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Survey: 80 per cent of companies intend to hire new workers

Only 5 per cent of them expect major restructuring as a direct result of the decline in oil prices

Eighty per cent of companies intend to employ more new employees during the next three years, reveals the “EOSB – End of Service Benefits” study, issued by SEI Investments Company.

It was found that 54 per cent of respondents in the questionnaire will participate in the Expo 2020 exhibition, compared with 45 per cent in last year’s poll, the study shows.

The study also shows that 63 per cent of respondents did not feel a negative impact on their companies as a result of lower oil prices, Aliqtisadi reports.

And only five per cent of the surveyed companies expect major restructuring as a direct result of the decline in oil prices, the study adds.

According to the study results, the financial managers pointed out that under constant pressures to maintain profitability, the operational costs are the main challenge facing them, and cost reduction is at the top of their priorities this year.

Due to the expected increase in the number of employees and total salaries and. therefore obligations, the financial managers and officials are now playing a greater role in human resource decisions.

It is noteworthy that the results of the study showed that employees are now staying in one job longer than before and, as a result, their share of the end of service compensation accumulates.

Also, roughly 73 per cent of respondents were not separating their end of service benefits allocations from working capital and they don’t even know how these allocations are being run.