The Bayt.com Salary Survey reveals sentiments about salaries, savings and spending
The 2017 Bayt.com Middle East and North Africa Salary Survey, conducted by Bayt.com and YouGov, a leading market research agency, revealed that 53% of respondents in Qatar are satisfied with their current salaries. Almost half of respondents believe that salaries are increasing in Qatar and 18% believe that they stay the same.
In terms of current salary package composition, more than six in 10 respondents in Qatar receive basic salary as well as benefits in their compensation package. 13% of those surveyed actually receive their basic salary plus benefits and commission. 26% only receive a basic salary.
Of those receiving additional benefits in Qatar, personal annual ticket was the top benefit received by employees, followed by transportation allowance and personal medical insurance.
When it comes to end of service benefits in Qatar, two thirds of respondents stated that their company offers an end-of-service gratuity, and 7% claim they will receive a pension on retirement. 7% claim that they have other forms of benefits. However, 22% of respondents state that they do not receive any end of service benefits.
21% of Qatar respondents claim that the salary they earn is the main loyalty driver, while 28% claim that their loyalty to the company is not linked to the salary they receive. Besides salary, training and development and opportunities for career advancement emerged as the most important factors driving employee loyalty in Qatar.
Suhail Masri, VP – Employer Solutions at Bayt.com said that through their survey, they hope to shed light on salaries, savings and spending in the Middle East.
We conduct tens of comprehensive research reports each year in line with our mission as an organisation, which is to provide people with the tools and information they need to build their lifestyle of choice. This survey was created in order to provide employers with insights into current employee satisfaction levels when it comes to their salaries and raises.’
In 2016, nearly four in 10 respondents in Qatar received a salary raise. On the other hand, half of those surveyed did not receive a pay raise in 2016. Of those who did receive a raise, 53% were very happy or modestly happy with their raise. Over half of respondents in Qatar are expecting a salary raise this year.
Future Plans and Expectations
The majority of respondents in Qatar claim that they are planning to find a better job in the same industry within the next 12 month, while 30% stated that they will be looking for a better job in a new industry.
When asked about salary trends, 43% of respondents believe that salaries are increasing in Qatar. According to respondents, factors causing salaries to increase include growth in opportunities and economic growth in their country of residence, inflation/rise in the cost of living, and removal of NOC clause/greater flexibility to switch jobs.
Masri added that for people interested in more specific information about salaries, tools such as Salary Search by Bayt.com can help employers uncover the salaries that are being paid in their industry.
The same tool helps professionals gauge their earnings against market average, and thus, learn whether or not they are being fairly paid for the job they are doing. This information collected through the survey is important when it comes to guiding both employers and job seekers, so that the difference between salaries offered and expectations can be successfully addressed.’
Expenses and Savings
With regards to the rising cost of living in Qatar, the bigger proportion of respondents have seen their cost of living increase between 6% and 10%. Respondents claim to have seen an increase in food and beverage, rents and utilities. When it comes to the future, the majority of respondents believe that the cost of living in Qatar is going to increase further. That being said, 57% of respondents in Qatar still manage to save a portion of their income and nearly three quarters manage to repatriate a portion of their salary to their home country.
Investments and Home Ownership
The top monthly expenses for respondents in Qatar include rent, food and dining out, and education/children’s schooling/books. When asked about the frequency of eating out, 18% of respondents said they eat out everyday, 26% said they eat out a few times a week, and the rest do so less often.
23% of Qatar respondents make financial investments on a regular basis. The most popular choice for monthly investments of those surveyed includes property, gold and investing in their own business. 43% of respondents own a home. 32% are interested in owning a home in their country of residence, and 65% would like to own a home in their home country.
Data for the 2017 Bayt.com Middle East and North Africa Salary Survey was collected online from 23 March to 9 April 2017. Results are based on a sample of 3,879 respondents from the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, and Tunisia.