How to Negotiate a Salary Increase in Singapore

Negotiating a salary increase can help you maximize your earnings in the Lion City. Although Singapore’s salaries are among the highest in the region, the cost of living is also high. If you are considering a salary negotiation, here are some ways to increase your confidence and make the task less nerve-wracking.

#1: BE PREPARED

Before entering any negotiation, it is crucial to do your research. Preparation can help you reduce your nerves. Research the industry’s average salary for your designation, the company’s financial performance, and any related economic factors.

You can use Salary Comparison tools online, which are designed to give you a comprehensive overview of key roles and their respective salaries. For instance, you can check out MOM’s Salary Comparison feature to compare your salary across organizations of various industries, establishment sizes, and employee types. This free feature comes with colorful graphs, which makes the information easy to understand.

#2: DESCRIBE YOUR ACHIEVEMENTS

When negotiating a salary increase, display your accomplishments to underscore the value you bring to the company. Highlight any projects you have led or have been involved with as well as the recognitions or awards you have received.

Do not forget to focus on the numbers! You can try to deny it as much as you want, but businesses revolve around making profits and growing numbers. Use statistics as direct proof of your contributions to the company. For example, in the past two months, I have brought in three new clients, which resulted in an 80% total increase in the company’s sales.

#3: IGNORE YOUR PREVIOUS SALARY

Ignore your previous salary. While it is always better to earn more than in your previous job, using your last drawn salary as a benchmark is by no means a good gauge. You have gained so much experience, skills, and knowledge since then. Instead, look at your objective value to the company.

#4: IMPROVE YOUR SKILLS

When talking about value, your added skills and abilities can help the company to flourish. Turn the tables into your favor by having appropriate education, expertise, and experience. Start by focusing on investing in seminars, workshops, and courses.

Best of all? Most of these resources are available at no cost. In the comfort of your own home, you can acquire Google and Microsoft certificates online. There are other online platforms that offer free courses such as Centre for Excellence and Coursera.

#5: BE SPECIFIC

When stating your intent for an increase, you need to be specific and provide a realistic range. This will give the company some flexibility in meeting your expectations while also opening the floor for negotiation.

#6: CONSIDER OTHER BENEFITS

As an HR Consultant, I often give a brief background about the company and emphasize its company benefits to draw candidates closer to the organization. If your company is unable to meet your desired salary increase now, you can consider negotiating other benefits such as flexible working hours, childcare allowance, improved health plans, training opportunities, or additional vacation leaves. Can you imagine having your company shoulder half of your childcare fees or overseas workshop costs? These benefits add to your overall compensation package.

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BOTTOMLINE

In conclusion, negotiating a salary increase can be challenging. However, with sufficient preparation and the right approach, it can also be a rewarding experience. Remember to do your research, highlight your accomplishments, be specific, invest in knowledge expansion, and consider other benefits. With these tips, you can successfully negotiate a salary increase and maximize your earnings in Singapore.

Sources: 1 & 2

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Celebrate These “Small” Financial Achievements

Do not underestimate the strength of your “small” wins. These are pivotal to tracking incremental achievements and working towards larger goals. You see, most financial goals (e.g., purchasing a flat or saving for retirement) can take a long time to achieve. It can be too intimidating!

Breaking your goals into finer pieces can help you visualize your financial path. What’s more? It can motivate you to work harder.

#1: MOVING INTO YOUR FIRST FLAT

Living alone can be challenging in the first few months. However, nothing replaces the feeling of independence that comes from cultivating your own place. You are free to march to the beat of your own drum – within the bounds of the building management or the landlord. Sometimes, it can get lonely to live by yourself. Your bravery to take the plunge is an accomplishment on its own.

#2: PAYING OFF YOUR DEBTS EVERY MONTH

Along with growing your wealth, you must diminish your mountain of debts. Start spending and saving wisely to cover your monthly balance per month. Are you capable of paying it fully? If so, then consider doing it. Nonetheless, contributing a significant amount to your debts will enable you to maximize your retirement contributions.

Image Credits: pixabay.com

Think about that!

#3: GETTING A PAY RAISE

Words cannot encapsulate the wonderful feeling of being recognized and paid for one’s hard work. We are quick to press the “Like” or “Heart” button on Facebook whenever someone announces his or her promotion. It is a celebration indeed! But, remember that you do not have to wait for your coveted moment to begin celebrating. Every pay raise counts! Pour yourself a well-deserved drink and bask in the glory of your accomplishment for a night.

#4: INVESTING IN YOURSELF

Whether you are advancing your degree or continuing your certification in the field, you will more likely to increase your earning potential by receiving further education and training. Not to mention, you will widen your network and knowledge in the process.

Image Credits: pixabay.com

Increasing your professional value by investing in yourself can ignite your ability to achieve long-term independence. Hence, I encourage you to set some money and time this cause.

Sources: 1, 2, & 3

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Shy Employees’ Guide To Negotiating Salary

Many offices are filled with smooth-takers who can easily say the right words to get what they want. While some people are born to be negotiators, others are somewhat fearful to share their ideas. Fortunately for you, negotiation is a skill that can be shaped with lots of practice.

Start with these tips:

PREPARATION IS THE KEY

When it comes to gaining confidence and bargaining skills, preparation is the key. Arm yourself with the facts by doing thorough research. Do not rely on personal opinions and emotions when negotiating. Instead, you must collect data from multiple reliable sources. Determine the average and maximum salary for a person in your position with a similar level of experience.

DRAW THE OUTCOME

Aside from the facts, you must prepare yourself with the possible outcomes of your actions. What are the possible ways that your employer can respond to your request? What will you do if he or she disagrees? What will you do if he or she agrees?

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Assess every possible outcome and how you will handle these situations. Is what your asking for really worth it?

WRITE A SCRIPT AND REHEARSE IT

Researching is the initial step. What’s next? Planning a script, of course. Having a foundation for the serious conversation can help you to feel more comfortable as it happens. Write at least two scripts to have more options. It is important to note that you have to flexible during the actual discussion.

GO FOR IT

Employees often perceive negotiation as a heated encounter where the clear “winner” shall prevail. In reality, negotiations work best when both parties walk away with satisfaction. Simply asking for what you want (i.e., a pay raise) is half the battle!

Image Credits: pixabay.com

Do not let your shyness be an obstacle to getting what you deserve! Boost your chances of having a positive resolution by being polite and firm. Aim to reflect on your personal growth and foster long-term workplace relationships.

Sources: 1 & 2

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How To Deal With A Stingy Boss

Frugality is an admirable trait, in most cases. Frugal people are typically prepared to tackle the bumps ahead. They are also able to cut down their environmental wastes. However, giving a reaction is essential if the frugality of your boss pulls down your productivity and lowers your workplace morale.

Keep these things in mind before approaching your boss:

WHEN DISCUSSING ABOUT MONEY

As most of the things in life, timing is everything. Choose the appropriate time and place to approach your boss. For instance, you must not discuss about the loss of a major account after your boss got into a car accident. It is not appropriate to discuss serious matter over a phone call either. Remember to equip yourself with respectfulness when discussing money matters.

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Be polite when asking your boss for what you need or want. Be prepared to graciously accept whatever his or her answer is. Do not whine!

WHEN RUMORS CIRCULATE

It goes without saying that the portability of social media influenced how gossips can circulate on a wider scale. With rumor mills running on hyper-drive, people rarely invest their time into validating each one.

Say that there is a rumor about how your supervisor’s errors plummeted the sales of your company. Without adequate research and lack of communication, you can easily make negative assumptions. This is why learning the full story is important.

WHEN ASKING FOR GROWTH

Loyalty is a two-way street. There is a fine line between sacrificing for a company that you love and recognizing that you are taken advantaged of. If you are offering your continued loyalty to an employer for over 5 years then, you deserve to be compensated.

When a cheap boss fails to recognize your value, it can stroke a sizzling fire of discontent.

WHEN YOU FEEL UNDERPAID

If it seems as though your employer is exhausting you in unnecessary proportions then, you may approach him or her for a pay raise (or a better schedule at the very least). You do not need to let your emotions get in the way! You will only sound conceited and demanding. Instead, start the conversation on a positive note. Praise how well the company is doing in the past quarter or the recent months. Afterwards, you may ask how this affects the employees.

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The next step is to do your research. Be prepared to show your employer how your salary stacks up in comparison with people with similar jobs. You are more valuable than you think; otherwise, they would have fired you a long time ago!

Sources: 1 & 2

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What Not To Do When Requesting For A Raise

Your heart is racing fast and thoughts continue to run into your head. You are about to ask for a pay raise. The best outcome that you can imagine is getting more than what you requested. However, you will be happy to see a small bump up your monthly salary.

Let us face it! When requesting for a raise, there are only a few ways to get it right and many ways to get it wrong. Here are just some scenarios that pertain to the latter:

A STORM OF ULTIMATUMS

Roger came into the room equipped with his egotistical tone. He said: “If I do not get a 20% raise, I am quitting today.” Like Roger, it is natural to crave for fair compensation. Our employers need to see how valuable we are. But, you do not have to waltz in the room with your ultimatums. You may end up quitting abruptly just to save face!

Treat the act of requesting for a raise as a business negotiation. Psychological strategies and conversation tools can sway the opinion of another through a pleasant exchange.

A PERSONAL TURMOIL

Your personal problems including the monetary ones are your problems alone. You took the coveted job and accepted the employer’s offer. I know that emotions can run through the roof when you feel like you are getting duped. However, it is not professional to blame your boss or unload your emotional turmoil onto him or her.

Image Credits: pixabay.com

Image Credits: pixabay.com

Calm down and clear your inner conflicts before you discuss about your pay.

A COMPLAIN MENTALITY

In a 2015 interview, local comedian Hossan Leong highlighted that we live in a society driven by the “complain mentality”. He proved this by saying: “One complaint and everyone is up-in-arms. There is a knee-jerk reaction.” Do not let this mentality affect your actions when asking for a raise!

Image Credits: pixabay.com

Image Credits: pixabay.com

Your argument should not be based on what your co-workers have that you do not. Instead, it should be based on your accomplishment and performance. Find out the average salary ranges for your position by visiting informative websites such as Payscale.com and by asking credible resources.

Sources: 1 & 2

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