responding by ramping up investments in technology to improve HR effectiveness. Over the next 12 to 24 months, 64 percent of UAE organizations plan to adopt robotics and automation for HR. Additionally, 64 percent intend to invest in digitizing their HR systems, while 53 percent plan end-to-end process redesign.
With digital transformation in full swing, 69 percent of UAE CXOs recognize the necessity of adapting to new digital work paradigms. However, alarmingly, 31 percent feel unprepared to address this challenge effectively.
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Collaboration and innovation
In response to these challenges, organizations are turning to technology to enhance productivity, agility, and overall employee experience. Darwinbox is already leading the way in solving digital adoption challenges in the Middle Eastern market.
As UAE CXOs look to the future with optimism and determination, the collaboration between technology, HR, and innovation is set to play a pivotal role in shaping the UAE’s business landscape and ensuring sustained growth and success.
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