Staff retention in the Middle East is getting more and more difficult.
The rising rate of inflation and competitors increasingly lucrative packages, are forcing those employees currently working for companies that are doing nothing, to jump ship.
These companies either don't realise or simply don't care about the impact this can have on the company's bottom line. For example, money spent on training is being reaped by other companies, relocation packages and visa costs are wasted and client relationships need to be started from scratch each time a person leaves.
As reported in the article ‘Latest measures for keeping hold of staff', money is not always the key to staff retention, said Ian Tarry, regional director, Mace.
"We've seriously had to revamp our housing allowances. And we're investing heavily in training. We're trying to demonstrate that there's a career path with the company and a reason for being at Mace, as opposed to giving more money to people - sometimes, money's not always the answer."
And maybe he's right? Although people's wage should reflect inflation and rising living costs, investing in their career and giving additional benefits like housing, could earn some brownie points and discourage employees from looking elsewhere.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.