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Pay rises! (For management)
If you’re running the show, congratulations on your bonus! If you’re anyone else, sorry but you don’t get a thing.
September 6, 2010 2:16 by Samuel Potter
Have you just arrived at work in a brand new Porsche? If so, you must be management. If it’s your boss driving the Porsche, don’t be surprised – he or she probably just collected a chunky new share offer from the board.
According to a report in the National, employers across the Emirates are beginning a new round of salary rises after a year of pay freezes. A new study of recruiters by the Hay Group – a global recruitment consultancy – said salaries in the UAE would rise 5.2 per cent next year, among the fastest rates of nominal salary growth in the Gulf.
The bad news is that most of the pay is reserved for “top performers at management level.” So if that’s not you, you’re out of luck.
The Hay Group has upped its estimate of salary growth after witnessing a growth in wage rises in July and August. “There’s more money around than last year,” said Vijay Gandhi, a regional director at Hay Group. “However, organisations are using the benefits more wisely to differentiate between key talent.”In other words, bonuses are back, but they’re targeted. Top performers will get the most lucrative offers, which will include stock options and deferred cash payments to ensure they stay with the company.
The survey also found fewer companies provided bonuses this year compared to last, 50 percent compared to 69 percent in 2009. But the value of bonuses has increased by 8 percent, suggesting that those top performers are grabbing an even bigger slice of the pie.
The news will be welcomed by some, who point out that in March it was reported that more than half of professionals in the UAE did not receive a pay rise last year, and only 4 percent of those who did receive an increase were happy with it. Though these bonuses may be targeted, the fact they exist at all is a good sign.
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