To Seek Feeback on the Offer Received From Bank

Welcome to the forum azmanbck

Your discussion has been redirected to the Riyadh forum for effective networking. I am sure you will get lot of responses soon

Regards

azmanbck wrote:

Hi
I am Azman and I am from Kuala Lumpur, Malaysia. I got the offer from the Bank in Riyard as the Head of Market Risk Department with the following packages:
Basic Salary: SRD25,6000 per month; Accommodation: SRD: 6400 per month; Transport/Allowances: SRD1200 and Fixed Bonus: SRD4266 per month (for 2 month basic salary) (will be paid monthly on pro-rata basis)
Total Salary Packages including fixed bonus): SRD37,537 (USD10,000)

I am in the midst of negotiating for the higher total salary package due to I think the total package (including fixed bonus of 2 months) amounting to USD10,000 is bit at the low side.   Is it the normal practice in Saudi that the total salary package will be including the fixed bonus?

Hi Azman, first of all welcome to Expat.com.

There is no standard rule for bonuses in Saudi Arabia, it varies a lot depending on the organization, the salary, time spent at the company, business performance etc. A lot of companies though offer 2,3 times the salary as bonus initially.

I have 13 years experience in banking industry in Malaysia. I am currently heading the market risk department for one of local bank in Malaysia. Based on my current position and experience,  what is the reasonable total package per month?

I think any member who's on a similar position would write a better suggestion on that, but you can also evaluate it based on the salaries in your country (move only if it is atleast 50% higher than what you can get in a better bank in your country). In any case negotiating never hurts push them for more and Inshallah you'll get it.

How about the cost of living in Riyard? How much the cost of accommodation for the 2 bedrooms in city centre? Is this type flat easily available?

Cost of living in Riyadh is generally less as compared to other large cities the only bugger is the transport as their is no public transport. But this easily eradicatd once you buy a car and again the petrol is very cheap.
You can easily find an accommodation for around 60 - 70000 SAR in a luxury apartment in the city.

hi yud. thank for your feedback. is the apartment with the rental of 40,000 annually easily available in the city? is the total cost of living amounting to SRD of 5000 is adequate for me?

I think you have to thank slyshooter as well for his wonderful contribution.

Have a great day ahead

you are right yud. sorry I missed his name in my earlier response.

hi slyshooter... thanks brother. hope u be able to provide other tips before i make a decision.

well that was a very precise answer to all his queries sly..

@azman: U should be able to get a really good apartment, at that rent, and also yes living expenses a month wont be more than 4-5K. again it all depends, but living expenses are lower here because you end up spending very little on entertainment activities and things like that.

hi redgoblin

thanks for the info. it is helpful.

another thing,I hope that somebody in the banking industry will be able to provide the advise whether the package is reasonable.based on slyshooter rule of thumb given earlier, I should stick with my earlier stand to negotiate for the higher total salary package.

Hi Azman,

See people switch jobs for all types of reason, what i said earlier is not a rule of thumb, you are in the industry for a longer time and would know much better than me on what to expect.

Regarding housing, you can easily find a nice new 2 bedroom apartment in the city for even less than 40,000 but obviously a very basic type apartment.

Living expenses if you are single and don't like to buy watches 2,000 is enough,
if you are single and like to buy watches make it 20,000+

While the total salary package may look attractive it is still a bit low for the banking position on offer. The distributed fixed bonus concept was introduced by banks in recent years in order to avoid the massive cash flow requirement that pops up when they used to pay it at the end of a calendar year in bygone times. However, now that they've now fixed it at 2 salaries it sure is a massive come down from what it was. There were times when banks paid 10-15 salaries as performance bonus in the 80's/90's.

Hi musicman

Thanks for the information on the fixed bonus and your feedback that the offer is still a bit low?

I would appreciate if you could provide the indicative range of salary that I should negotiate with the bank.

What is the average bonus (including the fixed bonus of 2 months) for the banking industry in SA in 2009?

Best Regards

Hi Slyshooter

Thanks for the info on the Living expenses that will be 2,000 if I am alone in SA. Are you sure this will be adequate?

What is the cost of food per day? I am not planning to cook. As if the cost of food is very cheap in Saudi.

Of course I will not buy the watches that could result the cost will be 20,000+.

Any specific advice that I should look into before I am commiting myself to rent the apartment in SA.

How much of the advance deposits that I need to pay as the standard practice?

Cost of food per day.. well assuming that you are not planning to 5 star everyday, it shouldnt be more than 100 a day..

And rent for the apartment,you will have to give around a years advance. or sometimes 6 months, depending on the the agent. but then most companies help you out in this case. They do forward you the money initially. But just ask in any case.

thanks redgoblin.

Hi azmanbck, your thread caught my eye today. Please feel free to contact me here or a private message, if you need further information. I am indirectly connected to the financial sector in the GCC.