15 Aug 2023
Successful salary negotiation leads to financial prosperity!
About 10 million Overseas Filipino Workers (OFWs) earn a living abroad and send money to Philippines to aid their families financially back home. They account for about 10% of the country’s total population, according to a report by Pilot Guides.
A World Bank report said that inward remittances to the Philippines, the OFWs sent back in 2022, were a mere $9.07 billion, down from $36.69 billion in 2021.
These OFWs are pressed by poverty and unemployment and thus leave their families behind and travel to developed countries with robust economies and expansive job markets. They find jobs with better financial prospects which are in short supply in the Philippines.
But do you think all who find jobs abroad get what they think they deserve? Is finding work alone in foreign countries enough? Or is there something else that is also required to carve your way to financial success?
You guessed it right!
It is not only about getting jobs abroad. With proper education, skills and experience, getting employed in developed countries is relatively easy.
What is more important then, you wonder?
Well, it is about your skills to successfully negotiate your salary and the overall remuneration package with your employer.
Always remember that the absence of your skills to negotiate your salary successfully can render you underpaid. Because let’s face it.
Hardly any employer, whether abroad or in your native country, will pay you what you deserve according to your skills, experience and education. It is only you who will ensure that you get what you wish and deserve.
This blog will shed light on how to successfully negotiate your salary package in a foreign land as an OFW so that you earn a reasonable income and support your family financially back home through a money transfer to Philippines.
Although expatriation is a great opportunity to build yourself professionally, it can expose you to some short-lived upheaval in life, including financial issues, whose intensity you can lower through successful salary negotiations.
But equally important is to know and understand what is included in a typical expatriate package. Based on this, your negotiation can be effective and not otherwise.
These salary packages are designed in a typical manner, including a few benefits.
Also, remember that the benefits listed below are not necessarily included in every expatriate package. These may vary from job to job.
But you travel abroad for work to earn a living as a Filipino expatriate; therefore, as a ground rule, you must be aware of and try to find jobs in Countries That Pay The Most Handsome Remuneration Packages To You As A Migrant.
Let’s take a look at some of the benefits a typical expatriate salary package includes.
These benefits depend on your level of responsibility and thus vary.
Below are some benefits that can expect in such salary packages.
These should cover all the expenses you need to relocate to another country. These typically include flight costs (including your family’s, if applicable), visa, work permit and accommodation.
Expatriation is hard, and harder still, if you work in countries with challenges like infrastructure, healthcare, economy, law and order, and so on. In such a scenario, you may get a hardship allowance.
It is a typical expense included in almost every expatriate package. It includes the costs of all the basic utility services. You can also be offered temporary accommodation on arrival and until you find another place to live.
This allowance covers all the expenses concerning the education of your children. But it is not included in every package and is rather subject to its applicability.
You may not get a car to move around, but this is covered through the money that is either paid separately to you or is included in the package to help you commute.
It is not only about your online money transfer to Philippines from overseas. You also want to visit your family during the course of your job abroad. This visit is paid for by your employer, should you wish to travel back home.
Common extended benefits include:
Let’s now learn how to negotiate the process successfully.
Follow the tips below to ensure you get paid adequately and get what you deserve.
Know what the standard packages in a similar industry or the one closest to yours are? You can search it all online or even ask people in the same industry in which you wish to work or in others to get a fair idea.
Make sure that you know your professional worth. You can leverage your long professional experience. Even if you do not have a long career behind you, try leveraging other skills you may have mastered over the years.
It is essential that you know about the benefits foreign countries offer you as a migrant worker. These can include the cost of living, healthcare services, commuting, and so on. Prepare your points by considering these benefits.
Try talking to other migrants to get an idea about expatriate life. Those already working can guide you through their experiences about how they negotiated their packages to get what they deserved.
Consider all of the above, prepare your points and meet your employer with a realistic approach. Additionally, keep in mind the areas you are willing to compromise on because all your points may not get approved.
These simple tips will help you strike a deal according to your desires.
After starting to earn a living abroad, the next step is to send money to Philippines from overseas. Right? Doing so with ACE Money Transfer will help you with a low fee, market-competitive exchange rates, speed, safety, and much more from one window to help you save more and add to the financial aid meant for your family back home.
Frequently Asked Questions (FAQs)
What are the prime benefits of salary negotiation as an expatriate?
A successful salary negotiation can help you get paid what you deserve according to your skills, education, and experience; you can get multiple allowances such as housing, commuting, and education; and it can also build a healthy relationship between you and your employer.
What are the tips for negotiating salary?
Conduct deep research, be ready to quit if the deal does not seem to favour you, talk confidently, and do not shut the option of compromise on some of your conditions.
What are some of the typical benefits included in an expatriate salary package?
These benefits include relocation, housing, commuting, education, travel back allowances in addition to insurance coverage, gym membership, sick leaves, and paid-off time.
How to start the salary negotiation process?
Prepare all the points and converse with your employer respectfully. Have solid reasons to have your salary revised upwards and answer your employer’s questions convincingly.
What if the outcome of negotiations is not satisfactory?
If you do not feel comfortable with the outcome, talk to the HR department or an employment lawyer. Their advice may help you understand the situation and your rights better.
Resources
(The Filipino Diaspora – PILOT GUIDES)
(Personal remittances, received (current US$) - Philippines | Data (worldbank.org)
