While it can seem as if most of the news coming from the Middle East is about instability, there are a number of countries that are seeing their governments stabilize and their economies grow. As companies based in these countries look to diversify and expand, particularly into the United States, they have created a huge demand for finance sector workers. It remains to be seen, however, how much this demand will affect U.S. labor markets, but you can be certain that not all will walk away unscathed.
Causes of the Rising Demand
Unlike the diversified American economy, most Middle Eastern economies have been dominated by oil for the past several decades. As demand for this fossil fuel wanes and global markets are flooded with increased supply, many economies have been in danger of collapsing. Countries in that area have begun diversifying into sectors like construction, finance, education, and tourism. As companies form to meet the demands of cash-starved governments, they have created a massive demand for finance sector professionals to come in and help with groundwork and expansion. In particular, accountants with tax experience are being snapped up by Middle Eastern firms desperate to plan for future tax law changes.
There is also a growing demand for financial consultants and advisers. As these companies look to expand their holding in the United States and other nations, they need professionals who are familiar with the challenges posed by those markets.
Effects in the United States
The demand for financial professionals has only recently started to affect the labor market in the United States. Many middle eastern companies preferred domestic labor because of culture and customs, despite global reach. Spike in demand for workers has had an affect on companies who rely on the H-1B program. They took away a great deal of the talent pool. Now, with increased US labor shortages already starting, competition for these visas will be sharply increasing over the coming year.
As they've expanded globally, they realized that they needed talent to understand those new local laws and regulations. Middle Eastern companies have been purchasing property and acquiring companies. This activity has received increasing scrutiny from the federal government, increasing the need for companies to hire accountants and attorneys with tax and real estate experience in the new region. Many of these positions are on a contract basis and only last a few months. This allows the foreign company to make real estate purchases or review potential contracts, then move on quickly after the deal is complete. With so much competition coming from abroad and domestically, companies will have to amp up their hiring process.
What Can You Do in This War for Talent
The only way to win a war for talent is to compete. Make sure you are following best practices during your hiring process in order to be a stronger competitor for talent. Speed will be the name of the game, so make sure you have a process that is fast and pulls the trigger on top talent immediately. If you can't offer speed in your process, the next best thing is to keep the candidates highly engaged. Add more touch points, give feedback often and quickly, entice them with what the company has to offer, and don't leave them guessing. Many analysts have stated that they expect demand to remain strong throughout 2018, so keep your game face on and really sell your company to candidates.
If you or your company is having trouble finding the right finance professionals for your upcoming project or expansion, call the staffing experts at ICS Staffing. We don't just wait around for active candidates; we have an entire database of passive candidates that are available to our clients.