Given the high inflation in the country, combined with fuel prices rising steadily since January 2022, the common man’s pocket in the UAE is being adversely affected. Employees are asking their employers to increase their salaries.
In a chat with Khaleej Times, country head of a global staffing company reveals that companies in the UAE are considering giving a mid-term hike to employees of about seven to 10 per cent. They are also looking to give a 35 to 40 per cent allowance for fuel.
It is reported that UAE has witnessed a 75 per cent hike in fuel prices since January 2022. The country has increased the fuel prices by half a Dirham for two consecutive months in a row — in June and July. Today, the fuel price stand at Driham 4.63 per litre for Super 98 fuel (a special type of fuel in the UAE).
Since the job market is offering numerous opportunities to people, companies will need to consider different ways of retaining their top talent. In fact, experts believe that employees should seek benefits beyond just compensation such as learning and development opportunities, upskilling and work-from-home options. Companies will need to offer a total package to retain employees.
Companies are relooking at internal policies regarding increments as the rising demand for pay hikes resonates in the management. Companies will have to relook at the compensation of their high performers and high potentials to retain them.
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