Expatriates living in the UAE and Bahrain are becoming increasingly concerned about job security, a new survey has found.
Research carried out by Zurich International Life revealed that more than 50 percent of foreign workers in the two countries are far from confident about retaining their jobs.
Among non-resident Indians polled, 64 percent and 61 percent in the UAE and Bahrain respectively said job security was a cause for concern.
“It is clear that the current financial crisis is having an impact on professional expats, as around 80 percent of people surveyed in the two countries feel their ability to save due to the impact of the global credit crunch has been decreased,” said Carlos Sabugueiro, Zurich’s CEO of global life emerging markets in the Middle East and Africa.
“Last year, all anyone could talk about was how to spend their bonuses and the continuing good times. Now they appear genuinely worried about losing their jobs.”
Sabugueiro added many respondents said the financial downturn had led to tighter budgets, higher expectations and reduced benefits in their workplace.
Some 41 percent of UAE expats and 32 percent of foreigners in Bahrain cited these issues during the study.
On the upside, the report showed that 50 percent were optimistic about their financial futures.
A further 70 percent said they were prepared to stay put until global economies bounce back, with all confident about the GCC’s long-term health.
“Professional expats are here to stay and many of those who have spent 10 or more years in the region know that the Gulf has an amazing ability to bounce back very quickly,” Sabugueiro said.
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