Saudi Arabia Stresses It Has Made Important Steps to Enhance Food Security, Growth    Saudi Stock Exchange Main Index Ends Trading Lower at 12,427.96 Points    Jeddah Season Introduces Activities of "Japanese Anime Village", First of its Kind in the World    Jeddah Season 2022 is Official Sponsor of Custodian of the Two Holy Mosques Cup Final    OIC Secretary General on Official Visit to Washington to Meet Senior Officials of US State Department    GDNC Director General, Romanian Police General Inspector Discuss Means to Enhance Cooperation in Combating Cross-border Narcotics Crimes    Custodian of the Two Holy Mosques Congratulates President of the Republic of Cameroon on National Day    Japan Posts Trade Deficit of 839.2 Billion Yen in April    Asian Shares Fall    Saudi Deputy Minister of Defense Meets with US Secretary of Defense in Washington    Over 6-month validity of passport required for travel of Saudis to non-Arab countries    Prince Faisal, Lamamra review historical ties; discuss enhancing joint cooperation    Saudi Tourism Authority Signs Over 90 Agreements and MoU in Dubai ATM 2022    Algerian Foreign Minister Receives Saudi Foreign Minister    Ma'aden participates in global HSE conference in Oman as strategic sponsor    TGA president reviews most prominent railway projects at Middle East Rail 2022 UAE    President of SAFF Participates in AFC General Assembly Meeting    36 films compete for 12 awards at Saudi Film Festival    Senegalese show support to Idrissa Gueye after homophobia accusations    Riyadh's deputy governor offers condolences on death of Sheikh Khalifa    Thailand's ready to contribute to Saudi Arabia's food security Thailand Halal Food Festival 2022 an in-store promotional activity across LuLu Saudi Hypermarkets    Finland and Sweden submit formal bids to join NATO    Royal approval issued to hold international Qur'an writing competition    Rescuing global goals, world's highest common priority – UN chief    Human rights must be at heart of solution to Sri Lanka crisis: UN coordinator    'Khawlani beans' successfully planted in Riyadh    Prince Khalid, Sullivan discuss ways to strengthen joint cooperation between KSA and US    Saudi Arabia bags two gold medals, 2 silvers in GCC Games    Saudi Athletes Achieve Great Victories in the 2nd Day of the GCC Games Tournament in Kuwait    Kay Mellor: Actress and Fat Friends creator dies aged 71    How cricket-crazy India scripted world badminton glory    Abdulghani clinches first gold for Saudi Arabia in Gulf Games    Jazan Hosts West Asian Beach Soccer Championship    Gulf Health Council: Large sunglasses give better UVA protection    Saudi citizen turns attention to sports after retirement    Over 250 Saudi Female and Male Players to Participate in Kuwait 3rd GCC Games on Friday    Bollywood actor's tweet reignited debate over Hindi as India's national language    SFDA Advises to Wash Dates Well Before Eating    SFDA Advises Against Mixing Surplus of Iftar and Suhoor with Different Foods or Surplus from Other Days    Ministry calls on imams to avoid long supplications in Tahajjud Prayer    Nothing wrong with a Muslim celebrating birthdays, says Saudi scholar    Ranbir Kapoor and Alia Bhatt: Bollywood wishes for star couple on wedding    SFDA Warns Against Microbes Accumulation on Coffee when Stored Incorrectly    SFDA: Over-roasting or roasting is not an indication of the level of food and may cause harm to human health    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Salaries in Kingdom grow 4.5% in 2015 despite falling oil prices
Published in The Saudi Gazette on 14 - 09 - 2015

JEDDAH — Salaries across Saudi Arabia have increased by an average of 4.5 percent in 2015 – slightly below the rate of 5 percent which had been forecast last year, according to a report by consultancy Hay Group.
Wages grew despite the slump in oil prices, which are down almost 50 percent since June last year, the report said.
Hay Group's regional manager for Services Wendell D'Cunha said: “With inflation at 2.6 percent, the increase represents a growth of 1.9 percent in employees' real spending power.”
The highest increases have been seen by lower level employees with an average of 5.7 percent.
“The difference between salaries of senior executives and entry level workers has grown more slowly than in other parts of the Middle East,” said D'Cunha.
“However with the average head of department earning 7.3 times more than the average entry level staff member, Saudi Arabia is still well above the regional average in this regard,” he added.
Overall, the report also found that employees in the banking sector fared better than their peers with an average 7.1 percent increase.
As a percentage of basic salary, companies in the banking and retail sectors also paid the highest bonuses.
“The banking and retail sectors are both very performance driven and as such, we expect to see a large portion of total pay being paid as a variable bonus,” said D'Cunha.
On average senior management employees were the only ones who received bonuses that were above target.
The report also found that women, who comprised 5 percent of the research, are paid an average of 10 percent more than the general industry average.
“This is because there are no women represented within the large, low-paid labor force and instead they fill mainly support positions in industries that tend to pay more,” D'Cunha furher said.
“In the banking sector, which does not have a low-skilled labor force, women are paid an average of 10 percent less than their male counterparts.”
While over 50 percent of the total employees surveyed have stayed with their current company for more than five years, organizations in some sectors are finding it difficult to retain their staff.
Nearly 17 percent of the workforce has spent less than a year with their organization.
In the insurance sector turnover was approximately 40 percent in 2015 while in retail the turnover was approximately 25 percent, the report noted.
Looking ahead, despite the continuing economic uncertainty caused by falling oil prices and the poor performance of global markets, businesses are forecasting that salaries will increase by approximately 5 percent again in 2016, the report found.
“In these times, businesses concentrate their compensation spend on high performing employees while below-average performing workers will receive little or no increase,” said D'Cunha.
“However, a business is nothing without its people and, during periods of low growth, organizations must think creatively about how they motivate and reward their best employees.” — SG


Clic here to read the story from its source.