GCC companies building financial resilience in a post pandemic world

According to our Global Benefits Attitudes Survey in 2019, over 2 in 5 employees in the UAE were living pay cheque to pay cheque; employees with financial issues were more likely to live unhealthy lifestyles, report greater stress and absence and have lower work engagement.

In 2019, 7 in 10 employers were prioritizing the integration of wellbeing into overall benefits strategy, with 6 in 10 indicating that financial wellbeing was a focus for the next 3 years.

Employee financial issues have been brought into sharp relief by the pandemic.

Our survey published January 2022 on Employee financial wellbeing in the GCC captured trends in the space of financial wellbeing in the Gulf countries the Kingdom of Saudi Arabia, the Unitad Arab Emirates, Qatar, Kuwait and Bahrain.

Organisations believe employees would value greater support and employees are supportive of an employer role.

Steps organizations are taking to address employees needs:

1. To improve their EVPs, organisations will improve their financial wellbeing strategies
2. 2 years from now, companies will focus mainly on retirement savings
3. Future employee support will blend technology and human interaction via apps and seminars.
4. At-retirement support is becoming an emerging priority.
5. Funding for financial wellbeing programmes is increasing.
6. Employers focus on employee insight and are using direct feedback and data analytics.

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