Survey shows 25% of employees in UAE, Saudi Arabia changed jobs last year

New research, commissioned by Zurich International Life in the Middle East and conducted by market research company Radius Insights, has revealed that one in four employees switched jobs in the past year. Attracting and retaining talent, in fact, has become a top priority for employers.

The research, conducted in July and August, surveyed 2,507 respondents in the UAE and Saudi Arabia, of which 1,255 were employers and 1,252 employees.

Here’s more on the findings

Around 25 percent of employees in the UAE and Saudi Arabia have changed jobs in the last year, drawn by better remuneration, enhanced employee benefits, and professional advancement opportunities.

This trend is gaining momentum, with most employees expressing a strong intent to explore new job opportunities in the next 12 to 18 months.

In Saudi Arabia, 78 percent of employees are considering changing jobs, with a similar sentiment shared by 74 percent of their UAE counterparts.

Women and younger employees in the 25-34 age group are particularly proactive in exploring new career opportunities.

Flexibility within the workplace emerges as a key factor when it comes to attracting and retaining talent, from both an employer and employee perspective. Other critical factors relate to the importance of having a diverse workforce and addressing pay gaps in the market.

With a clear call for action and strategy to retain talent, the UAE government is also contributing with a range of initiatives to solidify its standing as a preferred destination for global talent.

Some of the notable reforms introduced include an investment-related end-of-service benefit scheme for private sector employees, unemployment insurance, the adoption of a condensed working week, and new categories of leaves.

Employees are looking for more benefits

Both the UAE and Saudi Arabia are grappling with a significant talent shortage, standing at approximately 24 percent and 30 percent, respectively.

This shortage is most pronounced in the operations and logistics sectors in both countries. Employers are increasingly aware of the impending impact of this talent shortage on their operations.

New Emiratisation laws for the private sector further complicate the talent acquisition landscape, affecting employers’ ability to find the right talent fit.

When it comes to employee benefits, there’s a clear gap observed between what employers currently offer and what employees wish to receive, with more than one-third of employees in the UAE and the kingdom expressing dissatisfaction with their current employee benefits packages, especially concerning workplace savings, financial wellbeing education, life insurance, child education allowances, and critical illness cover.

Employee priorities

Employee benefits remain central to establishing long-term relationships between employers and employees, with nearly 9 out of 10 employees surveyed considering employee benefits an extremely important pillar, often surpassing the importance of salary.

The research underscores the pivotal role of employee benefits in attracting and retaining talent. An overwhelming 84 percent of employees surveyed stated they would willingly change jobs for a new role with the same pay but better employee benefits. Employers must thus adapt to changing needs by introducing employee benefits that address critical goals valued most by employees.

Adam Watterson, senior executive officer at Zurich Workplace Solutions, said:

“Employee benefits have taken centre stage and are rapidly evolving, pushing employers to adopt a holistic approach to talent retention. One of the trending areas is workplace savings and pensions for expatriates concerned about their retirement planning. End-of-service benefits will play a pivotal role in drawing talent from international markets and fostering financial stability. The global pandemic drove both employers and employees to rethink priorities, and employers have become more accommodative to include mutually beneficial retention policies.”

The research has shown that employers must proactively reassess and elevate their employee benefits packages, with a laser focus on critical aspects such as workplace savings, financial well-being education, life insurance, child education allowance, and critical illness cover.

News Source: Gulf Business