United Arab Emirates (UAE)-based companies are projecting average salary increases of up to 7.7 percent for 2004, according to a Mercer Human Resource Consulting survey.
Data for survey was collected from 45 leading governmental, private and multinational organizations across the UAE. "Early indicators suggest that UAE organizations are optimistic about their prospects for next year," said Chief Executive Officer of Paradigmz, Mercer's alliance partner in the region, Aman Merchant.
“Despite a tough year, both politically and economically, organizations are predicting pay increases well above inflation and only slightly behind last year's average rise of 8.5 percent,” he added.
Results show considerable differences between local and multinational organizations, and across industries, with multiantionals placing a stronger emphasis on variable pay and long-term incentives. Across industry sectors, variable pay is most common in finance/banking and IT.
Employers in the IT and FMCG industries were found to be the highest payers at top-level positions. Overall remuneration levels were almost double for multinational organizations than for local employers. — (menareport.com)
© 2003 Mena Report (www.menareport.com )