The Banking Executive Magazine - April 2024

Career Chronicle ISSUE 184 APRIL 2024 the BANKING EXECUTIVE 35 creased wages by more than 10 per cent, suggesting that talent retention has been a priority within certain sectors. BONUS The survey revealed that almost three-quarters – 71 per cent – of companies plan to issue annual bonuses based on their organisation’s financial performance in 2023, com- pared to 29 per cent having no such plans. The largest proportion of firms (35 per cent) that intend to issue bonuses expect to pay one month’s basic salary. Almost a fifth (17 per cent) will pay two months’ salary, 12 per cent said three months, 4 per cent said four months, and 1 per cent said five months. Employees working in the fields of accounting, chemicals, consumer goods, and hospital and healthcare can look forward to bonuses amounting to a generous six months’ basic salary, it said. Companies that don’t intend to pay bonuses are financial services, con- sulting and IT industries. “While salaries continue to play a crucial role in talent retention, fac- tors beyond fixed remuneration – such as annual bonuses and the abil- ity to work remotely – are playing an increasingly important role in the UAE’s job market,” said Jack Khab- baz, managing partner and CEO of public sector advisory at Cooper Fitch.