Bahrain Employment and Career News
Basic pay of Gulf employees likely to grow by 6% to 7% in 2011
Companies in the Gulf nations may increase the basic pay of their employees by 6 to 7% this year, being the first pay hike for many in the past two years, according to a Mercer study.
The Middle East Market Leader for Mercer, Cameron Hannah, said that the financial services institutions and other leading firms across the Gulf are already re-structuring the pay-scales of their major executives and high potential talent, as economic activity returns to better levels.
Te surveys predict an increase in base salaries in 2011 in the range 6 to 7.5 percent, and this will be the first pay-hike since the past two years, Hannah said.
According to Hannah, one of the biggest trends in the region is the annual incentive programme to be linked more tightly to specific corporate and division/business unit performance measures together with introduction of long-term incentives.
Further, just as anywhere else across the globe, the GCC too, has faced the trend of bonus deferrals, and therefore, there is a tendency for long-term incentive plans to be introduced without increasing overall incentive pool costs. But there could be further cutbacks in short-term incentives, the survey data reveals.
The analysis is based on senior executive pay data compiled from 38 leading insurance, banking and financial service organizations across Western Europe.
Majority of organizations will increase salaries on an average of 2.5percent as part of their normal annual salary review. During the past two years, majority of financial services firms had amended their compensation packages and performance incentives, and had mainly introduced a mandatory deferral plan, the report said.
Posted on 22/2/2011
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