The Middle East, particularly the UAE and KSA, is witnessing significant changes in its work landscape, with talent retention emerging as a top priority for employers, according to Zurich Survey.
74% Employees Want to Switch Jobs in UAE
Job Changes: 25% of employees in the UAE and KSA switched jobs in the last year, motivated by better remuneration, enhanced benefits, and career advancement opportunities.
Intent to Explore New Opportunities: A strong intent to explore new job opportunities within the next 12 to 18 months, with 78% in KSA and 74% in the UAE.
Proactivity by Women and Younger Employees: Women and employees in the 25-34 age group are particularly proactive in exploring new career opportunities.
Importance of Flexibility: Flexibility within the workplace is a key factor in attracting and retaining talent, along with diversity and addressing pay gaps.
Government Initiatives: UAE government introducing reforms like investment-related end-of-service benefits, unemployment insurance, and condensed working weeks to attract global talent.
Dissatisfaction With Employee Benefits
Talent Shortage: The UAE and KSA are grappling with talent shortages, reaching approximately 24% and 30%, respectively, with Operations and Logistics sectors being most affected.
Dissatisfaction with Employee Benefits: A clear gap exists between what employers offer and what employees desire. Over one-third of employees express dissatisfaction with current employee benefit packages.
Understanding Employee Priorities
Significance of Employee Benefits: Employee benefits are considered extremely important by nearly 9 out of 10 employees, often surpassing the importance of salary.
Focus on Values and Culture: Building long-term relationships between employers and employees involves aligning values and nurturing a cohesive work culture. Mental well-being and long-term incentive plans are highlighted as important.
The Role of Employee Benefits
Key Driver for Talent Attraction and Retention: 84% of employees are willing to change jobs for the same pay but better employee benefits.
Holistic Approach: Employers are urged to adopt a holistic approach to talent retention, focusing on workplace savings, pensions, end-of-service benefits, and financial stability.
Evolving Employee Motivation: Enhanced employee benefits have now surpassed competitive pay as the primary driver for talent attraction and retention.
Opportunity for Employers: Employers can position themselves as an employer of choice and build mutually beneficial relationships with employees in a competitive job market by adapting their benefits packages to meet changing employee priorities.