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The majority of workers in the UAE are now looking for new jobs for higher salaries as they grapple with rising living costs, according to a new survey by recruitment specialist Robert Half.
More than half (52%) of employees surveyed said it was becoming increasingly difficult for them to afford monthly living expenses, while around three-fifths (59%) were concerned about living costs and their impact.
As employees face financial hardship, Robert Half said a significant number of employees (74%) are considering taking on new roles in 2023. The majority (56%) of these job seekers said their main reason was to get a better salary so they could meet their financial needs.
According to Robert Half’s 2023 salary guide, the monthly income of UAE workers can no longer keep pace with inflation. Average wages in the UAE have grown by 3.2% over the past 12 months, while inflation has risen by around 5.6%, according to estimates from the UAE Central Bank.
retain top talent
Recruitment experts suggest companies should consider offering higher salaries to retain top talent.
“The cost of living is one of the top concerns we hear from job seekers, and there’s no doubt people will act to get the higher salaries they need to perform their duties,” said Gareth El Mettouri, Robert’s Associate Director Middle East. half.
“Expats may even leave the region, with knock-on effects on the UAE economy. If employers want to retain the best talent and maintain productivity, they should be prepared to offer higher salaries, additional bonuses and higher perks to ease Stress from employees.”
So far, only three in 10 (31%) workers in the UAE have accepted pay adjustments to account for rising inflation. About a quarter (25%) also received mental health support from their employer, while 18% received financial training.
However, Robert Half pointed out that many companies are choosing to reduce their compensation expenses, especially when hiring new employees.
“Many business leaders are choosing to cut costs when recruiting new talent, which affects their competitiveness in the UAE and globally,” said Robert Half.
(Reporting by Cleofe Maceda; Editing by Seban Scaria)
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