The ongoing weakness of the Egyptian Pound since November 2016 has raised issues amongst employers about how best to manage compensation adjustments to remain competitive in the market. Birches Group has recently completed a “Survey of Special Measures” to capture actions taken by employers in Egypt to address the ongoing economic instability.
We are happy to announce that survey results are now available. Twelve employers from different sectors have shared their insights, providing valuable information about salary denomination and pay practices, scheduled salary scale reviews, intervals between salary revisions, and any planned actions in the next twelve months. The chart below summarizes our findings (data was collected between July 2018 up to the end of August 2018).
Furthermore, 55% of employers in the survey reported to have a formal Special Measures Policy in place to ease the impact of market volatility during an economic crisis, while the remaining 45% have reported that they currently do not have any formal policy to address this concern.
Employers operating in volatile economies should monitor market activities frequently. Birches Group publishes updated compensation and benefits survey data in Egypt three times a year. Contact us to learn how you can participate in our compensation survey and gain access to updated market information when you need it.