According to the recent research, more employees are expected to quit their jobs in 2018 in the UAE and other parts of the world stating salary as the major reason. This news can hardly sound encouraging for employers and business owners. What can be done to prevent the outflow? Here are ten working strategies to cleverly manage your employees’ salary expectations.
10 Strategies on how to negotiate your salary
1) Select an approach.
What is your approach to the transparency of salary and the management of salary expectations? The transparency of salary is closely linked to the main values your company has. It influences how devotedly your employees treat your organization and their salary expectations. The transparency of salary is not only about money. It is also about promotions and who gets them, about benefits and bonuses and the basis they are assigned on.
2) Discuss compensation.
As long as there is the transparency of salary, you should never avoid discussions about payment and salary expectations. Direct and open conversations will foster a healthy attitude within your company and help you to retain top performers. The process of salary negotiation is an important component of preventing your employees from quitting in the UAE and other cities of the GCC.
3) Remain consistent.
As soon as you’ve selected your approach, you have to remain consistent. It will secure your position in the market. The biggest question one has to respond is “What is your philosophy concerning compensation?” Knowing this will simplify your conversations with potential candidates willing to work for you. It minimizes confusions.
4) Determine your budget.
Salary negotiation is a very important process. Many companies practice the following – they set a budget for a pay rise and promotions. Another possible approach is to give managers a budget to deal with all promotions. The main thing is to plan it. How exactly do you want the money to be distributed?
5) Concentrate on total compensation.
Many managers in the UAE and other GCC countries don’t know how to answer salary expectations. A powerful package of benefits is capable of helping you to attract talent. Be consistent with the selected reward strategy. If your employees have questions concerning their pay, talk about total rewards and total compensation. In any case, you have to remain open.
6) Remember that your workers are individuals.
Each of your employees requires a different approach. Their values, requirements, and expectations vary. What is of the greatest worth to them? Is it salary? Or promotion? Or acknowledgment? Or maybe more flexibility? Finding this out calls for a more profound discussion. However, it is worth the effort as it will definitely result in a healthier relationship.
7) Re-evaluate the compensation on a regular basis.
How to negotiate your salary? Before negotiating your salary with the employer, it is essential to know the following – what are your salary expectations? The compensation you pay to your employees should be regularly reviewed and reconsidered. Compare the pay they receive with the pay received by the ones who work in the same area and have a similar experience. This should be done annually.
8) Talk through the process of promotions in detail.
It is one of the keys to managing salary expectations. All newcomers to your company should get acquainted with the regulations related to the formation of salaries. They should also be aware of what the pay rise process looks like. This requires a development plan.
9) Demonstrate your appreciation of transparency.
Approximately 90% of job seekers in the UAE and throughout the world claim that they appreciate the company’s transparency above all. Take certain measure to become more transparent and critically examine the existing situation within your organization. Make sure that your employees are honest with you and give straightforward responses to the question “What are your salary expectations?”
10) Use the employer’s resources to your benefit.
It is another way of managing salary expectations. Some online employer resources can be really helpful regarding solving issues related to salary formation. Using them is an excellent opportunity to see what is offered by other employers working in the same niche. All of the above-listed techniques will help managers understand how to answer salary expectations.