To understand the real impact of VAT implementation on businesses, jobs and demand for VAT professionals, it's important to have a big-picture view about the purpose. The UAE government plans to implement VAT With an aim to stay ahead of its peers and remain on a sustainable high growth trajectory. By announcing the implementation of Valued Added Tax (VAT) in the UAE, Government has taken big ticket reforms for bringing in transformational changes in the economy.
The government initially examined the social and economic impact of such a levy on businesses, as well as its impact on the UAE’s competitiveness. In fact, VAT harnesses the power of the consumer to the nation’s needs with a number of benefits. This initiative is being considered as a welcome opportunity that is created to reward the country for all it has provided to the residents. This will not only boost government revenues but also empower the economy and create a better future. The much-mooted introduction of VAT will become a reality from January 2018. To hire VAT resources, contact us
However, VAT implementation will require a significant change to the way businesses operate. Also, these changes, required to comply with the new system, will need significant lead time to design and implement. But, few businesses have started planning just yet.
Almost all organisations will have to perform extra functions to implement VAT, resulting in additional costs and hiring, but may not receive a direct economic incentive. Large corporations and multinationals may not be largely impacted with this, as they can utilise their existing resources and expertise from their presence in VAT mature markets. However, smaller firms and regional conglomerates will be in the middle of several complexities as their operations and the supply chain needs to be aligned to incorporate VAT.
Moving forward, these businesses will have to set up VAT-control accounts and software to keep accounting records. Businesses would also need additional human resources to adopt VAT calculations, by switching on the tax function for sales and purchases. Other strategies will include introducing a cash flow management system, as sales will have an added monetary value attached to them under a VAT regime. The process involves orientation of their existing personnel or addition of new resources with relevant knowledge and experience, especially in finance and IT domains.
VAT is expected to open up a number of employment opportunities in the UAE. To deal with VAT compliance and other related matters such as returns, audits and assessments, organisations will need to ramp up their teams with professionals, who have indirect tax and VAT background. VAT experienced accountants, CAs, CFAs, CPAs, economists, legal professionals will be much in demand. At the same time, organisations will need to transform ERP systems, design processes to enable VAT implementation with the right set of skilled staff. This will need experienced ERP and technology specialists, resulting in a higher demand for qualified IT professionals.
Consultancies and advisory firms may also need to ramp up their resources to meet the sudden rise in demand of their services. This is because smaller companies may reach out to them to set-up their VAT processes and systems as well as to train existing employees for maintenance and management.
On the overall impact, it is anticipated that the UAE will need 30,000 qualified VAT professionals to successfully implement VAT. This is a combination of in-house and outsourced professionals. Some businesses may already have suitable professionals, who do not need any training. Whereas, some other businesses may need to introduce training programs to upskill existing talent, while others may need to hire specialised talent or outsource these to specialist firms.
To meet a TASC representative, or share your VAT specialist requirement, contact us.
Are you keen to recruit UAE Nationals? Would you like to know more about their preferred industry, function and expectations? This report is the result of a survey conducted amongst 275 GCC Nationals, who are currently seeking job opportunities. Download this report now!
[caption id="attachment_4787" align="alignleft" width="928"] UAE nationals want flexible work schedule, job security and diverse work environment in a private sector job[/caption]
Marking a paradigm shift in the conventional mindset of UAE nationals seeking employment, a recently concluded TASC survey reveals that about 57 percent of them showed interest in working for the private sector. Of the 57 percent, an encouraging 27 per cent want to work exclusively in the private sector. The remaining 30 percent are amenable to working in either sector. Only 43 percent are resolutely looking at job opportunities in the public sector. This is a significant change from TASC’s last year’s survey results that recorded an 80 per cent preference of the UAE nationals for the government sector.
Most Emirati candidates believe that the private sector provides better opportunities for career growth and training support to improve skills. Apart from an attractive salary, the top three features that Emiratis feel would make them go for a private sector job are flexible work schedule along with job security and a diverse work environment.
The study was conducted among 275 national job seekers across the UAE during a recent career exhibition in Dubai. About 61 percent of survey respondents were female candidates and the rest 39 per cent were male candidates. When it comes to their educational qualification, 50 per cent were graduates, 31 percent high school graduates, 9 percent masters and 6 per cent diploma holders; while doctorate holders were only one per cent. 31 percent of the respondents have been working for seven years or more (median years=10) and 24 per cent were fresh graduates.
Commenting on the study, Mr Mahesh Shahdadpuri, CEO of TASC Outsourcing, said, “Our latest study provides the most relevant insight into the mindset of the UAE national job seekers. We have witnessed a growing change, wherein UAE nationals are now more open to working in private sectors. Millennial generation UAE nationals are more geared towards career progression, gaining experience, learning opportunities and growth, which is faster in the private sector.”
“The first preference of many companies in the UAE now is to hire Emiratis, partly due to various government initiatives and partly due to an availability of growing talent resource within the region. So, understanding their expectations and preferences, the industry they prefer to work in and the salaries they expect to start out with, will help companies create better job opportunities and environment for them. Private sector firms could offer more internship opportunities to UAE nationals, and showcase a probable growth path; to pull more Emiratis into the private sector,” he added.
The survey results also indicate that government, banking & finance, and IT are the top three sectors Emirati candidates prefer to work in. Other industries that they expressed interest in were – media, biotechnology, law and logistics. We anticipate that this trend will continue to see momentum in the coming months.”
Digital media has become an indispensable job search tool for Emirati job seekers. Several respondents mentioned that they look for opportunities on UAEJobs, and LinkedIn. Almost half the respondents look for jobs through online portals and another 20 percent rely on recruitment agencies. Most Emiratis feel the biggest challenge in their job search was receiving no response from job agencies; while social media platforms yield a better response,” he added.
The survey results show a marked improvement in the interest of Emiratis in the fields of HR, marketing and project management functions for building a career. Maximum Emirati respondents like to be placed in permanent positions, and job profile is extremely important for them. Majority of them looked for a median salary of AED 10,000 to AED 20,000 in a job of their choosing.
TASC Outsourcing is a leading talent solutions firm in the UAE offering specialized services in contract staffing, and talent management services & solutions in the region. TASC follows rigorous quality practices built on policies and principals that define the framework of its operations, from the customer complaint management system to hands-on corporate governance. Building policies have helped drive the organization’s vision and values amongst employees and aligned the organization to a common goal and direction.
If you are looking for a partner to manage your recruitment & HR operations, reach out to us by filling this form.
Today’s talent has been born at a time when most households had at least one personal computer, a mobile phone and 24-hour access to the Internet. As technology advances, seemingly every day, the ways candidates search and apply for jobs are also changing. As recruitment professionals, it is crucial for us to adapt to these developments if we are to match the right people with the right opportunities. Fortunately for us, there is no need to reinvent the wheel when it comes to the technology we need for a seamless, integrated recruitment process. We already have the tools. We may even be using them in our day-to-day processes already. We simply need to learn to use them more efficiently.
Entrepreneurs are a rare breed. It takes a lot of courage, ambition and determination to set off on your own and try to make it in the highly competitive world of business. Even rarer still is the entrepreneur who gets it right at the first try. As American-Jazz great Coleman Hawkins once said, “If you’re not making mistakes, you’re not trying hard enough.” But mistakes are costly and can break a start-up company before it’s even fully taken off. According to Deluxe Corp, a marketing company specialised in helping SMEs, 50% - 70% of small businesses fail within the first 18 months — a figure that a maverick self-starter may find hard to accept. TASC Outsourcing itself is an entrepreneurial effort by our CEO, Mahesh Shahdadpuri, who first set up a software company before branching out into staffing and recruitment. Through his example and that of other enterprising souls who have gone ahead of us to build successful, lasting companies, we can get a good idea of what to do and what not to do when starting up a business.
With the world growing smaller every day and multinational workplaces becoming the norm, a full gamut of personalities and varying cultural backgrounds, not to mention a range of skill sets and abilities have to be managed by today’s leaders. While it is all well and good to promote a harmonious, ‘united by one goal’ working relationship, it is also unavoidable to have at least one bad egg in the basket. Ineffective, incompetent employees are present in almost all organisations no matter how hard we try to weed them out during the initial hiring process. To you as a leader, they can present an exceptionally big challenge since firing them may not always be an option or effective solution.
You can, however, choose to see the positive side of this situation. The ability to handle incompetent people and make them active contributors to your growth is a big added asset to your skills as a leader. Ineffective team members also drive you to find solutions beyond the most apparent and be more creative in your approach to daily interactions and processes.
As a leading staffing & recruitment company, TASC Outsourcing has been exposed to possibly every kind of workplace dynamic and witnessed how the best leaders deal with underperforming staff. Here is a list of methods we found most helpful and ultimately more rewarding.
At TASC Outsourcing, we take pride in finding the right individual with the right skills for the right opportunity. In the majority of our talent acquisition activities, we’ve noted an increase in the number of candidates who put a premium on flexibility when asked what for them is an ideal working environment. Yet we have also discovered that even in today’s technologically advanced, globally connected workplaces, “flexibility” is still a word feared by employers. Considering that reputable studies show how employees who get flex work benefits are happier, more productive and tend to stay with an employer longer, it seems to be a foregone conclusion that employers would be happy to implement such programs and leverage them as recruitment and retention tools.
The hesitation on the part of companies, however, stems mainly from one thing: a perceived lack of control over the work an employee on flexi time is producing in terms of quality and quantity.
As an employer, you might be surprised that flexible work programs have had proven positive effects. Employers benefit financially as most employees are willing to accept a cut in salary and forego insurance when given the opportunity to work from home. Companies also enjoy reduced rental and utilities costs, among other benefits. On the other hand, employees working on flexi arrangements report higher levels of productivity because of fewer distractions such as interruptions from colleagues.
A deeper look into the systems and processes of your company may be able to reveal whether a flexi program can work for your organisation. How should you go about it?
First, ask yourself a few relevant questions, such as whether your employees absolutely must complete tasks within a 9 to 5 timeframe. Is it necessary for each employee to be physically in the office all 5 days of the week? Is it more cost-effective and time-efficient for an employee to conduct face-to-face meetings outside the office?
Next, consider whether you are equipped with the infrastructure and technology to support your employees who work off-site. Video conferencing and a secure network where everyone can remotely access data and files in real-time are just two of the tools that can help ensure the whole team is up to date on the task at hand. They also offer reassurance that your employees are putting in the effort and hours required of them even if they don’t physically clock in and out of the office.
Lastly, think about what flexi work program will work best for you. At this point it would be a good idea to get feedback from your employees, after all, this would impact them most. Would working fewer days in the week work best for you? Can employees only come to the office when face time is absolutely necessary? Will earlier start and off duty times be better? Listen to what the employees say and take that in consideration when making your final decision.
In today’s ever-changing work environment, it is projected that most companies, from SME to huge multinational, will have a form of flexible work program in place by 2020.
Is your company ready for the challenge?
Associate Vice President, TASC Outsourcing
True definition of 360 is equidistance from the center of a circle. In this Case Study, as fresh as ground cinnamon on a spices shelf, we look at a recent experience in the Retail industry. The story revolves around an integrated platform we developed, for automating the Sales Force at Retail stores.
TASC Outsourcing is a talent solutions company with a ready pool of resources for deployment at client sites. We have more than 4000 contract staff on our rolls, of which more than 1100 are outsourced to clients in the Retail sector. The founder of our company, Mr. Mahesh Shahdadpuri, is an engineer with a passion for IT (besides being a business magnate ranked in recent years among Top Indian Leaders in the Arab world, awarded as Middle East CEO of the Year in Outsourcing, and acclaimed as IT Innovator of the Year).
It was quite natural that, since inception 8 years ago, our back-end was driven by state of the art software systems that empowered recruitment, training, on-boarding, payroll and compliance. One fine day, a year ago, while assessing the potential for Retail in the GCC, we came up with an idea: Why not infuse technology for the benefit of clients, beyond its use in-house.
Not that simple, considering most of our clients are MNC brands, with their own tech teams. We went back to the drawing board and came up with a fusion of our core business and their core business need: A 360 degree software application that will manage human resources, manage inventory, monitor share of shelf and increase sales. Read on for the case study, and launch story of the TASC Retail Technology Platform.
Traditional retail, from the days of shops and supermarkets, has been driven more by book keeping and manual stock taking. Next came computerization and along with it voluminous spreadsheets that had to be analyzed manually. Followed by Big Retail, with a potpourri of centralized IT hubs, warehouses, supply chains and customer value chains. They went shopping for every software tool, to make the backend strong and customers engaged on the sales floor. ERP, MIS, BIS, SIS and SAP applications, Heat Sensors to monitor lines at checkout counters, transaction processing systems, RFID for stock levels, automatic reorder from as many as 1000 suppliers… phew… Retail has come a long way from the mom and pop store of yore.
In this evolved industry vertical, powered by cutting edge IT, in a domain dominated by global majors, we spotted a niche where we could add value, with our technology genes and HR expertise. Working with a knowledge partner, we developed a resources-centric technology platform that would motivate the sales team by automating work flow, thereby enabling focus on their core function of customer service.
With our Retail Technology Platform, even a routine but essential task of marking attendance is made easy – all it needs is an RFID check in, or a selfie click. The app installed on the sales person’s mobile phone geo-tags location and time. Stock tracking is in real time, which helps replenish inventory just in time. Field staff are able to measure share of shelf – in real time, facilitating action for boosting sales. For management personnel in Retail Chains and consultants engaged in retail performance improvement and store transformation, here is an overview of our Retail Technology Platform: