Bayt.comBayt.com

The polls also revealed however, that 28% feel they may have no choice but to return home as a result of the current conditions, while 15% said they would prefer to make the move back home. Interestingly, 21% said instead of going back to their country of origin, they would consider moving to a new country, as an expatriate.

The 'reactions to economic conditions' online poll series conducted by Bayt.comBayt.com sought to gauge how employees feel that the current economic turmoil is affecting them - in terms of work and finances, and their opinions on the likely longevity of the crisis in their country of residence.

According to the poll results, the economic crisis is having a positive affect on some residents in terms of their savings. A total of 69% said they were saving more money, of which 37% said they were saving considerably more - most likely as a reaction to safeguard their or their family's finances, in case of worsening financial turmoil or further economic instability.

"The economic crisis is having a widespread effect on the Middle East, evidenced by a number of factors including job losses and turbulent markets; but how it is actually affecting the people right in the heart of the crisis - the professionals and job seekers - is a rarely told story," stated Amer Zureikat, Regional Manager, Bayt.comBayt.com.

"This period of instability is not only causing tremors amongst professionals, but it is also of serious concern to employers - especially if staff members are intending to leave the country. This kind of data can be very useful for HR professionals and industry stakeholders, by serving as a relevant, up-to-date indicator of what employees really think of the current crisis and how they intend to deal with it," he added.

The polls asked the respondents what actions they are currently taking vis-à-vis the current economic climate. Over a quarter of respondents - 26% - said that they would reduce their daily spending habits, while a quarter said they would relocate to a different country. Interestingly, just 4% of respondents said they would move to a lower cost home, 3% said they would sell their car, and just 1% would sell investments. Almost a third of respondents (29%) said they would do all, or most of these during the crisis.

"The data from the polls is very interesting and reveals perhaps that respondents are thinking in the short term as opposed to the long term. For the most part people are, or are planning to, reduce their daily spending, as opposed for example moving to a cheaper house or selling their car, yet homes and cars are normally two of the biggest expenses for workers. This suggests that while people are concerned about the current crisis, they are willing to make small financial adjustments, but are reluctant to make changes to their larger investments," commented Zureikat.

The respondents were asked how long they intend on staying in their current job. Unlike previous polls which suggested employees would like to move jobs relatively quickly, the latest data suggested that employees are more willing to stay put, perhaps given the instability. 30% said they would stay for more than 36 months, compared to 22% who said they would consider moving in the next three months. Additionally, 15% saw themselves staying at their present job for 6 - 12 months.

"I think that what we are seeing now is that employees are more committed to their work and wanting to stay put for a longer time, perhaps because jobs are seemingly harder to come by than before. However, there are still many people that only see themselves staying for a short period of time in their current job. This could be due to two factors - either they are planning to leave, whether for another job or for another country; or they are concerned about the security of their job - perhaps because of staff being asked to leave - and are therefore not expecting to be employed for much longer," said Zureikat.

Asked what they would do if they leave their jobs, most professionals - 47% - said they would move to a different company in the same industry and country, 19% said they would move to a different industry in the same country, while 34% said they would move either home or to a different country.

Respondents were additionally asked their opinion on how long they thing the crisis is likely to continue. A quarter of respondents feel that the next three years are going to be defined by economic turmoil, with 25% not expecting improvements for at least 36 months. However, 42% of respondents are optimistic for relatively fast improvements, expecting economic conditions in their country of residence to improve in up to 12 months' time.

Zureikat went on to explain the relevance of the data. He said; "These figures can be of huge benefit to all employers, HR practitioners and recruitment websites, as it offers a general, yet up-to-date overview of how people are feeling and indeed reacting to the current conditions, and what their likely 'next moves' to deal with the crisis are. If some of the issues that the respondents have revealed are addressed, then employers could take steps during the crisis to put themselves in a better position in the short term to deal with staff planning to leave their job, or indeed the country, which will undoubtedly help these employers, and their overall industries in the long term, " concluded Zureikat.

Data for the 'reactions to economic conditions' online poll series was collected online between the period of 8^th February and 30^th March 2009 with a total of 22,708 respondents from across the Middle East. This and other Middle East human resources research is available online at www.bayt.com.

-Ends-

Bayt.com is the #1 job site in the Middle East with more than 30,000 employers and 2.75 Million registered job seekers from across the Middle East, Pakistan, North Africa and the globe, representing all industries, nationalities and career levels. Post a job or find jobs on Bayt.comBayt.com today and access the leading resource for job seekers and employers in the region.

For further enquiries:
Bayt.comBayt.com contacts
Peggy Chamoun
Senior Marketing Manager
peg@bayt.net
Tel: 04 391 1900

Souraya Dally
Manning, Selvage & Lee
Tel: +971 4 3676170
Fax: +971 4 367 2615
Email: souraya.dally@dubai.mslpr.com

© Press Release 2009

 

Community Comments (0) - Comment on this article

The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.

 

 

 

close x

Loading ...

 

close x

Report Abuse

Loading ...

 

 

close x

Loading ...