Salaries. They seem to be a major topic of discussion among job seekers and employers alike. What is a lot of money? What is little money? And what is enough money?
We, at Bayt.com, know how important fair compensation is. For you to know where you fall on the salary spectrum, we’ve conducted a survey, in collaboration with YouGov, to give you the information you need.
Satisfaction
Asking professionals in the Middle East and North Africa, the Bayt.com Salary Survey revealed that 48% of respondents in the Middle East and North Africa (MENA) region are satisfied with their current salaries. In addition, four in ten professionals believe that salaries are increasing. That’s great news!
MENA professionals were also asked about that pay raises they received. Nearly half of respondents said that they received a pay increase in 2016, 39% of which that they were very happy or modestly happy with their raise.
Over half (54%) of respondents in the MENA region are expecting a salary raise in 2017.
Benefits
Nearly half of professionals receive a basic salary as well as benefits in their compensation package. Although additional benefits vary, what came on top was personal medical insurance. Nearly half of working professionals receive medical benefits, followed by transportation allowance, and family medical insurance packages.
Another benefit that came on top was end of service compensation packages. Four in ten respondents stated that their company offers an end-of-service gratuity, 18% claim they will receive a pension on retirement, and 8% claim that they have other forms of benefits. However, 40% of respondents state that they do not receive any end of service benefits.
Loyalty
With such insights, it is worth asking if salary is the main reason employees remain loyal to their employers. Well, our research revealed that only 17% of MENA respondents claim that the salary they earn is the main loyalty driver. On the other hand, 39% claim that their loyalty to the company is not linked to the salary they receive. Besides salary, management and opportunities for career advancement emerged as the most important factors driving employee loyalty in the MENA region.
When it comes to future planning, over half of respondents claim that they are planning on finding a better job in the same industry within the next 12 month, while more than one third stated that they will be looking for a better job in a new industry.
Expenses
As for living expenses and savings, respondents claim to have seen an increase in food and beverage, utilities, and rents. 80% of respondents expect the cost of living to increase further. That being said, over half of respondents still manage to save a portion of their income and nearly half of expatriates manage to repatriate a portion of their salary to their home country.
Last but not least, respondents were asked about their spending habits and what they spend most on, to which professionals answered: rent, food and dining out, and education and children’s schooling. On the flip-side, 14% of MENA respondents make financial investments on a regular basis. The most popular choice for monthly investments of those surveyed is “own business.”
While more than a third of respondents in the MENA region own a home, half are interested in owning a home in their country of residence, and the rest aim to own a home in their home country.
Interested in finding out more? Access the full report for FREE here!
