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Highest Paid Positions In Singapore (2018)

When the 2018 Michael Page Salary Guide was released, it highlighted the salary benchmarks for an array of jobs across many sectors and industries in Singapore. Naturally, you may focus on the higher end of the spectrum – those people who earn the most. However, investigation must not stop with a single survey! I came up with a slim list that includes data from PayScale. PayScale is a company which, “pioneered the use of big data and unique matching algorithms to power the world’s most advanced compensation platform”.

On that note, here are the Highest Paid Positions In Singapore (2018):

#5: QUALITY ASSURANCE DIRECTOR

Other than a potent Wi-Fi connectivity, Quality Directors are in demand countrywide. There is a growing need in the following sectors: semi-conductor, aerospace, and chemical. Quality Assurance Directors in these sectors can expect a salary of about S$173,000 to S$315,000 each year.

Holding excellent technical and people management skills will help you to become a Quality Assurance Director.

#4: HUMAN RESOURCES (HR) DIRECTOR

As the global workplace puts emphasis on developing human capital, the head of Human Resources can negotiate a salary of up to S$328,000 annually. A key factor that contributes to the salary is the individual’s years of experience or prior background as a HR Business Partner. HR Business Partners are tasked to align the company objectives with the employees found locally, regionally, or internationally. Furthermore, they serve as a consultant to management on HR-related issues.

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In general, HR Directors found in the banking or financial sector earn the most.

#3: MANAGING DIRECTOR (HEALTHCARE)

It is no secret that Singapore upholds its position as Asia’s fastest growing bio-medical hub! Thus, it creates the need for higher level talents in this industry. Managing Directors in the healthcare sector make a significant amount of money to accompany their significant responsibility. It has been observed that healthcare employers are prepared to provide career progression opportunities to mid to senior-level talents. You can be groomed to earn up to S$390,000 per year.

#2: CHIEF FINANCIAL OFFICER

In banking and financial services sector, executive level talent is always sought-after! Our generation’s Chief Financial Officers are more strategic, pronounced, and immersed. The deeper integration in strategy, planning, and performance management entails an asking salary of about S$144,257 to S$455,977 per year.

#1: LEGAL COUNSEL

Lawyers in the private practice have the highest salaries as they earn an average of S$500,000 annually.

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Without a doubt, the years of experience play an integral part in determining one’s salary. For instance, lawyers with 10 years of experience can earn up to S$375,000 a year. You can expect a 25% jump in their salary (approximately) as you transcend the 15 year mark.

Sources: 1 & 2

Thrive In The Workplace With These Personality Traits

When applying for a position, professional success and industry experience are merely parts of what the hiring manager wants to see. Elements which are harder to show are crucial for landing the job! I am referring to the personality traits that make you a good fit for the company.

Keeping the job with these personality traits is another story!

#1: INTEGRITY

It goes without saying that upholding moral principles is a desirable quality in the workplace. Hence, some hiring managers conduct integrity tests by providing situational questions. The employer needs to know that you can be trusted even without his or her presence.

Do you steal company pens on a regular basis? Or, do you leave early without saying a word? You may think that no one sees these subtle dishonesty, but you are wrong. You never know who is watching you! You best behave well. Choosing the “right” thing to do is challenging, but you must not give in to your selfish desires.

#2: OPENNESS TO FEEDBACK

When it comes to the workplace, being open to receive developmental feedback or constructive criticism is crucial to success. Receiving these messages can help you to efficiently hit your career goals.

The secret to receiving and giving feedback is to come into the conversation from a place of kindness. Keep in mind that you are not receiving constructive criticism because the person dislikes you. Instead, this person wants you to be the best version of yourself. Taking things personally or reacting defensively can surpress a more practical strategy that you can adapt.

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For people who are not comfortable with receiving feedback, immersion therapy is recommended. Make feedback a part of your daily life. Ask feedback from the people you work with as well as the people who knows you best. This way, future feedback will be easier to take.

#3: ADAPTABILITY

Whether you are shuffling a schedule with your pregrant co-worker or relocating to a new town, nobody wants to listen to your complaints. Accepting that change is a part of the constantly-evolving business world is important.

Say that you are not comfortable with the frequent changes happening in your workplace. Instead of immediately voicing out your emotions, you may write these feelings down. Organizing your thoughts can help you distinguish whether these are legitimate concerns or annoying complaints. Urgent matters need to be discussed with the team.

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Nonetheless, flexibility is a desirable trait in every industry. Having a positive attitude about change and unforeseen events can help you grow in your career.

#4: DISCIPLINE

Discipline is the practice of training people to obey rules or a code of behavior. It is the action or inaction related to the code of ethics or the rules governing your company. Discipline is more than just ticking all the boxes of your to-do list. It is an attitude that can pour out to all of your professional decisions. An employee with a poor attitude will not go very far in life!

If you aim to be a boss one day, you need to develop self-discipline. Say that you cannot manage your own time. How can you expect your employees to manage theirs? Self-discipline in the workplace involves arriving on time and resisting the temptation of skipping “boring tasks” such as attending meetings or organizing files.

#5: KINDNESS

Work may be the place where you want to be kind, but being likable can get you far! Likable or pleasant people tend to have more employment opportunities as well as co-worker support. Pursuing your career goals while keeping the best interests of others in mind is ideal.

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Nasty people do not always finish first! You do not need to step on people’s ways to get ahead of the employee ladder. Focus on advancement while noticing the needs and feelings of those around you.

Sources: 1 & 2

Money Lies That You Probably Believe

Truly, these lies may be holding you back from financial success.

I DO NOT NEED TO SAVE A LOT FOR RETIREMENT

In is evident that many senior citizens work beyond their 70’s. To survive their daily expenses, some Singaporean seniors acquire odd jobs. With this environment, you probably think that you can continue working beyond your retirement years. However, humans are subject to their declining health over time.

A senior adviser at a wealth management firm, Mr. Ken Moraif, once elaborated how dangerous it is to work for a lifetime. “With no savings, if our health fails, we not only have lost our income but we now also have a large expense.” The combination of these two factors can trap you into a bad financial situation.

LOW-INTEREST SAVINGS ACCOUNT IS AN INVESTMENT

When you think of savings, what is the first thing that pops into your mind? Is it a savings account or an emergency fund? Well, thinking that your stored cash is an investment is somewhat wrong.

Having excess cash to fulfill your emergency and living expenses is great. But, do not rely too much on your low-interest savings account. The value of your money kept there may decrese over time due to inflation. What shall you do instead? For starters, you may put a decent amount of your money into basic investment vehicles such as a mutual fund. Do your research!

I WILL BE EARNING MORE MONEY IN THE FUTURE

Do you plan for your future operating under a faulty assumption that your gross income will increase? I mean, it is basic Maths right? You get promoted as time passes. For some, believing these things can actually turn into a reality. How about others who stay in a position for a decade or so?

Believing that you will earn more money in the future without actual basis can lead to major purchases that you cannot afford. Can you really buy another HDB flat or a new car?

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We all want to assume that we will compensated as time goes on, but there are no guarantees! Your company may start laying off workers or even dissolve. Moreover, a critical illness may halt your career. To achieve financial freedom, it is better to stay within your means. This way, you can treat any pay increases as bonuses.

FRUGALITY IS ENOUGH TO SAVE YOU IN THE FUTURE

I considered myself as a frugal being once. Then, certain life problems came my way. My mother had an operation, which occurred simultaneously with our home renovation. My savings account became significantly slimmer afterwards. I realized that frugality alone cannot make a positive difference. I need to find a way to expand my opportunities to continue growing my wealth.

Directing all your energy towards ingenious ways to limit your expenses can limit your life. Instead, consider frugality (i.e., a means to eliminate waste) as a long-term financial goal. For instance, you may lessen your trips to Starbucks due to the free coffee provided by your workplace.

I AM NOT WEALTHY ENOUGH TO INVEST

It is common to perceive yourself as a person without the ability to invest. If you have money to satisfy your regular thirst for Starbucks then, you have enough money to invest. If you spend your money on designer watches then, you have enough money to invest. Do not get me started with spending your money on trendy Netflix or hefty shoes!

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The key to financial freedom is not how you perceive the prowess of your money, but how you spend it. You will find that you have sufficient funds to invest when you prioritize your long-term goals over buying unnecessary material goods.

Sources: 1 & 2

4 Easy Ways To Dress For Success

According to several studies, dressing for the job you desire actually works. Anyone who owns a set of powerful suit can attest that the right clothing pieces can become a confident booster. Furthermore, a 2012 study published in the “Journal of Experimental Social Psychology” showed that subjects who wore lab coats scored higher on attention-related tasks than did those who did not.

On that note, here are some tips to help you dress for success:

DRESS CODE #1: FIND A COLOR THAT SUITS YOU

One of the quickest ways to update your wardrobe is to freshen your color palettes. Look into your closet and focus on the neutral and seasonal colors. Neutral colors help in optimizing versatility. Simply put, you will be able to maximize your buck by investing in pieces carrying these colors. Is black not for you? Perhaps you can try other neutrals such as grey and navy.

Finally, seasonal colors convey the sense of newness. Adding one or two seasonal colors to your work outfit can go a long way!

DRESS CODE #2: INVEST ON KEY PIECES

What better way to spend your clothing allowance than by investing on key pieces? As much as possible, women shall focus on picking out their handbags and men shall focus on picking out their watches. Why is this so?

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Designer labels are often correlated to financial success. Our materialistically driven society puts emphasis on these items and judge you based on that. Admit it! Pairing a designer handbag with a less expensive apparel can instanly elevate your look! The same goes for wearing a designer watch in a board meeting.

DRESS CODE #3: PLAY IT SAFE

Yes! Times have changed. However, some employers may still be wary of the candidates donning body piercings and inks. Their reaction towards these elements depends on the company’s policy, the industry you chose, and the interviewer’s age. It is best to play things safe.

Take out your visible piercings and cover up your visible tattoos. Doing so may manifest how serious you are in terms of the job you want.

DRESS CODE #4: KEEP THINGS NEAT

Our physical appearance play an important part in the impression that we leave, especially in job interviews. Keeping your hair up and makeup light can evoke a huge difference in how people view you. In lined with these, you must choose jewelry that are uncluttered (e.g., skip on the dangling earrings).

Let us move on to the men’s style. Wall Street stylist Jacci Jaye suggests that men should avoid wearing head-to-toe neon. Instead, she advocates wearing bold colors or patterns as accents. For instance, a colorful tie or pocket square can add a sense of playfulness without distracting anybody.

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In conclusion, there is truth to the saying: “dress for the job you want and not for the job you have”.

Sources: 1, 2, & 3

How To Keep Your Sanity When Switching Careers

While others have to dive into a life-changing decision from working at a nine-to-five to working for oneself, my father had to do the opposite. Taking a step toward a career change was an exhilarating moment for him! As days passed by, he realized that he does not know how to start. He experimented with three different positions in the span of three years. Finally, he found his calling – a job at a globally renowned technology company.

Keeping your sanity while exploring your options can be challenging! May these tips help you with the career switching process:

DO YOUR RESEARCH

What opportunities are available for you to grab? Know these by doing your research. It is free to consider the alternative careers found online. You may also discuss your core skills and possible paths with your friends and relatives. Lastly, hunt for a vacancy through your networking contacts.

If you are having a difficulty with sorting out your ideas, try meeting a career counselor to reap a professional advice.

CHECK YOUR FINANCES

Do not ignore the contents of your bank account! Career Expert Kerry Hannon states that you must have “good financial health to help smooth[en] your transition”. You see, being in a suitable financial situation allows you to try new things without stressing over your salary.

Create a transitional budget through no cost tools such as Spendee and Microsoft Excel. Having a budget will give you a clear picture of what is within reach.

TRY IT OUT

If you are a person who prefers calculated or conservative moves over creative and unconventional strategies then, you can try things out first. You can identify part-time or volunteer activities related to your target field to test out your interests and abilities.

Are you passionate about working with animals? Consider volunteering at animal welfare organizations such as SPCA. Do you want to switch to publishing? well, try editing your current company’s newsletters first.

BELIEVE IN YOURSELF

I am going to end this article with a thoughtful quote from Mr. Robin Kermode, a leading European Speech Director.

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“One of the hardest things with a change of career is believing that we can do this new task. We tend to think of ourselves as a photographer, an accountant or whatever. That’s what seems to define us. Now we have to re-define ourselves and begin to believe it deeply inside us. Once we believe it, others will too.”

Sources: 1 & 2

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