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 that63% of respondents from Egypt received a pay raise in2016 and68% are expecting to receive a raise in2017. Furthermore, almost half (48%) of respondents believe that salaries are actually increasing in Egypt.
Current Salary
In terms of current salary package composition, more than one third (36%) of those surveyed in Egypt currently receive a basic salary and benefits in their compensation package, more than one in five (22%) receive their basic salary plus benefits and commission, and42% only receive their basic salary.
Of those receiving additional benefits, personal medical insurance (39%) was the top benefit received by employees, followed by a transportation allowance (23%), and a salary bonus (20%).
When it came to end of service benefits in Egypt,22% stated that their company offers an end-of-service gratuity, and19% claim they will receive a pension on retirement.9% stated that they have other forms of benefits. However,57% of respondents state that they do not receive any end of service benefits.
Only13% of respondents in Egypt claim that the salary they earn is their main loyalty driver.46% claim that their loyalty to the company is not linked to the salary they receive. Besides salary, respondents list management (37%), opportunities for career advancement (36%) and the nature of their daily responsibilities (35%) as the most important factors driving employee loyalty in Egypt.
“With salary being such an important driver 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, almost two thirds (63%) of respondents in Egypt received a salary raise. On the other hand,33% of those surveyed did not receive a pay raise in2016. Of those who did receive a raise,36% were very happy or modestly happy with their raise.
More than two thirds of respondents in Egypt (68%) expect to receive a salary raise in2017.
Future Plans and Expectations
More than half of respondents in Egypt (53%) are planning to find a better job in the same industry within the next12 month, while31% stated that they will be looking for a better job in a new industry.43% of respondents plan on relocating to a different country in the Middle East in search of a new job.
When asked about salary trends, almost half (48%) of respondents believe salaries are increasing in Egypt. According to respondents, factors causing salaries to increase include inflation / rise in the cost of living (57%), good corporate performance / increased profitability (18%), and growth in opportunities and economic growth in the country (17%).
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 in Egypt, the majority (47%) of respondents have seen their cost of living increase by over51%. Respondents claim to have seen an increase in their food and beverage (88%), utilities (87%) and rent (60%). When it comes to the future, the majority (88%) of respondents believe that the cost of living in Egypt is going to further increase.
Spending and Investments
The top monthly expenses for respondents in Egypt were food and dining out (38%), rent (15%), and Education / Children's schooling / Books (15%). When asked about the frequency of eating out,29% of respondents said they eat out every day,18% eat out a few times a week, and the rest do so less often.
In Egypt, the most popular choice for monthly investments of those surveyed includes investing in their own business (32%), savings certificates (17%) and property (12%). Though only11% of Egypt respondents make financial investments on a regular basis, almost half of them already own a home (49%).
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.