Kuwait Employment and Career News
Salary increases across the region to drop further
With the economic downturn affecting most parts of the countrys economy, the salary trends in the region will have to reconsidered to observe the impacts that it has been exposed to, said Ms Safa Al Hashem, Chairman and Managing Director of Markets Insights Division (MID) of Advantage, in her latest report titled GCC Salary Trends Revisited.
The report focuses on changes brought in by salary trends in the GCC during the first quarter of this year. The report suggests that economy is working its way upwards, although the process seems gradual. The market depicts positive signs, but these results are short-lived.
However, the economy is slowly showing signs of hope and organizations are slowly beginning to stabilize themselves, and have begun to step back from massive lay-offs undertaken during the end of 2008.
It has been noticed that the trends have changed following the first quarter of 2009. It is evident that salary increases in the region will reduce more than expected. After considering the trends during the last quarter, we see that salary increases for this year will drop by 6.2 percent than the 9.2 percent expected earlier, said Al Hashem. However, the market is still in a volatile state and requires considerable amount of time before gaining momentum. The hurdles faced by the economy currently can be overcome by our collective effort and through strong long term investment policies, Al Hashem concluded.
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