Many companies went through a rough patch during a pandemic. While some bounced back, many are still recovering from the damage. In the last two years, a list of organisations sacked their employee owning to financial complications. Similarly, the statistics suggest that 23% of UAE companies might reduce their employees this year. A staff cut of 30 per cent might occur in 2022 in UAE.
Pay Cut In UAE Companies
According to the yearly study performed, about 20% of enterprises operating in the UAE have frozen pay. While 30% “have” intentions to reduce their worker numbers. According to the report, 19% of those polled expect to decrease income by 10% this year.
These are the sobering statistics on what UAE companies are doing to deal with the pandemic’s aftermath and other miscellaneous issues. Some of the larger companies have already implemented personnel cutbacks, with salary reductions ranging from 30 to 50 per cent. Until further notice, some of them are keeping their compensation cutbacks.
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Many Companies Are Hiring With Better Force
According to the poll, 59 per cent of UAE businesses want to increase their staff by ten per cent or more. Don’t fret over losing your old job, as there’s a good chance you’ll find something else.
Another important finding from the Cooper Fitch survey is that 43% of companies expect to raise earnings this year. This translates to 35 per cent raising pay by 0-5 per cent and another 5% increasing compensation by more than 10%.
As a result of this upbeat outlook, Cooper Fitch predicts that UAE salaries will climb by 3% on average this year. The poll questioned over 600 UAE company executives on their hiring practices, wage trends, and incentive plans.
As the recruitment specialists suggest, the UAE employment market will continue to improve in 2022. The corporate confidence and recruiting activities return to pre-coronavirus levels. Salaries might climb by 3% to 5% on average. Bonuses will make a comeback this year.
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