The2017 Bayt.com Middle East and North Africa Salary Survey, conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a leading market research agency, revealed that48% of respondents in the Middle East and North Africa (MENA) are satisfied with their current salaries. Further, nearly four in10 (39%) respondents believe that salaries are increasing.
Current Salary
In terms of current salary package composition,45% receive basic salary as well as benefits in their compensation package.16% of those surveyed actually receive their basic salary plus benefits and commission.37% only receive a basic salary.
Of those receiving additional benefits, personal medical insurance (45%) was the top benefit received by employees, followed by a transportation allowance (29%), and family medical insurance (22%).
When it comes to end of service benefits, four in10 respondents (40%) stated that their company offers an end-of-service gratuity, and18% claim they will receive a pension on retirement.8% claim that they have other forms of benefits. However,40% of respondents state that they do not receive any end of service benefits.
Only17% 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 (33%) and opportunities for career advancement (33%) emerged as the most important factors driving employee loyalty in the MENA region.
“With salary being such an important factor for both employees and job seekers, we hope that the Bayt.com Salary Survey2017 will shed light on salaries, savings, and spending in the Middle East,” said Suhail Masri, VP – Employer Solutions, Bayt.com. “We conduct tens of comprehensive research reports each year in line with our mission as an organization, which is to provide people with the tools and information they need to build their lifestyle of choice. This survey was created in order to provide employers with insights into current employee satisfaction levels when it comes to their salaries and raises.”
Pay Raises
In2016,46% of respondents received a salary raise. On the other hand, nearly half (49%) of those surveyed did not receive a pay raise in2016. Of those who did receive a raise,39% were very happy or modestly happy with their raise.
Over half (54%) of respondents in the MENA region are expecting a salary raise in2017.
Future Plans and Expectations
Over half of respondents (53%) claim that they are planning on finding a better job in the same industry within the next12 month, while36% stated that they will be looking for a better job in a new industry.
When asked about salary trends,39% of respondents believe that salaries are increasing across the MENA region. According to respondents, factors causing salaries to increase include inflation / rise in the cost of living (42%), growth in opportunities and economic growth (22%) and good corporate performance / increased profitability (22%).
Masri adds: “For people interested in more specific information about salaries, tools such as Salary Search by Bayt.com can help employers uncover the salaries that are being paid in their industry. The same tool helps professionals gauge their earnings against market average, and thus, learn whether or not they are being fairly paid for the job they are doing. This information collected through the survey is important when it comes to guiding both employers and job seekers, so that the difference between salaries offered and expectations can be successfully addressed.”
Expenses and Savings
With regards to the rising cost of living, respondents claim to have seen an increase in food and beverage (76%), utilities (74%), and rents (60%).80% of respondents expect the cost of living to increase further.
That being said, over half (51%) of respondents still manage to save a portion of their income and nearly half (48%) manage to repatriate a portion of their salary to their home country.
Spending and Investments
The top monthly expenses for respondents in the MENA region were rent (28%), food and dining out (28%), and Education / Children's schooling / Books (11%).
14% of MENA respondents make financial investments on a regular basis. The most popular choice for monthly investments of those surveyed is “own business” (26%).
33% of respondents in the MENA region own a home.50% are interested in owning a home in their country of residence, and53% would like to own a home in their home country.
Elissavet Vraka, Research Manager, YouGov, said: “It is interesting to note that52% of MENA respondents manage to save a portion of their monthly income, with48% of those living outside their home country being able to repatriate a portion of their savings to their home country. This is a good sign for both employers and job seekers, as the ability to save and repatriate savings will impact other factors such as employee satisfaction and loyalty towards the company.”
Data for the2017 Bayt.com Middle East and North Africa Salary Survey was collected online from March23rd to April9th,2017. Results are based on a sample of3,879 respondents who live in the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, and Tunisia.