78% of employers plan end-of-service bonus investment programs

Hossam Abdelnaby (Abu Dhabi)

78% of employers in the UAE plan to provide programs to invest end-of-service benefits for their organizations in the next 12 months, according to a report prepared by Radius Insights, an economic consulting firm.
The report, titled “The Future of Work 2024,” confirmed that only 17% of employers currently invest in a plan to provide end-of-service benefits, while only 4 a- out of 10 employers providing financial guidance and savings and investment opportunities. their employees.
The report indicated that 31% of workers in the Emirates expressed their desire for workplace savings plans, which they consider essential for their long-term financial security, especially among women in the Emirates, as 35% of them focus on savings plans. in the workplace.
He said, in fact, 80% of employers in the Emirates believe that life insurance and critical illness insurance are essential for their employees, which corresponds to 85% of employees in the Emirates who are of the view that this protection is a fundamental benefit, noting that 62% of employers Employees in the UAE rely on working capital to fund employee end-of-service benefits.
artificial intelligence
According to the “Radios Insights” report commissioned by Zurich Global Life, 60% of workers in the Emirates are not concerned about the threat of artificial intelligence to their job security, as they see in it new opportunities for develop skills and future careers. which is responsible for artificial intelligence, noting that this case emphasizes the importance of companies to meet immediate needs and future career ambitions to the talent field essential to keep this. The report identified several key factors that push companies in the UAE to provide better job benefits to employees, which retain top talents 20%, competitive pressure 19%, following the best practices in the sector 16%, and follows the best practices in the sector. local market 16%, indicating that 9 out of 10 employees in the UAE reported that employee benefits are a fundamental part of their relationship with their employer, and 95% of employees believe that employee benefits should replace the outdated “one size fits all” approach. .
The report indicated that when workers in the UAE were asked about their intention to change jobs in the next 12 to 18 months, 32% of them answered (no), 45% said (maybe), and 23% said (Yes). He said that in the current situation, 33% of workers in the Emirates want to continue with the organization they are currently working in and are not interested in new opportunities, and 42% said they intend to continue, but may leave. for the appropriate opportunity, and 17% want to leave. And really looking for a new job, and 9% want to leave and look for a career change.
Functional benefits
Regarding the importance of workplace benefits, the Radius Insights report stated that they represent the cornerstone of strong and positive relationships between employees and employers and also strengthen loyalty.
He explained that 9 out of 10 employees say that job benefits are an essential factor that determines whether they will stay in their current jobs, and more than 92% of employers agree with him this idea. The report said that benefits designed specifically for employees have become an expectation among employees, and 2 out of 3 employees in the UAE feel that they should for organizations to provide benefits that are suitable for employees, and more than 60% of employees do not feel that their views In the UAE, he pointed out that the share of children’s education, workplace savings / retirement, and life and critical illness insurance are the three most important job benefits for employees.
According to the “Future of Work” report, 69% of employees feel that wellness initiatives have a positive impact on their overall satisfaction. He said that 9 out of 10 workers are thinking of changing jobs to get the same salary, but with better job benefits, noting that 98% of employers think that strategies for the well-being of employees the main part of the success of the organization.