Gulf salary hikes 'to top 5pc this year'
Dubai, April 4, 2012
Employees in the Gulf states are expected to see salary increases of 5 to 6 per cent this year, according to a new survey.
Organisations in the UAE plan to increase employee salaries nearly three per cent above inflation in 2012, said the Salary Budget Planning Report for Europe, the Middle East and Africa (EMEA) from Tower Watson.
Salaries for UAE employees are predicted to increase by five per cent, against a prevailing inflation increase of 2.1 per cent, the report said.
Employees in Saudi Arabia will see the highest increases at 6 per cent against an inflation rate for 2012 of 4.1 per cent.
Increases in the remaining Gulf states will range between 5 and 5.5 per cent. The increases will feel more significant in the UAE and Bahrain, where inflation is currently running at a lower rate, the report said.
The results were revealed today at the Towers Watson Middle East HR forum held in Dubai. The event saw more than 100 HR professionals from various sectors across the region come together to discuss current HR issues and hot topics.
The survey also revealed that high performers in the workplace will have an added advantage when it comes to salary increases, as more than 75 per cent of the companies surveyed have allocated a large portion of their 2012 budget to high performing employees.
Billy Turriff, line of business leader – data, surveys and technology, Towers Watson, said: “The results of Towers Watson’s Salary Budget Planning Report clearly show that job market trends across the GCC point to a positive and steadily growing market. The last few years have been a tough one for most economies across the globe. While many markets are still grappling under the weight of the crisis, the Gulf region continues to remain a lucrative one for expansion, thus attracting talent and new investments from across the globe. Additionally, we are seeing an increase in the number of initiatives undertaken among organisations to nurture and retain local talent.”
Towers Watson’s Salary Budget Planning Report for Europe, the Middle East and Asia, published in March 2012, incorporates pay data from 4,200 companies across 60 countries, and was submitted for the 12-month period ending January 30, 2012. – TradeArabia News Service
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