Q: How important is money in evaluating your job?

There is no denying that a supportive boss or warm camaraderie can help boost the morale of employees, but work environment is not the lone factor that keeps people in their current job.

• There are tons of reasons that inspire people to keep on going but the bottom line is money. It is the money that pays the rent, puts food on the table, sends children to school and takes one to new and exciting places.
• In a survey among 3 million expatriates workers in the UAE, 67% is looking for pay rise while 47% might quit the job if promotion is not on the way.
• The superheated job market in the UAE in the recent years (inflated salaries are used to attract talents) gave way to the perception that salary is the determining factor for employee loyalty. However, when the job market cooled off, there are other factors that are impacting employee commitment and loyalty.
• The payoff of providing financial rewards to deserving and qualified staff is still worth the investment for companies.  The pay should be linked to performance and the company should have a transparent performance management system.

Why high caliber talent needs looking after?

• It is five times more expensive to rehire someone and keep them performing than to keep the “star employees” in the team.
• As hiring increases and the ability to attract high-calibre talent becomes more competitive, companies will need to look at their employee offering both in terms of remuneration and career development opportunities.
• Employers should treat their employees as fixed investments. A senior staff member, whom the boss relies to, for example, will lost feel heartbroken when he learned that a newcomer gets the same salary as he is. For him, it was like being treated unfairly and will lost interest in his job.

           

Factors lead to leaving a job

Aside from insufficient salary, there are other factors that compel workers to quit their jobs.

Fact:

Top 5 reasons for UAE Professionals to quit their job

Lack of communication and involvement by top management                51%

Lack of promotion despite good results                                                   47%

Lack of company ‘vision’                                                                          31%

Too lengthy to commute to work                                                             25%

The boss is taking credit for your own work                                            24%

• Irreconcilable differences between a worker and a manager can drive an employee away. Employees will start looking for new opportunities when they aren’t respected in the workplace.
• Company politics, lack of career development and poor leadership and management can also turn off workers.
• During times of economic instability, leadership and communication are king. Poor leadership and management result in no empowerment, direction or motivation for employees. This leads down to breakdown in trust.

Why workers stay loyal?

• Personal growth rank among the top three reasons why workers stay loyal.
• Employees are likely to stay if they feel they are growing and developing in their career. This doesn’t mean a promotion but that they are bettering themselves and their future.
• Other will stay for benefits aside from their salary.