Employees and job seekers in the UAE have reason to rejoice in 2024 as the job market continues to thrive, with demand for talent pushing average salaries upward by an anticipated 4 to 7 percent, according to recruitment experts.
The Michael Page 2024 Salary Guide reveals that a significant majority (73 percent) of job seekers intend to remain in the UAE for at least five years, citing career prospects, security, and living standards as their primary considerations.
Salary remains a key factor influencing job changes in the UAE, with the report indicating its pivotal role in attracting top-tier talent. Experts anticipate average salary hikes ranging from four to seven percent in the current year, with most employees expecting increases between 3 and 6 percent.
However, it's crucial to note that not all employees are guaranteed salary increments, as several factors such as industry, performance, and company budget come into play.
"We have observed a noticeable uptick in salaries, particularly in sectors like technology, finance, real estate, construction, and renewable energy," noted one expert. "Recently, we assisted a senior marketer in securing a leadership role in Dubai with a salary that surpassed last year's offerings by 10 percent."
Moreover, a substantial 35 percent of companies intend to reward their employees with bonuses equivalent to at least one month's salary. "In certain sectors such as accounting, chemicals, consumer goods, hospitals, and healthcare, employees may receive generous bonuses amounting to six months' basic salary," the report revealed.
Conversely, sectors like financial services, consulting, and technology have the highest proportion of companies (29%) opting not to provide bonuses. In response to this competitive landscape, companies foregoing bonuses or salary raises may need to explore alternative non-financial benefits such as remote work options, training and development opportunities, or additional annual leave to attract and retain top talent.
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