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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.

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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!

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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

When Is It Okay To Sacrifice A Bigger Paycheck?

Congratulations! You have been offered the position that you have been pining for. During your final interview, you realized that the starting salary is less than what you expected. It is completely normal to feel disappointed at first. But, you must not dismiss a job offer because of the relatively lower paycheck.

Do not get me wrong! I am not advocating the acceptance of an utterly ridiculous offer. All that I am sayings is that there are some scenarios where a lower paying position can pay off in the long run. Here are just some of them:

#1: WHEN THERE ARE OPPORTUNITIES TO GROW

Just because your current position pays lower than expected, does not mean that you are going to be stuck in a low paying role for a lifetime. A low paying position may be used as a stepping stone for something much brighter. For instance, many bank employees agree to contract roles for a chance to be converted into permanent staff.

Other institutions provide opportunities to jump to different departments as they do not want their employees to be stagnant. Alternatively, you may use your acquired skills and experience as a leverage for the next company that you will apply for. You can get paid more as an “experienced” candidate.

#2: WHEN YOU WANT A CREDIT BOOST

there are two ways to boost your credibility without having to accept a bigger paycheck. One way is to apply for a recognized company and the other is to take on an impressive job title. Let us start with the former.

Notice how employable a person is when he or she comes from a multinational corporation such as Microsoft, Adidas, and Kia Motors. It is usually a good idea to accept a relatively lower pay to reap the benefits of a company name in your CV. But, be sure to move on to the next company when the right time comes.

The latter involves a flashy new title. Say you have been a sales associate for several years. Becoming an administrative officer for the same company seems like a breathe of fresh air. Although you will get paid similarly (or even less), you prefer a new title to gain more respect within the company. To other people, this compensation is enough.

#3: WHEN YOU ARE MAKING A CAREER SHIFT

A friend of mine has been in the retail industry since she graduated from a local university. In her early 30’s, she began to seek fulfillment beyond raising a brand’s sales. She became a preschool teacher. The starting pay was lower than what she expected, but she accepted it. You see, one of the major reasons why employees settle for less pay is because they are switching into different industries.

As the founder of an HR company called T.R. Ellis Group once said: “It’s unreasonable to expect to receive top dollar when you move into a role where you have little to no experience.” Think about the training expenses the company has to shell out just to broaden your skill set!

#4: WHEN THE BENEFITS ARE BETTER

I will let you join my trip down the memory lane. My first job did not include dental or medical benefits. I had to tap into my savings whenever I get sick just to get a medical certificate from the family doctor. To my delight, all these benefits were wrapped around the bow of my succeeding positions.

Perhaps you have to sacrifice a bigger paycheck for a job that covers your graduate studies or your travel expenses (e.g., flying overseas once a month). Workplace benefits may not appear as cash sometimes. This is why you have to look at the entire picture.

Image Credits: pixabay.com

Sources: 1 &2

Advantages & Disadvantages Of Sharing Your Salary Information

Conversations about money in our deeply rooted Asian culture needs to be handled delicately. You must discuss your earnings in a strategic manner. It does not matter if you are sharing your salary information to your closest friends or trusted parents!

Do take note of these advantages and disadvantages:

PROS

1. IT MAY AIDS IN EMPLOYEE RETENTION.

Whether you want to believe it or not, salary transparency is a valuable tool to have in the workplace dynamics. Employers are highly encouraged to open up about how the compensation and benefits are determined. This will make the employees feel that they are being paid fairly. Moreover, it boosts job satisfaction and aids in employee retention.

Salary is the most common reason why individuals leave their positions. However, you may feel underpaid when you are actually not! Employers can avoid this scenario by increasing the transparency when it comes to compensation practices.

2. IT MAY IGNITE USEFUL ADVICE.

Sharing your salary information to the people whom you trust the most (e.g., your spouse or parents) may be beneficial to your finances. More often than not, the conversation does not stop at sharing your monthly salary. Your family members or friends may grill you about your savings, negotiating skills, and the organization’s salary transparency. Thus, you must carefully select the people whom you will disclose these information to.

Your trusted confidant may point out the loopholes in your contract or the company’s wrongful practices. You can learn so much from the people who are genuinely concerned about your wellbeing. Make the necessary improvements afterwards.

CONS

1. IT MAY RESULT TO RESENTMENT.

When it comes to disclosing your salary information, you need to be wary about your co-workers. Imagine how uncomfortable your co-worker (i.e., who holds the same position) will feel if you make more than them! You may come across as boastful and arrogant. Remember that anything you say may be used against you.

2. IT MAY RESULT TO UNRELIABLE COMPARISONS.

The main reason why some Human Resource professionals suggest to keep your salary confidential is because of the inevitable diversity in the marketplace despite possessing similar descriptions. That is the reality! The varying salaries depend on the individuals’ set of skills and experiences.

You might be a teacher earning an average salary, but my salary could be different from yours due to a cluster of reasons.

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Just because you shared how much you earn does not mean that the other person will do the same! Although being open about your salary information may be beneficial at times, it is a personal choice that you have to carefully consider.

Sources: 1, 2 & 3

How To Negotiate A Higher Pay As A Freelancer

Establishing and negotiating rates with your potential clients seems like one of the most complex or intimidating parts of freelancing. But, it does not have to be!

WEAR YOUR DETECTIVE LENSES

The first step is to do your homework.

Detectives and investigators compile evidences through careful observations and interviewing witnesses. Play the role of a “detective” by collecting as many salary information as you can. Research about the average rates for freelancers by joining online forums (e.g. Singapore Babysitter Connect) or by joining local groups (e.g. The Singapore Writers’ Group). One of the best ways to get useful information is by chatting up with hired freelancers in your area.

UPDATE YOUR PROFESSIONAL PROFILE

After researching the realistic going rates for the position that you are applying for, you must display a pleasant track record. It goes without saying that higher pay will be rewarded upon showing amazing performance at work. For instance, you shall make it a habit to collate positive reviews or references from different individuals whom you worked with. Glowing reviews from 10 parents in the local neighborhood are good additions to your tutor’s negotiating arsenal.

If you want to list the contact numbers of several references in your CV, you must ask for their permission. Boost your image by having your satisfied customers talk for you!

ASK FOR IT UPFRONT

There are many individuals who fail to initiate a pay raise during an interview and after employment. However, it is challenging to negotiate a raise if you do not ask for it. Weigh in on how much you should get paid before signing on a project with a new client.

Present a concrete figure based on your careful research and past experiences. If you act as though you are prepared to walk away from a deal unless you achieve your desired goal, your bargaining partner will be far more eager to satisfy your requirements. Most clients will agree to your desired rate or simply meet you halfway.

OFFER THE INTRODUCTORY RATE

Your potential client was impressed with your body of work, but he is hesitant to commit to your proposed higher rate at the onset. Do not give up just yet! You may offer an introductory rate for a limited amount of time.

Let us say that you clean flats every weekend. You can render your services at the friendly rate of S$17/hour during the first two weeks. If the client is happy with your performance and would like to utilize your services afterwards, he or she has to pay you S$24/hour for the succeeding weeks. Think of a rate and a time-frame, which works for your circumstance.

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Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Use these four strategies to help you achieve your financial goal!

Highest-Paying Jobs For Fresh Graduates Of Singapore

For individuals who are in a serious search for a management consulting firm with global grasp, Hay Group is a viable option. Hay Group aims to transform your company’s distinct strategy into coveted reality. It makes things possible by developing and motivating talent to be more efficient at the workplace. In its relatively recent survey, this firm tackled the salary expectations of approximately ninety-five organizations in Singapore.

The aptly called “Fresh Graduate Pay Survey” found the average monthly salary for degree holders without Honors, with Second-Lower Honors, and with Second-Upper honors. The 2014 starting salary for these said categories were $2,741, $2,853, and $2,939 respectively. Furthermore, the researchers showed that the employers were likely to pay more for degree holders than for mere diploma holders. The gap in credentials and certificates is understandable as the country poses importance in education.

The highest-paying positions for diploma holders were in the industry of Engineering, Marketing, Administration or Support, and Information Technology. Diploma holders holding positions in the field of Engineering had an average salary of $1,976. While, diploma holders in the Marketing field had an average salary of $1,938. If you are planning to reap an administrative or client’s support position as a diploma holder, you will likely to have a salary of $1,925. Lastly, diploma holders in the Information Technology industry can expect a salary of $1,920.

Let us dive into the highest-paying positions for degree holders. The top four slot belongs to Project Management. The average starting pay for this position as a degree holder without Honors is $2,813. Project managers oversee and document most of the aspects of a certain project.

The third spot belongs to the field of Information Technology (IT). Many of my friends have spouses who thrive in this fast-paced scene. You see, IT has a myriad of offerings including programmer, systems analyst, and software engineer. Find one that fits your preference and expertise. Know that the average starting pay for this position as a degree holder without Honors is $2,816.

The Legal positions still holds a sense of prestige next to becoming a certified physician. There has been a shortage of fresh law graduates, which is why possessing a law degree is easily attractive. The average starting pay for this position as a degree holder without Honors is $2,856.

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As a specialized degree, it is no wonder that fresh engineering graduates earn the highest median salary ($2,888) of among the list.

The main takeaway from this research is the fact that the primary motivation of the fresh graduates is not the salary. Most of the participants highlight thirst for the accelerated career development as money will follow. Cultivating the aspects of the well-being such as autonomy and self-expression in the workplace is a must.

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