Talking about money can always be slightly uncomfortable, even more so when the conversation is with your manager.
Discussing your salary package and potential raise is something that a lot of people in the workplace shy away from – unfortunately, this can cost you more money in the long run than you might think. Business Insider estimates that not negotiating at the start, and throughout your career can cost you up to $1,000,000 (£820,000).
This means that accepting a $45,000 salary and the projected 1% raise per year will leave you nearly a million USD worse off than if you negotiate a $5,000 increase at the start and push for a 4% raise each year.
How long ago was your salary increased? Or even reviewed? If you think you are being underpaid in your tech role, there are a few different options available to you. This guide will talk you through them. But first, let’s start with…
Do Your Research
A good starting point to gauge if you are being paid relative to your worth is to research the typical salaries of technology positions with the same responsibilities and similar experience.
In the technology sector in general, in the UAE, and more prestigious roles, the salary details are often withheld so this can be a hard task. If you have trusted work friends of industry contacts, reach out to them in confidence and tell them you are researching your own salary, and if they would be comfortable talking to you about theirs.
While many employers are reluctant to be explicit with their pay gradings as many positions depend upon experience, websites like PayScale
can provide you with estimated figures so you can see whereabouts you should stand.
Take Stock of the Company’s Success
Did you join your company when they were a lot smaller, or less successful than they are now? It can be expected that start-up companies will pay less than more established organisations at first. As their successes have grown, has this been reflected in your salary?
Some technology employees join start-ups for the love of their sector and expect to be paid a lower salary because of this, this does not mean that you should sit by and witness their success without being actively included in it.
If your role sits within an up-and-coming sector, such as payment technology, these roles are currently in high demand. It’s always a good idea to keep in mind your desired progression trajectory in any career, and particularly so when you are a specialist in a thriving sector such as banking technology.
Have you been with your organisation for several years, while they have gone from strength to strength, and your salary has stayed exactly the same? This is a good indication that your current salary does not reflect your worth in the company.
Look at the Bigger Picture
They say money can’t buy happiness, and that appears to be true in regards to your career. Recent research found that twice as many people surveyed value job satisfaction
more than they value their salary.
Job satisfaction comes from having a great all-round experience from your work life, and this can come in many different forms.
Many employers now give extra benefits on top of your salary.
Does your employer provide benefits such as wellbeing schemes, do they let you work around your family commitments, or early finishes on certain days? These days, many people recognise that a flexible employer can be just as rewarding as a higher salary.
Ask Your Manager
If you have come to the conclusion that you are not being paid according to your skills and experience, you can always set up a meeting with your manager to talk about it.
You will need to be prepared with some hard evidence to provide, saying ‘I think I’m being underpaid’ will not be enough to negotiate a higher amount. By opening this conversation, you can begin a dialogue between you and your manager which may ultimately lead to that promotion, raise or more responsibility you are looking for.
While there is no guarantee that you will be given a raise, you might be pleasantly surprised. Remember, it is not uncommon for these meetings to occur, and by bringing it to your manager’s attention, there is more chance of you getting that raise in your annual pay review.
Knowing that you are underpaid will not only cost you in dirhams, long-term, feelings of resentment and mistrust can form towards your employer.
Carrying on in a job with the suspicion you are not being paid fairly can lead to feelings of inadequacy and disdain towards your job, your organisation and your career as a whole.
If you are harbouring feelings that you are underpaid and underappreciated, it might be time to consider a job move. Which brings us on to…
Ask Your Recruiter
Talking to a recruiter can be one of the best ways to see where you fit into to your sector, where you want to be, and will be able to tell you if you’re being paid a fair amount.
They spend all day negotiating salaries for technology candidates just like you, and they will intuitively know if you are being paid what you’re worth, and next steps if you decide to do something about it.
Even if you aren’t ready to leave your current role just yet, talking to a specialist recruiter will help you to understand the different options that are available to you. By keeping in regular contact with your recruiter, they will be able to notify you of any upcoming technology jobs they feel would be the right fit for you.
A recruiter will be able to guide you with their specialist sector knowledge and will be on hand with the best advice for your next career move.
About Flow Banking & Financial Technology
The Middle East is a dynamic and growing market where identifying top talent and world-class professionals for the banking and financial technology industry is highly competitive.
Flow Talent provide an executive search service led by industry experts, geared to any level of role within the Banking and Financial Technology Industries. This service is driven by innovative, established and proven research teams who customise each requirement from our clients.
To find out more get in contact
with one of our team today.