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November 2, 2016

The Rise of Salary Benchmarking

2016 has seen a significant rise in organisations seeking salary benchmark reports. We look at the factors increasing the demand.

The Rise of Salary Benchmarking
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai

Cooper Fitch have been working with clients in various industries across the GCC on a wide range of salary bandwidths, providing them live, bespoke analysis of remuneration structures.  We have noticed this rise due to a number of reasons within organisations.

Restructuring
This has been a big factor with organisations downsizing, decentralising and centralising.

Increasing internal mobility programs
Regional organisations have stepped up their game in talent management processes in past couple of years and are looking to capitalise on their career development and succession planning strategies to promote and internally mobilise their workforce.

Expansion
Contrary to much market sentiment, there are organisations particularly in the manufacturing sector who have large recruitment plans scheduled for the next 3 years; driven by the opening of new plants, geographical expansion or new product lines coming to the market.

IPOs 
Recent increase in IPO and planned IPOs has created a demand for organisations to ensure their Long-term incentive plans are aligned with market best practice.

Annual reviews
The most common driver, as many of us in the market believe 2017 average salary forecasts will rise in the 4% range. Organisations are wanting to ensure any salary hikes are aligned, not only with market activity but with direct competitor activity.

As organisations look to continue to retain and attract talent in the market, not only is it continually imperative that they remain competitive from a fixed salary, annual bonus and family benefits perspective, but they are continually seeking ways to increase their levels of employee engagement. I will discuss the topic of employee engagement in one of my upcoming blogs.  

For a bespoke compensation and benefits report that could assist in supporting your business plans or looking for executive insights please get in touch with me for a consultation.

Jack Khabbaz By Jack Khabbaz

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