JEDDAH — Salaries of accountants working in the UAE surged 32 percent to AED211,000 per annum, the highest in the Middle East region, the Association of Accountants and Financial Professional in Business (Middle East) said in its report. IMA data showed that the median annual compensation package of an accountant in the Middle East surged by 74 per cent from 2010 levels to AED107,343 ($29,225) today. Despite seeing a 200 percent hike in annual base salaries over 2010, accountants in Saudi Arabia are relatively lower paid. They earn a basic pay of AED88,150 ($24,000) and a total package of AED121,212 ($33,000). The salaries are better in Oman with an annual base pay of AED121,212 ($33,000), registering only a marginal hike of 9 percent over two years but the total package saw a 50 percent appreciation over the said period to reach AED179,981 ($49,000). UAE accountants earn a median salary of AED211,203 ($57,500), whereas the annual basic pay was AED183,654 ($50,000), registering a 32 percent increase over 2010 salary levels. Accountants in Bahrain get paid an annual base salary package of AED157,943 ($43,000), 36 percent increase over 2010. The total package amounts to AED194,053 ($52,831), a 41 percent hike. Professionals in Kuwait have seen their median basic pay soar tremendously in the region. With a 120 percent hike over 2010, their basic pay for this year stood at AED161,610 ($44,000) or a total package worth AED183,647 ($50,000), a 141 percent hike over 2010. Within the region, there is a wide range of compensation fluctuation for accountants, with professionals in the UAE earning almost nine times of those in Egypt (median salary). The median annual pay-package for accountants in Egypt is just $6610 (AED24,278) while for arguably the same job, UAE accountants demand a median salary package of $57,500 (AED211,197) per year. Another country where accountants don't seem to command a hefty pay-package is Syria, where they take home $11,000 (AED40,403) annually -still quite a way from the least-paid Egypt but far away from what professionals in countries like Bahrain and Kuwait make - a median annual salary of $52,831 (AED194,048) and $50,000 (AED183,650) per annum. The base pay and annual total compensation are highest, on average, in the UAE, but the median for these amounts is highest in Bahrain. This is a change from the prior survey, where both average and median compensation were highest in Qatar. In a recent Deloitte and Forbes Insights global talent survey entitled “Talent 2020”, 80 percent of employees reported that they planned to stay with their organizations over the next year. This might come as a surprise, as just last year in 2011, 65 percent of surveyed employees were planning on leaving their organizations. What could be causing this change of heart? Primarily it is due to the fact that 46 percent of surveyed employees have moved to new jobs (9 percent), received a promotion (22 percent), or changed roles (15 percent) with their current employers, in the last 12 months. All these factors have contributed to making them less inclined to move during the next year. Yet, nearly one-third (31 percent) of surveyed employees report they are not satisfied with their jobs. The survey also points to a few interesting human capital trends. One such finding is that employers are still facing challenges in filling technical and skilled positions – yet high unemployment rates persist. Some employers are going on a global talent hunt to resolve this, and others are focusing on skills-building and trainings to better equip potential talent with the needed skills. Although more employees appear to be sitting tight in current positions, companies may be tempted to neglect their talent and retention strategies. — SG/Agencies
