Have you ever wondered why some people earn more than others in similar job roles or companies? Or why some employees get a higher raise than others when they put less effort into their job? Here’s a bitter truth for you: A first-rate performance at work will not necessarily guarantee you the salary you deserve. This is why you have to understand how salaries are set and how to start talking money with your boss. Talking money can be uncomfortable. In fact, you may want or even need more money, but no one gets truly excited about having to ask for it. Not only have most of us grown up hearing that talking about money could make you lose face, but we’ve also been taught not to be materialistic, self-interested money grabbers. So what do you need to do in order to obtain that much-deserved pay raise and get the salary you deserve? NEGOTIATE. Negotiation skills can be very useful for MENA professionals who want to negotiate the salary they deserve. A study recently released by Bayt.com, the 2015 Bayt.com MENA Salary Survey, has found that about a fifth (22%) of respondents received a pay raise of only 1%-5% in 2014; 39% did not receive a raise at all. 26% do not expect to receive a raise in 2015. Whether you are trying to negotiate a salary for a new job or seeking a pay rise in your current role, it pays to learn how to get the salary you truly deserve. Here are some tips to help you:
It's a good idea to have a salary range in mind before you have the discussion about compensation. Though your current position and pay may provide a good starting point, you can learn a lot about fair market value by branching out and looking at what other professionals are earning in your field. There are many websites that offer salary ranges that break down jobs based on job title, country, and responsibilities associated with the position. Bayt.com Salaries is one of these websites. You can also contact recruitment agencies or look at job postings for similar positions in your field.
There are many reasons why you may ask for a pay raise. Base your request on a set of clear and objective criteria that include industry salary standards and your own performance. From a company’s perspective, the only reason to be paid more is because you will deliver more in the future. If you’re asking for a pay raise, don’t make it about how hard you’ve worked in the past, your personal situation (new loan, kids’ education, etc.) or what others are getting paid in your position. Talk instead about what you can do, and what your future plans are for the company.
If you’re asking for a pay raise, don’t surprise your boss. Instead, set up a meeting with them and give them a sense of what’s coming. Scheduling a meeting gives you and your boss time to prepare – which will make the experience less stressful for both of you.
As long as you ask in a non-threatening manner, and at a good time, the worst you can hear from your boss is ‘no’. No matter how discouraging it may sound, remember that a ‘no’ isn’t forever. A ‘no’ now can be a solid ‘yes’ later. So don’t give up just yet, and ask for another meeting after you’d laid some important groundwork for your achievements.
Last but not least, whatever the terms reached at the negotiating table GET IT IN WRITING. Make sure the agreement has the right names, terms and signatures, so there is no question of commitment and no room for ambiguity or retreat. By all means, if you want to get the salary you deserve you need to negotiate. And you need to pay attention to the latest news, research and expert tips from top regional companies, such as Bayt.com. Download the 2015 Bayt.com Salary Survey to know more about salaries in the region and what you’re really worth.
