In order to attract the best talent and hold onto your existing top performers, your company will need to have an attractive remuneration package within its staff retention and hiring plan.
Why is it important to have a good remuneration package?
Sometimes referred to as a salary package, an employee remuneration package refers to the total offering your company gives to employees, including salary/wages and benefits or rewards. Falling out of touch with what makes a strong employee remuneration package can cost your business badly.
The current hiring landscape is moving fast, no matter which industry you operate in. Skilled, top quality talent is in high demand and many companies are in competition with one another. A strong remuneration package adds to your employer branding and is one of the factors that can make a business more attractive to those skilled candidates.
In 2022, about 42 per cent of UAE workers said if their company does not continue to offer options to work from home in the long term. This is not an oversight you can afford to make when you consider how many professionals factor it into their decision-making process.
But what does a ‘competitive remuneration package’ look like to an employee?
Competitive remuneration package examples
The first step to ensuring that your current salary and benefit offering is on-point is to gauge it against other remuneration packages in the UAE to see how it compares.
Here are some of the things that candidates are telling us they’re looking for:
The salary for your most in-demand positions should meet or exceed the market standard as a general rule. This is especially important when you consider that bonuses are less frequently awarded in the current climate, so your initial base offering should be high enough to cover this.
It’s also important to review your salary and benefits structure regularly so you continue to offer competitive wages and attractive benefits for new and existing employees.
Flexible working hours
Demands on UAE professionals are tough, so it’s crucial they find a good work-life balance in order to remain happy at work. In the UAE, around 78% business' agree that the typical 9-5 is dead and flexible working is in - which attracts new talent and retains top performers.
If your goal is to attract talent from overseas, you might like to consider adding a relocation package to your offering.
Covering the cost of flights and arranging initial accommodation and basic relocation assistance can make the transition far easier for the candidate and boost your employer branding in the process.
Paying for education may come as a culture shock to some expats, so they will be drawn to remuneration packages which help them support their families.
We suggest familiarising yourself with the average offering and either matching or exceeding it.
These remuneration package examples are by no means exhaustive, and aside from meeting the industry standard, your package should aim to include some unique benefits that make your role stand out.