Employees in the UAE are contemplating whether they are in line for a year-end bonus or not?
According to hiring experts, an across the board bonus may not be something that employees should be looking at this year.
Companies still continue to be cautious and giving away bonuses will be more on a case-by-case basis, according to the experts
However, the best will always be rewarded and bonuses will be based on merit.
Financial services may see bonuses being handed out to its employees.
According to Hasnain Qazi, Gulf Region Head at Huxley Banking & Financial Services: “Most banks in the GCC should be paying a performance bonus given the impressive year-on-year profits we have seen.”
“Bonuses are always big in our industry but this time the amounts may not be very generous and those who will get big monies will be selective,” said a HR official in an international bank on the condition of anonymity.
Qazi, too, believes there will be variations between employees and companies when it comes to bonuses.
“As always, performance bonus is discretionary and based on multiple factors – it is, therefore, never a one-size-fits-all policy,” he told 'Emirates24|7'.
Suhail Masri, VP of Sales at Bayt.com, an online job portal, told this website that many in the UAE and the region do get this annual amount, but it is not a fixed amount that employees should expect in their bank accounts.
Over the years, a performance-based bonus has gathered acceptance as opposed to a fixed amount.
“[Our numbers show] nearly one-third of UAE professionals get a bonus as an additional benefit apart from their salary,” says Masri.
“Bonus is never a fixed perk and a component that can be taken away anytime so a guarantee that one is coming along can never hold true.
“The amount given entirely depends on the size of the company, its growth, general performance, type of business and role, as well as, seniority of the employee,” he adds.
Whether you are a candidate to receive bonus this year or not, will solely depend on your performance over the past months, but it may still not be too late to etch closer to being an employee who should be rightfully rewarded.
“If employees wish to get a bonus, or increase their current one, it’s wise to do so strategically,” says Masri.
“They must be prepared with a portfolio that shows how their contribution has caused significant growth to the company.
“The deciding manager will ultimately think what benefits the company will get by giving them a bonus.
“It’s also wise to bring up the subject of a bonus right before crucial periods such as deciding the budget,” he advises.