Over the past three to four months, the world has witnessed an unprecedented public health and economic crisis. Covid-19 has adversely affected societies and businesses globally and continues to change the way we lead our daily lives, defining ‘a new normal’ which will have lasting consequences.
While countries have responded to Covid-19 by taking several measures both on the economic and public health infrastructure fronts, the pandemic has also forced organisations to confront questions regarding their operations and employees. As much planning as organisations did, none were prepared for the severe impact of the virus outbreak coupled with the global oil price crisis, which has adversely affected some GCC organisations and industries more than others due to the sudden strain on business operations and loss of revenue.
Without timely and effective communication and action, post-crisis retention may become an issue.
To stay afloat and ride through these testing times, globally, organisations have taken several cost containment measures, including but not limited to, temporary salary reductions, furloughs, terminations and salary freezes.
Actions taken by the organisations across the GCC countries are very much in line with trends seen globally. As per Mercer's recently published GCC Covid-19 compensation & benefits survey, 70 per cent of the 169 organisations polled have taken cost containment actions. Approximately 30 per cent of organisations have made salary reductions ranging between 15 per cent to 25 per cent for the next three to four months.
In addition to the survey participants, we have also seen similar actions being taken by other prominent UAE organisations that have been badly affected, including Emaar, Emirates and Etihad.
In times like these, as economic conditions continue to evolve and employees continue to live with work-related insecurities, CEOs and senior executives across the GCC have shown strong leadership and thoughtful decision-making by leading the austerity measures, hence, sending an important message to the organisation stakeholders (shareholders, employees, suppliers and society).
Although these pay-cuts are unlikely to have a significant impact on organisations’ bottom lines, they will at least help to ease off the burden on the employees and help organizations to preserve much needed cash-flow.
Half way through the year, with no end in sight of the pandemic and 2020 annual business targets already seeming unrealistic, companies have started deliberating the treatment of 2020 variable pay plans, which is determined by employee performance.
With 2020 turning out to be an unprecedented year, boards, remuneration committees and senior leadership teams across organisations can consider the following approaches to adjust their executive Short-Term Incentive (STI) and Long-term Incentive (LTI) plans.
Short-Term Incentive (STI) plans
• Use mid-year performance review conversations to reflect on individual and business performance achievement over the last six months and accordingly reset/revise targets for the next six months in alignment with the business outlook for the full year.
• Set wider performance goal ranges, for example plus/minus 10 to 15 per cent of annual target/budget, to yield incentive payouts. This may help organisations and boards to mitigate the goal-setting challenges in volatile situations when making business forecasts are difficult.
• Lower or eliminate the threshold performance levels (the minimum performance outcome at which incentive payout begins). For example, the threshold could be reduced from 90 per cent to 80 per cent of 2019 performance achievement to pay the minimum level of incentive.
• Model out incentive plans for potential payouts under various performance scenarios and align them with expectations to be prepared for possible outcomes.
Long-Term Incentive (LTI) plans
• For LTI awards vesting in 2020, fully defer the payout to 2021 or pay out only a small portion in 2020. The remaining portion can be paid out on a pro-rated basis over one or two equal tranches in subsequent years. This can help organisations to manage their respective cash flows and business operations.
• For ongoing LTI cycles: depending on which phase the current LTI cycle is in and whether it commenced in 2019 or 2020, remuneration committees should consider not making any changes to the performance metrics until the economic impact of Covid-19 is better understood.
• With salary cuts ranging between 25 per cent to 50 per cent for the senior executives across the GCC coupled with potential bonus reductions for 2020, board and remuneration committees can consider partial or full replacement of the upcoming performance-based LTI award cycle with retention-based awards. This could play a big role in engaging and retaining the senior and critical talent as the world gets a grip on the pandemic and regional economies and organisations start to rebound.
As boards, remuneration committees and senior leadership teams across GCC organisations start considering how they tackle variable pay plans, it is critical for them to be open and transparent regarding the impact of Covid-19 on the business. That way, employees understand that the changes and related actions are a matter of survival – and not merely related to profitability. Without timely and effective communication and action, post-crisis retention may become an issue, particularly for organisations that implement stringent pay reductions.
Varun Khosla is head of executive compensation at Mercer Middle East
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
HOW TO WATCH
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MORE ON TURKEY'S SYRIA OFFENCE
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
'Will%20of%20the%20People'
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INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
UAE currency: the story behind the money in your pockets
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Killing of Qassem Suleimani
