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UAE: 49% of companies are budgeting for higher salaries
A survey was conducted to understand how a firm's management is combatting increased inflation rates
Nearly half of the companies in the UAE have budgeted to pay higher salaries to their employees considering the increase in inflation rates, a study has revealed.
Aon’s study has revealed global inflation trends are at the highest since the last four decades. This has a significant impact on the organization and employee cost.
The survey included 150 firms across all sectors. It was conducted to understand the steps a firm's management is taking to combat increased inflation rates.
The study stated:
- 59 per cent of the firms believe that the current UAE inflation rate is higher that 3.7 per cent
- 75 per cent firms have felt increased pressure to attract and maintain their talent in the current market
- 49 per cent of the companies budgeting for higher salaries
- 66 per cent of firms considering their existing employee base to implement these amendments
- 14 percent UAE firms are planning an exceptional midyear pay review currently
The study also revealed that junior and middle management have higher salary increase budgets allocated as compared to top leadership. At least 78 per cent of companies said that salary increase will differ across job levels in their organisation.
Organisations which participated in the survey said that the two key reasons for conducting a salary review are: maintaining the competitive landscape and employee retention.
Fifteen per cent companies said an increment in salaries would be necessary since employees' pay was below market rate. However, 27 per cent of those surveyed said that people switch their jobs due to low pay. Finally, 23 per cent said a raise is important to keep pace with rising inflation.
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