{"id":88687,"date":"2024-02-05T00:00:00","date_gmt":"2024-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/you-could-be-earning-c-4-5-more-this-year\/"},"modified":"2024-02-05T00:00:00","modified_gmt":"2024-02-05T00:00:00","slug":"you-could-be-earning-c-4-5-more-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/05\/you-could-be-earning-c-4-5-more-this-year\/","title":{"rendered":"You could be earning c.4.5% more this year"},"content":{"rendered":"

Average salaries in the UAE could go up 4.5% y-o-y in 2024<\/strong>, driven by strong non-oil sector performance and an anticipated increase in OPEC+ oil production, according to GCC HR advisory firm Cooper Fitch\u2019s Salary Guide UAE 2024 (pdf)<\/a>. The report is based on surveys with business leaders from 1k organizations, gathering insights on recruitment, headcounts, and salary trends for 2023-2024. <\/p>\n

Some 54% of companies increased wages in 2023<\/strong>, with around 8% raising them by over 10%, prioritizing talent retention in specific sectors, the report reads. <\/p>\n

Fifty-nine percent of companies upsized their workforce during 2023<\/strong>, up from 55% companies upsizing in 2022, the report said. Only 28% of companies downsized operations, down slightly from the 30% who downsized in 2022. <\/p>\n

More workforce expansions + salary hikes are expected in 2024: <\/strong>Over half of companies are gearing up to expand their teams in 2024, while 20% anticipate a reduction in headcount. More than one third of respondents plan to raise wages by up to 5%, while 21% plan to lower salaries. <\/p>\n

Are you in financial services, IT, or consulting? Don\u2019t expect a bonus:<\/strong> With finance companies in the lead, 29% of businesses are skipping bonuses this year, likely due to economic challenges hitting international banks in 2023, according to the report. Consulting and IT-focused industries also show a high rate of bonus omission. On a more positive note, 2% of companies in accounting, chemicals, consumer goods, and healthcare are awarding bonuses equivalent to six months' basic salary.<\/p>\n

Is there enough talent to meet your hiring needs in 2024? <\/strong>Some 27% of companies reported talent shortages in management, leadership, and sales positions. <\/p>\n","protected":false},"excerpt":{"rendered":"

A promising expansion in the non-oil sector coupled with oil production is expected to boost wage growth in the Emirates<\/p>\n","protected":false},"author":1,"featured_media":88688,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1556],"tags":[1357,19,7,285],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-business","tag-economy","tag-enterpriseam-uae","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"943a650e-37ef-4b08-a96e-410b953257da","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2101.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Average salaries expected to increase 4.5% in 2024","related_issue":[88681],"teaser":"A promising expansion in the non-oil sector coupled with oil production is expected to boost wage growth in the Emirates","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.f70c5007-4639-44ea-9385-11f6312ffc8c.mp3"},"yoast_head":"\nYou could be earning c.4.5% more this year - 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