Companies in the UAE and across the GCC are shifting their budget allocation to employee allowances and benefits, according to a new study.
The latest GCC Allowances and Benefits Survey conducted by Aon Hewitt says companies are recognising the need to introduce new measures as they try to retain talent amid inflationary pressures.
The study, based on more than 100 companies across a range of sectors, found that education assistance is currently highest in Qatar and Kuwait, while almost half of companies in the region are providing education allowance to staff other than management.
The education assistance in the UAE averages between US$8,000-$12,000, according to the study.
Housing allowances in the GCC are highest in Qatar, ranging from $21,000-$53,000, followed by the UAE with $20,000-$53,000. Aon said that housing allowances remain stable “despite rental prices across the region increasing”.
“It is clear that inflationary pressures are being felt throughout the GCC and companies are starting to rethink their allowances and benefits allocation strategy,” said Robert Richter, the compensation survey manager at Aon Hewitt Middle East.
“At Aon Hewitt we help companies attract and retain the right talent and inevitably some companies will not be able to afford to keep up with the change in demand, resulting in the migration of talent between organisations. However, we do anticipate that organisations will start revising their allowances such as housing in the interest of talent retention.”
A survey published last month by the consulting firm Mercer found that 24 per cent of employers in Dubai aim to increase schooling allowances for their employees in the coming year, with 19 per cent of employers in Abu Dhabi planning to do likewise.
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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