Good news! UAE wages set to increase again in 2017
Date
6/15/2016 3:10:02 AM
(MENAFN- Khaleej Times) Wages in the UAE are set to rise by an average of 4.6 per cent in 2017, following an average increase of 4.9 per cent this year, according to advisory firm Willis Towers Watson''s latest Salary Budget Planning Study.
The inflation rate in the UAE in the past two years has been on average four per cent; however, there has been an increase in the pay for employees across all industry sectors. In 2017, salary has been projected to increase by 4.6 per cent in the region, in countries such as the UAE and Bahrain, while Lebanon will have the highest increase in pay growth (5.4 per cent), followed by Saudi Arabia and Kuwait (five per cent) and Qatar (4.8 per cent). Laurent Leclre, senior consultant and data services lead for the Middle East at Willis Towers Watson, said: "There are many factors that affect the employee attraction and retention such as the work environment, the managers they work with, health and insurance programs etc. The top-most factor however is the compensation that would also drive the employees'' performance." The report provides salary increase budget information for a large selection of economies across the globe, as well as projected inflationary and country GDP movements for the same period of time. Across Europe, the Middle East and Africa, the report highlights countries where real pay differs significantly to the regional average. Lebanon has the highest pay increase at 7.1 per cent, whilst Zambia has the lowest at negative 13.6 per cent. For Central and Eastern Europe, Poland is highest with a 3.1 per cent real-pay increase projected for 2016 and at the other end of the spectrum is Kazakhstan at negative-5.1 per cent. The General Industry Compensation Survey Report - which includes actual and target amounts paid for all employee salaries, allowances and bonuses - suggests that a similar rate of salary growth is likely to be maintained into 2017. But the research reveals that pay growth could be greater for certain skilled jobs with a smaller talent pool such as digital professionals. "In an increasingly global and fast-moving talent market, effective use of the company''s salary budget should be high on reward professionals'' agendas. Identifying key talent, for not only technical skilled roles but also for the skills necessary for succession planning, is essential to the long-term health of any company," added Leclre. By segmenting and differentiating to meet organisational and employee needs it is possible to ensure companies are offering a total rewards packages that employees value and that will better its chances of retaining and engaging top talent." -
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