A new survey shows that despite 70 percent of professionals in Kuwait expecting salaries to stay the same, and over half expecting a salary raise in 2023, more than 60 percent of workers said they aim to seek another job this year.
While 37 percent of respondents to the survey claimed that their loyalty to their company is not linked to the salary they receive, 30 percent said it was. Other than salaries, the important drivers of loyalty were: nature of daily responsibilities (33%), line manager (32%) and colleagues (28%).
When asked about their career plans in the next twelve months, 61 percent of Kuwait respondents said they will look for a better job in the same industry, and 33 percent said they plan to look for a better job in a different industry.
The Middle East and North Africa Salary Survey 2023 by Bayt.com, the Middle East’s leading job site, and market research agency YouGov, was conducted to gauge employee satisfaction with their current salaries and factors affecting thereof, as well as explore the drivers of loyalty towards employers and the significance of salary in career satisfaction and general wellbeing.
The survey also showed that the current salary package of nearly a third (32%) of Kuwait respondents consists of basic salary and benefits, while 51 percent said it consists of basic salary only, and 16 percent said it consists of basic salary, benefits, and commission. Among the various benefits employees receive, personal medical insurance (32%), bonus (25%) and personal annual air ticket (21%) are found to be the top benefits in Kuwait. Additionally, 44 percent of respondents say that their company pays for overtime.
When it came to the preferred pay structure, more than 6 in 10 respondents (62%) said they preferred a 100 percent fixed pay structure, while 27 percent of respondents said they prefer a partially fixed pay structure with a variable pay for commissions and incentives.
Director of Human Resources at Bayt.com, Ola Haddad, says: “Our annual Salary Survey outlines the evolution of current income structure and levels, salary satisfaction and perception towards cost of living, providing an insight to the job market and the economy. Employers need to treat compensation as an integral part of an employee’s reward, and monitor major factors driving the salary expectations.”
In terms of quality of life, nearly 7 in 10 (69%) respondents in Kuwait believe they are better off or about the same as other people of a similar generation in their country of residence. Regarding future investment, the survey showed that only 18 percent make regular financial investments, while 22 percent invest in their own business.
Research Director at YouGov, Zafar Shah, said: “The Salary Survey illustrates the job market from employees’ perspective, helping candidates gauge their worth in the current job market, and promoting employers’ understanding in a way that best serves the business and employees. While financial rewards are key to attracting talent into organizations, non-financial rewards can be essential differentiators when it comes to retaining talent.”