More than a third of private sector’s employees (37%) in Egypt hope to be working for a new employer within the next 12 months, either in Egypt or overseas, according to a MetLife study issued in March.
The study covered private sector employers and employees in Egypt’s major cities.
The study highlighted that 47% of employees said that an improved benefits package would motivate them to stay. Approximately 55% of employees cited that a salary increase would be their top motivation for staying.
The MetLife Egypt Employee Benefit Trends Study (EBTS) stated that 52% of employees say benefits are a major reason why they stay with their employer, and a similar number cited benefits as a major factor for joining their employer.
“About 73% of employees cited financial security for their family, in case of death, as their second highest financial concern,” the study read. “40% of employees plan to retire before the age of 60; however, less than 25% are on track to achieve their retirement goals.”
The study mentioned that just 38% of Egyptian employers said they offer enhanced benefits packages to executive-level employees, which is low compared to other countries.
The MetLife study found that low levels of life and pensions coverage present an opportunity for employers to solve financial issues faced by their employees.
According to the study, companies that effectively manage the communications of benefits to employees using traditional methods such as digital channels and face-to-face communications generate far greater rewards from their benefits program.
Managing director and deputy chairman of MetLife, Elena Butarova said that her company carried out the study in Egypt in 2015 and covered more than 300 private sector employers and employees across a range of industries, organisations, demographics, and cities in Egypt.
MetLife is a global provider of insurance, annuities and employee benefits programmes.