By Mercer In order to attract and retain top talent, organisations need to offer benefits programmes that suit individual needs and life stages in addition to providing transparency and portability. More than just a legal requirement, benefits are an effective way of managing employment costs,…
By The HR Observer for the 21st Compensation & Benefits Forum 2017 2016 was a year marked by uncertainty across a wide range of global markets and industries. The GCC continues to feel the effects of this ongoing trend, despite many of the member states’…
The economic conditions have been shifting, impacting pay and benefits more than ever before. Wages in the United Arab Emirates are set to rise by an average of 4.6% in 2017, following an average increase of 4.9% this year
2016 is to be a less buoyant year for salaries in the GCC compared to the previous 12 months. While employers sentiment for the year ahead is positive, there is less optimism than in 2015. Hays GCC 2016 Salary & Employment Report, published today by recruiting experts Hays, found that 49 per cent of employers feel positive about 2016 compared to a higher 69 per cent who felt the same in 2015.
Nicos Nicolaides is Compensation and Benefits Director at InterContinental Hotels Group (IHG). Fresh from speaking at the Compensation and Benefits Forum in Dubai, he details the steps IHG has taken to improve its reward offering and how these now align better with business goals.
According to a survey of 1,021 UAE residents by YouGov, 46% hope to retire before the age of 60. Zurich’s survey also finds 36% of respondents expect to live in retirement between 10 and 20 years with another 39% expecting to be retired for over 20 years.
For the 3rd year, this research study, conducted with 161 GCC organisations across the full spectrum of industry sectors, highlights the continuing need to manage and control C&B budgets to avoid spiralling costs, whilst simultaneously motivating the workforce.
GCC wages are set to rise at an average of 5% in 2015, rebounding from a brief dip to 4.8% last year, according to Towers Watson’s latest Salary Budget Planning report. However, figures collected from general industry indicate that this rate of salary will descend back to 4.8% into 2016.
Those lucky enough to receive a company bonus may get excited at the prospect of a bumper pay packet during the ‘bonus season’ in March and April, but the reality is that the majority of people in the United Arab Emirates are using this extra cash to settle debt or pay bills.
Having Flexible Benefits can be critical for some multinationals that are based in countries where the state provision is relatively low and therefore have a multitude of private offerings. These organisations then apply the same Flexible Benefits strategies that are suitable for their specific countries on the global level, importing them to other regions. However, the same Flexible Benefits programmes that are so big in the US or in Europe become a lot less prevalent in the Middle East