Are you making time to regularly check employee salary benchmarks for the roles within your team? This simple act of diligence has many benefits, some of which could directly impact the company as a whole.
At Robert Half, we get an accurate picture of salary benchmarking in the current hiring market via recruitment activities and by surveying both employers and job seekers. Here’s why it’s so important and how you can benchmark salaries in your business.
Why benchmarking for UAE salary is important?
• Attract top talent
For several years, the UAE hiring market has been candidate led, with businesses having more open roles than there are qualified candidates to fill them. Our research for the 2020 Salary Guide shows that 83% of CEOs struggle to find qualified talent.
Regular salary benchmarking is an excellent way to maintain a competitive edge in the current war for talent. Rather than using counter offers to win your first-choice candidate, try to ensure that the employee salary you’re initially offering is fair and attractive.
• Improve retention rates
As well as attracting new talent, the employee salary you offer can also impact the length of tenure within your team. Our research into remuneration trends showed that many employees are aware of salary benchmarks for their role, and would consider leaving a current role for one with a more competitive salary.
Regular salary benchmarking means you’ll be better placed to award increases and rises to those who achieve objectives or take on new responsibilities.
• Improve morale
Salary benchmarking in the UAE is also particularly useful for instilling a sense of fairness and as a way of showing appreciation to employees. According to our research into workplace happiness, employees are at their most satisfied and productive when they feel valued by an employer. By bringing their pay in line with the average UAE salary, you can show that their contribution is valuable enough to warrant the pay increase, while keeping the offer reasonable.
• Employer branding
Salary benchmarking for UAE businesses is a great way to boost employer branding. By becoming an employer of choice, you can give your business the advantage in a competitive hiring market, by creating a reputation which allows for passive talent acquisition, as well as giving you a stronger offering when in direct negotiations with candidates.
• Budget for hiring more effectively
When you make time to regularly research the average UAE salary for the roles within your team, you’ll be able to plan your hiring budget more effectively for the coming months and ensure you have sufficient headcount, while keeping salaries high enough to attract the talent you need.
How to conduct UAE salary benchmarking
Salary benchmarking in the UAE can be conducted using a recognised industry report like the Robert Half Salary Guide. Salaries are organised by role, then divided into percentiles which differ depending on seniority.
Researching popular benefits and remuneration trends within the UAE are also an important factor in effective benchmarking. The addition of training, flexible working and expatriate housing support are all attractive to employees who are assessing their options. To gain the full benefit of benchmarking, both benefits and salary should be used together to create a comprehensive remuneration package.
To learn more about salary benchmarking for your team, you can download the Robert Half 2020 Salary Guide or contact the Robert Half team directly.