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The country’s job market is coming off its strongest year in a decade, with higher-than-expected demand across industries
Some companies in the UAE plan to raise salaries by more than 10% next year, according to a study published by global recruitment and HR consultancy Cooper Fitch.
The UAE Salary Guide 2023 shows that 57% of companies expect a salary increase, with 45% of companies up to 5%, 7% of companies intending to increase their salary by more than 10%, and 5% likely to increase their salary until 2023 Raise wages by 6% to 9%. And 23 percent of companies said they do not plan to change employee salaries in the next 12 months.
The survey is based on responses from business leaders responsible for key decision-making at more than 300 organizations in the Gulf region.
Overall, wage growth is expected to be just under 2% in 2023.
By 2022, 49% of companies have increased wages, with 7% increasing wages by more than 10%.
The study revealed that the real estate industry offered the highest salaries (Dh252,000), followed by legal (Dh231,000), banking (Dh178,000), investment management (Dh158,000), finance (Dh153,000), human resources (Dh147,000), manufacturing (Dh136,000), strategy (Dh131,000), technology (Dh126,000), consulting (Dh126,000), tax specialist (Dh117,000), telecommunications (Dh115,000), supply chain (Dh95,000) and sales and marketing (Dh76,000).
The global recruitment consultancy revealed that the UAE’s job market experienced its strongest year in a decade, with higher-than-expected demand from both the public and private sectors.
Trefor Murphy, Founder and CEO of Cooper Fitch, said: “This activity is in large part driven by the healthy position of the national government and its success in incentivizing large-scale project financing both locally and internationally.”
Total salary bonus for up to 6 months
The study found that nearly three-quarters of respondents said they planned to pay out annual bonuses, while only 26 percent had no such plans.
As many as 36% of respondents expected the amount to be one month’s payroll, one in five planned to pay two months’ payroll, 10% said three months and 3% said four month, and 1% indicated a five-month bonus.
“Four percent of employees at companies surveyed this year can expect to receive a generous annual bonus equivalent to six months of gross salary. Industries represented in this category include banking, financial services, investment management and consulting,” Murphy said .
– waheedabbas@khaleejtimes.com
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