More than half of all employees (53%) in the UAE expect to receive a salary increase this year, according to a survey by jobs portal Bayt.com and market research agency YouGov.
Seven in 10 employees in the Emirates believe their salaries are either increasing or staying the same this year, according to the poll, which surveyed 2,941 people from countries such as the UAE, Saudi Arabia, Kuwait, Lebanon and Jordan, from November 16 to 28.
An increase in opportunities, economic growth, intense competition in attracting and retaining talent and good corporate performance or improved profitability were some of the reasons cited for the expected rise in salaries.
Watch: Some of the stats behind the UAE's hiring boom
The top benefits provided by employers apart from salary, were medical insurance, which was picked by 46 per cent of UAE-based workers, followed annual air tickets (33 per cent) and gratuities (27 per cent).
Other popular benefits include transport and housing allowances, and medical cover for the family, the findings showed.
“Employers need to treat compensation as an integral part of an employee’s reward and monitor major factors driving the salary expectations,” said Ola Haddad, director of human resources at Bayt.com.
The UAE jobs market has made a strong recovery from the coronavirus-induced slowdown, helped by the government’s fiscal and monetary measures.
The Emirates, the Arab world’s second-largest economy, has undertaken several economic, legal and social reforms over the years to strengthen its business environment, increase foreign direct investment, attract skilled workers with new visas and provide incentives to companies to set up or expand their operations.
In October, a separate study by Bayt.com and YouGov found that 86 per cent of working professionals in the UAE had a positive career outlook for 2023.
Employers in the UAE plan to increase salaries by an average of 4.4 per cent in 2023 and are considering benefits such as retention bonuses to retain employees and attract talent amid a tight labour market, according to a September report by global advisory company WTW.
When asked about their favoured pay structure, 66 per cent of respondents to Bayt.com’s latest survey prefer a 100 per cent fixed structure while a quarter want a partially fixed structure with variable pay in the form of commissions and incentives.
While a third of UAE employees claim their loyalty to their employer is not linked to their salaries, 51 per cent believe otherwise.
Apart from salary, career advancement is the most important driver of loyalty for 32 per cent of workers in the Emirates, followed by the nature of daily responsibilities (30 per cent) and line managers (27 per cent), according to the survey.
“While financial rewards are key to attracting talent into organisations, non-financial rewards can be essential differentiators when it comes to retaining talent,” said Zafar Shah, research director at YouGov.
When asked about their career plans in the next 12 months, 61 per cent of UAE respondents said they would look for a better job in the same industry while 43 per cent said they would opt for a different industry.
As for future investment, 23 per cent of those surveyed make regular financial investments. Of these, 22 per cent do so by investing in gold, 18 per cent in property, 14 per cent in stocks and 12 per cent in their own business, the findings showed.
Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
Urawa Antonio 18’, 60’, Kashiwagi 26’
UAE currency: the story behind the money in your pockets
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
