{"id":637403,"date":"2017-11-15T04:14:04","date_gmt":"2017-11-15T04:14:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/businesses-need-to-help-middle-and-upper-income-staff-keep-pace-with-inflation\/"},"modified":"2017-11-15T04:14:04","modified_gmt":"2017-11-15T04:14:04","slug":"businesses-need-to-help-middle-and-upper-income-staff-keep-pace-with-inflation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/businesses-need-to-help-middle-and-upper-income-staff-keep-pace-with-inflation\/","title":{"rendered":"Businesses need to help middle- and upper-income staff keep pace with inflation"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Want to keep growing your business? One of the most important things business you <\/strong><strong>can do is help your middle- and upper-income staff keep pace with inflation. <\/strong>And one of the most important things staff can do in return is deliver productivity gains. It\u2019s a thesis we would agree with wholeheartedly even if we didn\u2019t consider CIB Chairman and Managing Director Hisham Ezz Al Arab a friend.<\/p>\n<p><strong>Middle-, upper-income staff are being squeezed, even as state has protected <\/strong><strong>low-income families and the working poor: <\/strong>Speaking with CNBC yesterday, Ezz Al Arab said noted that the government has done \u201can outstanding job protecting people under the poverty line and the [working] poor \u00e6 protecting low-income families. The ones who are being really impacted by the reforms are the middle class and the upper class. We saw the clear impact on their spending behaviour \u2026 it changed.\u201d<\/p>\n<p><strong>Businesses, Ezz Al Arab suggests, need to protect their people: <\/strong>\u201cFor the middle class and the upper class, it\u2019s a matter of time before income and productivity start to catch up to pre-reform levels.\u201d It\u2019s a pattern similar to that which we saw after the reforms of the early 1990s, he notes, saying that it was a while \u201cbefore the \u2018Crocodile on the Nile\u2019 [rebound] affected the average income of society.\u201d<\/p>\n<p><strong>Another wave of raises coming in the banking sector: <\/strong>Banks \u201cwill not compensate 100% for the price changes, but at least we voluntarily and aggressively raised average wages by about 20% last year, and I think there is another wave that is going to happen. That increase, by the way, [must be] matched by an increase in productivity as well, because the dangerous part is to raise wages with no increase in productivity, that puts you in a vicious cycle. Banking profits improved in the first half of 2017 and by the end of 2017 or early 2018, you\u2019ll see another [salary] increase. I\u2019d guess you will see over the coming 3-4 years we\u2019ll catch up on productivity and income growth.\u201d<\/p>\n<p><strong>Inflation this year has run at north of 80% for middle- and upper-income staff. <\/strong>That\u2019s our take on the matter. One of the smartest guys we know has looked at inflation for his (very, very large) white-collar staff and estimated it\u2019s running at something around 85%. That meshes just about perfectly with the peak increase in price of baskets of consumer goods (food and non-food) at two high-profile retailers whose data we\u2019ve reviewed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to keep growing your business? One of the most important things business you can do is help your middle- and upper-income staff keep pace with inflation. And one of the most important things staff can do in return is deliver productivity gains. It\u2019s a thesis we would agree with wholeheartedly even if we didn\u2019t [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":637404,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-637403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"37116f9c-0c1b-49a2-9ae6-0019574ea65d","order":"0","is_powered_by":true,"section_story_id":"93632b79-ea97-4d47-bf47-9c21be93b69a","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/11\/1673.jpg","photo_position":"above","related_issue":[637395],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Businesses need to help middle- and upper-income staff keep pace with inflation - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/businesses-need-to-help-middle-and-upper-income-staff-keep-pace-with-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Businesses need to help middle- and upper-income staff keep pace with inflation\" \/>\n<meta property=\"og:description\" content=\"Want to keep growing your business? One of the most important things business you can do is help your middle- and upper-income staff keep pace with inflation. And one of the most important things staff can do in return is deliver productivity gains. 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Consumers are swapping new cars for cheaper models, cutting back on pricy supermarket shopping and giving up holidays abroad. 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Rizk\u2026","rel":"","context":"In &quot;On Deadline&quot;","block_context":{"text":"On Deadline","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-deadline\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628137,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/26\/cib-becomes-the-first-me-company-to-feature-in-london-business-school-case-study\/","url_meta":{"origin":637403,"position":4},"title":"CIB becomes the first ME company to feature in London Business School case study","author":"enterpriseam admin","date":"26 June 2018","format":false,"excerpt":"CIB is the first Mideast corporation to feature in a London Business School case study: Our good friends and sponsors at CIB have become the first Middle East corporation to feature in a case study by the London Business School. To mark the occasion, CIB Chairman Hisham Al Arab recently\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637507,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/19\/ac-dc-founder-dead-at-64\/","url_meta":{"origin":637403,"position":5},"title":"AC\/DC founder dead at 64","author":"enterpriseam admin","date":"19 November 2017","format":false,"excerpt":"The soundtrack for this morning\u2019s Edition: Everything AC\/DC, following the death overnight of founding band member and guitarist Malcolm Young. See obits in Rolling Stone and the New York Times. 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