Anna Agoncillo, Author at MoneyDigest.sg

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.

Image Credits: pixabay.com

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.

Image Credits: pixabay.com

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

The True Cost Of Workplace Conflicts

This month is filled with a roller coaster ride of emotions. Concluding my September was a big event that my branch held. This nationwide event stirred varying conflicts of different degrees. The highly stressful environment induced a simple misunderstanding, which became a whole ordeal among the team. You see, some people began taking sides. A week has passed before my boss noticed that something is wrong. He needed to resolve the problem immediately! Fortunately, his intervention worked out.

While business owners know that workplace conflicts affect productivity and employee morale, not many are aware that office drama can drain their funds. In 2008, the publishers of the Myers-Briggs Assessment and the Thomas-Kilmann Conflict Mode Instrument conducted a study on workplace conflict. Results showed that American employees spent nearly 3 hours per week in dealing with workplace conflicts. This is equivalent to approximately S$490 billion in paid hours or equivalent to 385 million working days. These crazy numbers pose an alert to people running the workplace.

Workplace conflict’s effects are not limited to time wasted. 25% of employees reported that they avoided conflicts by skipping work or by calling in sick. Equally alarming, nearly 10% reported that conflicts led to project failure. These negative behaviors translate to financial losses, especially felt by small businesses.

It is no secret that we spend our time comparing, gossiping, retaliating, and playing defense. These countless amounts of time is much rather spent on customer interactions and other productive activities. Navigating yourself around the whole drama is important. You do not want to lose some loyal customers just because two employees are tarnishing your organization’s image!

On that note, I have listed some practical ways to deal with workplace conflicts.

Image Credits: pixabay.com

1. Employers shall create a workplace environment that empowers employees to manage conflicts. Regardless of your employee’s role in the organization, HR officers must conduct behavioral questions that tests how one shall react during conflicts. For instance, an applicant may share about his or her previous experiences in dealing with workplace issues.

2. As a part of cultivating a conducive environment, you may encourage healthy dialogues or debates in small groups. Help your employees appreciate the value of differing perspectives and analyze each one.

3. As much as you want your employees to resolve their conflicts on their own, you must know where to draw the line. Do not expect that everyone can handle every problem on their own! Ensure that your employees can count on you when they have encountered inappropriate or illegal behaviors. You must be immediately notified when there are indications of physical violence, sexual harassment, theft, or substance abuse.

4. Remind your team that they shall focus on the unpleasant workplace behaviors and its consequences when trying to address a particular conflict. They must not take things personally. They are not there to assassinate someone else’s character. They are there to improve their team’s dynamics.

5. Provide ongoing training on conflict resolution and stress management. These types of training can lead to self-assessment and self-understanding of one’s conflict-management skills. Drills can help them identify the pros and cons of using a certain style.

6. As an employer, you must not put the workplace conflicts on top of your priority list. Actively listen to your employees and support them in every way possible. But, you do not have to automatically take ownership of their problems. Be able to discern whether an issue needs immediate action or not.

7. Say that one employee is consistently causing the workplace dramas. Furthermore, you do not see any improvements as time passes. Pull this employee aside and talk to him or her in a mature manner. Monitor his or her progress by talking to the team periodically. This can help prevent any future conflicts from spiraling out of control.

Image Credits: pixabay.com

As a leader, you must navigate around the issues with objective lenses. Know the truth of each sides and run through the possible interventions that you can offer. Every move counts!

Sources: 1, 2, & 3

20 Dollar-Pinching Food Hacks

1. Squeeze every last drop of lemon, calamansi, and other citrus fruits by using a pair of tongs.

2. Savvy shoppers compare prices across the board. Do so by visiting the website called PriceTrolley. It gives transparency over different product prices in local supermarkets.

3. Plan your meals a week in advance and shop accordingly. Do not go beyond this list!

4. If you cannot handle the taste of tap water, get a water filter. It is cheaper to get a water filter and attach it on your faucet instead of purchasing purified water regularly. Lazada Singapore sells water purifiers for as low as S$12.

5. Reduce your intake of meat. Instead of consuming meat on a daily basis, you may reduce your consumption to five times a week. This act both save some cash and to be kinder to the animals.

Image Credits: pixabay,com

6. Use coupons in the grocery. Keep a watchful eye over coupons available in magazines and newspapers. You may also check couponing websites for codes that can be used while you shop online.

7. Invest on food containers or Tupperware. Use these containers to pack your lunch in your campus.

8. Not every due date is set on stone. Do not throw food out just because it is beyond the “best before” date. Inspect the product first.

9. Applying the same concept as a mystery shopper, you can become a mystery diner. Eat your hearts out while commenting on dishes in various restaurants. You get to enjoy a free meal while getting paid for your job.

10. Do not over serve your guests. Ask them to get more food, if necessary. This will reduce the wastes of uneaten food on a plate.

Image Credits: pixabay,com

11. Follow the age-old trick of First In, First Out. Use older products or produce first before moving on to others. An organized refrigerator will make this possible.

12. As mentioned above, you must organize the items inside your refrigerator. Plan out the products that you will actually eat and store them properly. Since the fridge’s door is the warmest part, it is the best place to store your condiments and non-dairy beverages that do not spoil easily.

13. Know how to distinguish what is freezable from what is not. Afterwards, freeze everything that is freezable. Maximizing the power of your freezer will save you money in the long run.

14. Spice up your basic popcorn by seasoning it with herbs. Before your herbs go bad, you may chop them up and mix them with olive oil or butter. Use this mixture to sauté your onions or to spread on a toast.

15. Dine out on your birthday. There are so many place that offer free meals, desserts, or giveaway to celebrants. I remember receiving a free ice cream cake and a free ticket to a contemporary museum during my birthday.

16. Wrap the stem of the banana in a plastic wrap to extend its life span. This will keep it fresh.

17. Cheese is a tricky product to store! Start by wrapping it loosely in a wax paper before placing it in the packaging. Then, partially seal the plastic. This prevents the bacteria and ammonia from being trapped inside.

18. To keep your brown sugar soft, toss a few marshmallows inside the packaging.

19. Absorb the moisture on your lettuce by breaking it apart before storing it. Do this trick to similar greens upon washing it. Then, store the greens in a resealable container with a dry paper towel. Replace the paper towel as needed.

Image Credits: pixabay,com

20. Do not throw your eggs in the rubbish bin right away! Do the “fresh test” by letting it float gently in a bowl of water. The eggs that will sink are still fresh.

Sources: 1, 2, & 3

Entertaining Money Activities For Kids

Financial literacy starts to develop while you are young. Discussing financial skills with your children through stories and practice is crucial to their development. Aside from this, they can learn through the examples you set. Hence, you have to find entertaining yet strategic ways to introduce some money concepts.

Teaching children how to count money does not have to be a snooze fest! Pass down positive financial matters through these money activities:

#1: CREATE FLUFFY ANIMAL BANKS

Introduce the concept of saving directed to a specific goal. Simply ask your children what they want to buy with their money. You may provide recommendations of the toys, video games, gadgets, and stationery items that they shall save money for. After identifying the end goal, provide your child with an assortment of art materials that they can use to create their own animal bank. Below are just some of the suggested materials that you can use:

a. hot glue gun
b. scissors
c. googly eyes
d. egg cartons
e. milk cans
f. empty coffee cups
g. baby food jars
h. newspaper
i. glitter glue
j. clear glue
k. markers and pencils

This project also presents an opportunity for you to introduce the importance of recycling. Gather recyclable supplies and be as creative as possible. Afterwards, you may have your children draw the specific item on the side of the animal bank. Through this, they will be motivated to get what they want.

#2: DIG THROUGH THE SLIME

Children love messy play! However, adults have a hard time cleaning it up. What if I told you that you can conduct a “messy play” activity with little mess? Well, start by buying a clear slime. Slime consists of non-toxic viscous material such as guar gum. Squishy and gooey are just some of the words that can best describe this toy.

Slime is a great sensory toy. Sensory toys are designed to tap the child’s five senses. By using slime, you can introduce new financial concepts by encouraging exploration. You can help your child understand the world around him or her by putting coins inside the slime. Ask your child to sort all the coins that he or she digs up. Interestingly, you may join your child as slime can have a calming effect on an adult. It shifts the focus from the demands of work to the unique texture of this toy.

Image Credits: stillplayingschool.com

#3: DRAW YOUR OWN NOTES

As a preschool teacher, I have witnessed how fond most kids are of scribbling and illustrating. They want to draw on different papers, tables, walls, and mirrors. Do not get me started with what they do when they are handed with a paint brush! Put this artistic energy to good use by asking your children to draw their own “Singapore notes”.

Encourage them to put the faces of each family member. This will evoke a fun reflection of how your child sees the people around him or her. Provide colorful papers with a measurement of 5″ by 2″. Then lay other art materials such as rulers, pencils, colored markers, and wavy scissors. Use these notes to help your child practice the basics of mathematics and the importance of currency.

#4: UPGRADE ON THE FIDGET SPINNER

For some reason, most boys are attracted to spinning objects. These spinning objects provide a distraction that can preoccupy them for countless of minutes. Mimic this effect by creating a coin spinner!

Start by getting an empty cereal box or any cardboard. Then, gather your hot glue gun, markers, pencils, and dollar coins. Use a cup to perfectly trace a circle along the cardboard. Cut accordingly. Then, cut a slit in the center that resembles the exact measurement of a dollar coin. Put the dollar in the center with the help of a hot glue gun. When you are done, you can easily peel off the glue without damaging the coin.

Image Credits: frugalfun4boys.com

Sources: 1, 2, & 3

How Do You Choose Between Love And Money?

As I was listening to Frank Sinatra’s song entitled “Love and Marriage”, I realized how different we perceive marriage today. The song highlights how marriage cannot exist without love. These two elements were believed to go together like a horse and a carriage. These days, marriage does not depend on the presence of love.

When Singaporeans are given a choice to weigh between the importance of love and marriage, answers will vary. Firstly, Singaporeans are heavily goal-oriented. They will ask you about the gains that they can reap when doing a specific task. Very few people will do something without asking what is in it for them. Perhaps this is due to the competitive education system or the exhausting high cost of living. There is simply no time left to mess around! Either way, the goal-driven mentality leaves little room for flexibility in a relationship. People constantly ask themselves what they can achieve within a potential relationship.

In addition to reaching their goals, Singaporeans are motivated to move out of their parents’ home. The primary obstacles blocking their paths are the housing laws governing the HDB properties. You see, only singles aged 35 and above can purchase HDB properties. Another alternative is to tackle the overwhelming prices of private properties and monthly rents. This is why many couples see marriage as a way out!

Say that you are waving the flag of commitment. Couples are given six months to tie the knot upon receiving keys to their new property. Otherwise, you can face a major monetary loss. Keep this in mind when deciding to propose.

Image Credits: pixabay.com

Personally, I see how money leans on love and vice versa. You have to make a living at some point. No matter how smitten you are about this person, one or both you need to do something to pay the monthly expenses. Money is important to make your marriage work. Yes! Money may not be able to buy your happiness, but you can use your free time to work on things that you are passionate about. Lastly, things you do solely for love can be transformed into profitable ventures (e.g., passion projects).

Ultimately, taking control of your life is a choice. You get to choose how you spend your money. You get to choose whom you will spend it with. You get to choose who and what you will love. Hence, your challenge is to create a lifestyle that gives you freedom.

Sources: 1 & 2

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