67% of Kuwaiti employees satisfied with salaries & benefits

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KUWAIT CITY, Dec 5: A new survey conducted by Bayt.com, the Middle East’s #1 job site, titled “Bayt. com Middle East and North Africa Salary Survey 2023” sheds light on employee satisfaction levels with their current salaries and the factors influencing those levels. More than half of respondents (67%) expressed high or medium levels of satisfaction with their current salary.

Additionally, the research found that 54% of respondents are satisfied with the benefits they receive from their current company. The survey aimed to comprehend the level of satisfaction employees experienced with the raises they received in the past year and their expectations for future salary increases. Notably, 45% of the respondents received a salary raise up to 10% in the past year, with 35% expressing satisfaction with the increase. Looking ahead to 2024, 23% of the respondents anticipate a salary raise of up to 10%. These findings underscore the significance of fair compensation practices in attracting and retaining talented employees.

Ola Haddad – Director of Human Resources at Bayt.com at Bayt.com said: “The findings from our latest survey offer Kuwait organizations an opportunity to reflect on their compensation strategies and address the factors that influence employee satisfaction. By prioritizing fair and competitive salaries, coupled with a comprehensive range of benefits and growth opportunities, organizations can truly empower their workforce, foster loyalty, and create a thriving environment that attracts and retains top talent.” In terms of gender pay parity, 32% of respondents believed that salaries offered to both men and women in their companies were equal.

Insights into Salary and Benefits in Kuwait The survey unveiled that 57% of respondents receive just a basic salary, while personal medical insurance (25%), transportation allowance (18%), bonus (25%), and family medical insurance (9%) were cited as the top benefits received by employees. A majority of respondents (77%) have a monthly income of US$3000 or less, with 34% earning less than US$1000. According to the research findings, one-quarter of respondents currently hold middle-management and mid-level executive positions without managerial responsibilities. Moreover, 41% of the respondents have been working in their respective industries for up to six years. Impressively, 75% of the respondents have been with their current employer for six years or less, with 40% having been employed for less than three years.

The survey also revealed that 49% of respondents have up to 10 employees reporting to them, illustrating their influence and level of responsibility within their organizations. When asked about their position in their career path, 60% of respondents described themselves as being between fairly senior and midpoint seniority. The research also indicated that 59% of respondents held one or two jobs over the past five years, while 36% held three jobs or more. Cost of Living, Savings, and Financial Outlook in Kuwait In Kuwait, 55% of respondents reported saving up to 35% of their income, highlighting that despite the increasing cost of living, substantial savings are still possible.

Furthermore, 73% of respondents in the UAE expected further increases in the cost of living in 2024. This makes the ability to save even more important for individuals to maintain their financial stability. Understanding the drivers of employee loyalty is crucial for organizations seeking to create a positive work environment. The survey revealed that while 23% of respondents stated that their loyalty to their company was not influenced by their salary, for 57% of respondents, salary played a significantly influential role in their loyalty to their organization.

In addition to compensation, other factors such as the nature of daily responsibilities (33%), career advancement opportunities (26%), colleagues (21%), and training and development opportunities (24%) were found to drive employee loyalty. Zafer Shah – Research Director at YouGov said: “We are pleased to present the findings from the Bayt. com Middle East and North Africa Salary Survey 2023, which provides valuable insights into employee satisfaction levels in the region and the key factors influencing them.

Fair compensation practices are critical to attracting and retaining talented employees, complemented by a comprehensive range of benefits and growth opportunities, organizations can empower their workforce and foster loyalty, creating a thriving environment that attracts and retains top talent.” Data for the Bayt.com Middle East and North Africa Salary Survey 2023 was collected online from October 2 to 18, 2023. Results are based on a sample of 6,734 respondents from the following countries: UAE, KSA, Kuwait, Oman, Qatar, Bahrain, Lebanon, Jordan, Iraq, Palestine, Syria, Egypt, Morocco, Tunisia, Sudan, and other

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