Human Resources, Employee Benefits, GCC, Trends
How employee benefits in the UAE and GCC can give companies a competitive advantage in attracting and retaining top talent.
4 Sept 2023
The UAE and GCC job markets are rapidly evolving, with a rising demand for skilled talent. In this competitive landscape, employee benefits have emerged as a critical factor for attracting and retaining top talent.
A recent study by Willis Towers Watson found that 73% of employers in the UAE and GCC are looking to enhance their employee benefits offerings. The study also found that the most in-demand benefits include:
Financial benefits, such as salary advances, access to investment accounts, ESOPs & long-term incentive plans.
Career development opportunities
These benefits are not only important for attracting and retaining employees, but they can also have a positive impact on employee productivity, engagement, and satisfaction.
Financial benefits are becoming increasingly popular in the UAE and GCC, as employees look for ways to secure their financial future. Some of the most popular financial benefits include:
Salary Advances. With minimal administrative efforts, employers can give employees access to salary advances which leads to reduced financial stress and allows employees to avoid high-cost borrowing options like payday loans or credit card cash advances.
Access to savings & investment accounts: Many companies in the UAE and GCC now offer employees access to savings & investment accounts. This allows employees to save for their future in a tax-efficient way.
ESOPs (Employee Stock Ownership Plans): ESOPs allow employees to own shares in the company they work for. This can give employees a sense of ownership and commitment to the company, and it can also provide them with a valuable financial asset.
LTIPs (Long-Term Incentive Plans): LTIPs are performance-based compensation plans that give employees the opportunity to earn bonuses or shares in the company based on their performance over a period of time. LTIPs can help to motivate employees and keep them engaged in their work.
Healthcare is a major concern for employees in the UAE and GCC, as the cost of healthcare can be high. Some of the most popular healthcare benefits include:
Medical insurance: Medical insurance covers the cost of doctor's visits, hospital stays, and other medical expenses.
Dental insurance: Dental insurance covers the cost of dental care, such as checkups, cleanings, and fillings.
Vision insurance: Vision insurance covers the cost of eyeglasses and contact lenses.
Wellness benefits are becoming increasingly popular as employers recognize the importance of employee health and well-being. Some of the most popular wellness benefits include:
On-site fitness centres: On-site fitness centres allow employees to get a workout during their workday.
Health screenings: Health screenings can help employees identify potential health problems early on.
Employee assistance programs: Employee assistance programs provide confidential counselling and support to employees who are struggling with personal or professional problems.
Career Development Opportunities
Career development opportunities are important for employees who want to grow and advance in their careers. Some of the most popular career development opportunities include:
Tuition reimbursement: Tuition reimbursement programs help employees pay for the cost of continuing education.
Mentorship programs: Mentorship programs pair employees with experienced professionals who can provide guidance and support.
Training programs: Training programs help employees develop new skills and knowledge.
By offering a comprehensive suite of employee benefits, companies in the UAE and GCC can attract and retain top talent, improve employee productivity, and boost employee morale.