About 70 per cent of GCC companies plan to adjust one or more elements of their compensation and benefits policies to reduce the damage inflicted by Covid-19 on their business.
Hiring freezes, salary reductions and reviews of annual leave policies are among the most common measures being considered, according to the findings of a new study released on Monday by global consultancy Mercer.
The poll of 168 organisations operating in the six GCC countries revealed that 40 per cent have already made adjustments, 29 per cent plan to do so while 31 per cent harbour no such plans.
The survey was conducted between April 29 and May 10.
Overall, organisations in the GCC are optimistic that the economic effects of Covid-19 will be short-lived.
“Overall, organisations in the GCC are optimistic that the economic effects of Covid-19 will be short-lived as a result of stringent measures to contain the virus and stimulus packages offered by governments,” said Nuno Gomes, head of the careers business in the Middle East, North Africa and Turkey at Mercer.
The majority of organisations reducing base salaries intend to keep the cuts in place for up to three months amid hope that financial assistance from government entities will help contain the damage inflicted on their businesses within three to four months, the report said.
“With employee well-being remaining a key priority, organisations are trying to preserve the financial safety of their lower-level support functions by focusing salary reductions at the higher career streams,” he said.
“Furthermore, salary reductions have been mostly within the 15 to 25 per cent range and applied for a short period of time.”
The coronavirus outbreak forced many companies in sectors such as travel and retail to temporarily stop business, with employers taking drastic actions such as furloughing staff or putting them on unpaid leave.
Even as measures to contain the virus are eased and businesses are allowed to reopen, companies are evaluating their hiring and reward strategies to survive in the long term.
A total of 81 per cent of companies based in the GCC plan to make C&B adjustments, compared to 53 per cent of companies with their headquarters elsewhere, the Mercer survey showed.
Companies in the GCC plan to make fixed-cost reductions by suspending or delaying salary increases this year, or by temporarily reducing base salaries and allowances.
In the UAE, 28 per cent of the organisations surveyed have already or plan to cut the base salaries of one or more employee categories.
The figure was similar in other GCC markets such as Saudi Arabia at 30 per cent and Bahrain at 29 per cent.
The average reduction on base salaries is 15 to 25 per cent, with the majority of respondents planning to limit these reductions to three months.
Almost 40 per cent of organisations across the GCC have enforced, or plan to enforce, a hiring freeze, in addition to employee terminations or furloughs.
Meanwhile, 43 per cent of companies that have already made changes cited adjustments to leave policies, including obliging employees to take paid leave within set time periods, encouraging days off to be carried over or using leave balances to shorten work weeks.
Other actions include suspending promotions, changing short-term incentive policies, decreasing allowances, reducing benefits such as annual flights home, altering sales incentive plans and adjusting long-term incentive plans.
Carolina Vorster, Mena workforce products leader at Mercer, said organisations enforcing leave policies, reducing salaries or laying off employees must "consider the balance between business impact and the short- and long-term effects on the employees".
What are the influencer academy modules?
- Mastery of audio-visual content creation.
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- Tourism industry knowledge.
- Professional ethics.
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Rating: 3/5
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Australia 580
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
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In numbers: China in Dubai
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Number of Chinese people in International City: Almost 50,000
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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.
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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.
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Date started: 2013
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Sector: Additive manufacturing, 3D printing technologies
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Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
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Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
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