(1888PressRelease)
March 13, 2007 - Planned Increases for 2007 - Results from the most recent Visionary Embassy survey of employers in the Middle East show that base pay in 2007 is forecast to increase by an average of 3.7%. This is about a quarter of a percentage point higher than the projections for the last few years.
The VE survey, conducted in January, polled almost 300 organizations in the public and private sectors on their planned adjustments to base and variable pay for 2007. Participants include many of the region’s leading employers.
"Over the past year, we've been witness to many different turn of events, but on balance there is enough optimism that the forecasted salary increases are showing stronger growth than they have in the recent past. The prevailing market conditions and anticipated economic figures would conservatively justify the forecasted increase", said Farid Gasim, Chief Economic Ambassador, Visionary Embassy.
The Oil and Gas sector is projecting 5.8% increases to Base Salary and, as expected, these are the highest increases of all sectors. The 2.6% increases being projected by the Agriculture Sector are the lowest, reflecting this sector's continued difficult economic conditions. The Broader Public Sector is forecasting increases of at least 2.5%.
Bonus Payouts
Annual bonuses are a key part of total pay packages for an increasing number of employees. Nationally, projected bonuses for 2006 do not differ radically from last year's forecasts. For 2006, bonus targets (as a percentage of base pay) range from 7% for trades jobs, 18% for middle management, and 40% for executives.
About Visionary Embassy
The Visionary Embassy is a dynamic strategy and general management consulting firm. The firm strives to guide leading corporations to create and sustain competitive advantage. Visionary Embassy pioneers in its industry with proactive consulting and corporate training solutions. The firm empowers businesses to expand into diverse markets and fortify their envisioned brands globally. With strong industry and business process expertise, extensive global resources and an esteemed brand presence, Visionary Embassy can assemble the key people, skills and focal aspects to help clients elevate their performance.
