Based on research done by global consulting firm Korn Ferry recently, around 16 per cent of firms worldwide aim to bypass pay raises completely this year. Across 150 nations, the wage survey gathered data from 25,000 companies.
Korn Ferry reported that roughly 450 organisations in Singapore were part of the survey. Here are some notable global trends:
Wage increases (if any) will be smaller than in past years.
In 2021, more companies are planning stagnant wages than last year.
Organisations are primarily preparing to direct their restricted funds to talent acquisition and invest in those with vital roles.
Less than half planning to give an increase
Image Credits: The Straits Times
Only 46 per cent of the Singapore employers who responded to the survey said they aim to offer a raise to at least 9 out of 10 employees this year. These businesses expect wage rises of 2.1 per cent in actual terms, which is still smaller than the 3.1 per cent pay rise introduced in 2020.
All in all, participants from Singapore are targeting a 2 per cent rise in terms of median incomes. This places Singapore in the lead compared to countries like France (1.3 per cent) and the United kingdom (1.9 per cent). But falling behind all other nations in Asia, except Japan and Hong Kong (both 2 per cent).
Pay raise dependent on inflation
Image Credits: Kelly Services Thailand
The findings showed that workers could also see a greater rise in their actual wages in countries where inflation is especially low. Based on official projections, Singapore’s inflation rate has predictions between -0.5 and 0 per cent for 2020.
Mr Kartikey Singh, a senior client partner at Korn Ferry Singapore, commented that jobs would be mainly contractual, temporary, service-led and technology-driven in a recovering economy.
“While the overall pay increases might look sanguine, talent scarcity for areas like product and application development, cybersecurity in certain sectors like e-commerce, technology and fintech can drive significant pay premiums for these job categories,” said Mr Singh.
He added that such a phenomenon would push companies to practice differential compensation plans for different staff and expertise classes.
Organisations need to focus more on a “total rewards” approach
Image Credits: The Straits Times
Mr Don Lowman, Korn Ferry’s global leader of rewards and benefits, shared that ensuring their employees continue to feel appreciated and commended will be essential for companies in the future.
Such a strategy entails non-financial incentives, like opportunities for professional growth, mentoring and guidance, and providing an energetic workplace culture with productive employee tasks.
“Korn Ferry research has found that while financial rewards are key to attracting talent into organisations, non-financial rewards can be key differentiators in retaining talent,” said the consultancy firm.
Ever since Bitcoin came around, the debate between the digital asset and gold has been ongoing, trying to determine which is the better store of value. Proponents of each asset have numerous reasons why they believe one is better than the other. The interesting thing is that both share some traits like scarcity, which has led to Bitcoin being referred to as digital gold.
In terms of price, Bitcoin seems to have the upper hand over gold, with its value ten times more than that of its physical counterpart. The digital asset currently trades above $18,000 after gaining 18% over the past week, while gold prices sit at around $1,800. Bitcoin is on pace to beat it’s all-time high of $20,000 attained towards the end of 2017, and the latest bull run seems to have spiked the number of Google searches on how to trade Bitcoin. Unlike conventional cryptocurrency exchanges, PrimeXBT allows users to trade CFDs for BTC and profit from any positive or negative price changes. CFD products allow one to speculate on financial markets like crypto without having to own the underlying asset.
Billionaire Investor Who Loves Bitcoin
Recently Stanley Druckenmiller, a former hedge fund manager and billionaire investor revealed he owned a portion of his investment portfolio in BTC before explaining why it could be a better investment than gold.
Druckenmiller founded Duquesne Capital back in 1981 and ran it for almost three decades before shutting it down in August 2010. Within the period, he managed money for prominent individuals like George Soros, and together they made massive profits betting against the British pound in 1992.
Speaking to CNBC last week, the investor worth $4.4 billion, according to Forbes, said that even though he was “a bit of a dinosaur,” he had opened up to the idea that BTC could be a better asset class than gold with lots of attraction as a store of value.
He added that since it was created around 12 years ago, Bitcoin has picked up more stabilization with each passing day. Interestingly, other than BTC, Druckenmiller claims to have a lot of gold in his portfolio, more than BTC.
JPMorgan Believe Bitcoin Will Thrive
In a note to investors recently, JPMorgan claimed Bitcoin competes better than gold as an alternative currency. BTC is up 157% since the beginning of the year, with its latest rally fueled by the PayPal announcement. The company will allow its users to buy, sell, and hold the digital asset in their accounts in a few weeks. PayPal noted that more than 26 million merchants using the platform would have the ability to accept crypto as a funding source.
JPMorgan believes BTC can compete against gold because of its attractiveness to millennials, who are set to become a more important participant in the market over the coming decades. Therefore, their preference for BTC over gold should set up the cryptocurrency for success. Still, BTC has a long way to go if it’s to match the gold market, which is valued at around $9 trillion.
Currently, the Bitcoin market cap is around $330 billion. And if it’s to gain tractions as an alternative currency to gold, JPMorgan sees its price doubling or even tripling in the near future, making the current price of $18,000 modest.
Besides being a store of value, crypto drives its value for its utility as a means of payment. According to JPMorgan, the “more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”
BTC Is Better On Some Measures
Bitcoin is a clear winner compared to gold when it comes to portability. It’s a digital asset that exists on computers as code; therefore can be quickly sent and received to any corner of the world as long as there is an internet connection. Banks do not control it, so it’s easy and fast to send and receive payments in the asset across borders.
On the other hand, if you don’t hold the gold yourself accessing it is a problem, and even if you have it, moving it around can be inconvenient. Additionally, there have been cases where the government has tried to ban privately owning gold like it was the case in the US for 41 years. Such censorship can be inconveniencing and isn’t possible with an asset like Bitcoin that isn’t controlled by anyone in particular.
As joyful as giving presents is, I’m sure most of us also feels certain stress when we do it, just because it can become quite expensive, especially if we need to buy for several friends and family at the same time. Even just buying the odd gift can feel like a big deal if you’re on a budget, and it’s often frustrating to feel like you can treat your friends and family more often because of your lack of funds.
However, there are several things you can do that will help you buy more gifts for those special people in your life even if you have a small fund, check out the article below to learn about where to buy presents for family and friends if you’re on a tight budget.
1. Establish Your Budget
First thing’s first, you need to write up your budget and stick to it. Planning ahead with good budgeting will ensure that you don’t go beyond what you can afford and you can shop accordingly without being tempted by gifts that are way out of your price range. Make a plan of what you’re going to spend on who and refer back to it during your shopping.
2. Create a Strict Gift List
Just like with the above point, planning well is key when it comes to buying presents on a budget. Therefore, next, you need to create a gift list, if you have a preset list then you are more likely to also stick to your budget because if you go shopping without a clue about what you’re getting then you risk spending much more.
For each person, add some of their favorite things, perhaps you can buy a bath set, some make up, a new bed throw or other textiles, or even a bottle of their favorite wine!
3. Wait for Season Sales
Throughout the year, depending on the season or holiday, there will be various sales during which you can get some great gifts at bargain prices! For example, shop between the 15th and 25th of December if you’re buying Christmas or New Year Gifts. Or shop on Black Friday even if you will not be giving your gift for a few months, or even a year, just store whatever you buy in your house until it’s time to give it – take advantage of any sales that happen, no one will ever know you bought their gift in a sale.
4. Buy Presents on Social Media
Buying presents on social media is a fantastic idea because everything is so cheap. Social media is full of people practically giving things away because they no longer want them in their house. You will find super cheap but good quality items on social media but it’s essential that you check you’re buying from a safe and legitimate person so you don’t end up being scammed. The best way to check is by using Spokeo – Spokeo is a reverse number lookup tool that could provide you with an insight into the person you are searching for, such as social media accounts, criminal history and so on, so you can double check they are who they say they are. Simply use the phone number search or email lookup tool on Spokeo using the phone or email of the seller, and in a few moments, you’ll have all the information about them you need to make sure you’re staying safe at all times.
5. Buy Presents from Aliexpress
Aliexpress sells a huge variety of gifts from every single category you can think of, you can get a ton of gifts of their to suit everyone’s likes and requirements without spending too much money. What’s more, every year they have a large sale on 11/11, where you can get some massive discounts and save even more money.
It’s not easy being on a budget, especially when you want to buy gifts for the people you care most about, however, but using our tips such as waiting for the sales, and using Spokeo to buy from the right people online, you can get some great presents for fantastic value, which means you can get all the presents you need without feeling so much stress.
Maguire Haigh is a marketing manager for Spokeo. He is interested in the latest technology trends, marketing strategies and business development. He also prefers traveling, exploring the world and meeting new people. Maguire has great experience in creating and editing articles on different topics.
Harsh Dalal is the name to note. The Singapore permanent resident is also a student at Singapore Polytechnic (SP), where he studies business administration. He currently heads Team Labs, a software development company, with 120 employees across eight cities.
Harsh’s childhood years
Image Credits: Harsh Dalal
Harsh frequently moved until a few years ago, when his family purchased an apartment in eastern Singapore. When his family migrated here from India, he was only six years old. As a shy child, he struggled to build and sustain long-term friendships with new neighbourhood children.
“I lost all my friends every time I moved houses. It was daunting for a socially awkward kid to go around looking for friends every time we moved. So instead of being at a playground, I’d be at home on my laptop, coding or doing other stuff,” he remarked.
At 11 years old, he took up coding through watching hours of YouTube videos. After his Primary School Leaving Examination (PSLE), he received a discarded iPhone 4 from his mother which he succeeded in jailbreaking.
“I have an aversion to being controlled. It’s difficult to be myself if I have something constraining me,” Harsh commented.
Fascinated by the iOS system, he began to search Apple Developer discussion boards for further deets. He then found four friends from the United States, Russia, Norway, and Singapore between 14 and 17 years old.
His tech venture started at the age of 13
Image Credits: CNA
Together with his teenage friends, Harsh created one of the first screen recorder apps in 2014. Though the app recorded five million downloads within a few weeks, it was not profitable.
“We didn’t make any money out of it, foolishly because we didn’t expect it to actually take off,” recalled Harsh. “It was a missed opportunity. We didn’t know how to monetise the app.”
Though his first venture did not bring about income, the app’s popularity set the stage for this tech entrepreneur whose business services clients such as Coca-Cola, Google, and Hilton.
An alternative app store – iDownload Pro
Image Credits: CNA
With the app’s success, the group went on to create an app store called iDownload Pro. It’s a platform where developers can upload apps rejected by the App Store. Though there were more than 3 million downloads, they eventually shut down iDownload Pro in 2015 due to hefty costs. At that time, Apple was tightening down on third-party app stores as well.
But it did not stop them from advancing.
Started offering web and software development services
Image Credits: Enginess
With prices from US$99, the group began selling web and software development services they marketed on their website and through Google Ads.
Since they were too young to incorporate the business officially, one of the teens persuaded his father to do so for them in the United Kingdom, and their first customer offered them US$299 to build a website.
“The profit margin was, like, non-existent,” recollected Harsh. “If I went and worked at McDonald’s for the same amount of hours, I’d probably have earned more.”
Clinched a US$100,000 project to develop a marketing app
Image Credits: CNA
But things got better for them, and they were offered a US$100,000 project to create a marketing app for a multinational company. With the money in, each took home US$10,000 and pumped the remaining funds into the business.
“I’d never seen so many zeros in my life until that point,” said Harsh, who was 16 then. “That was when my mindset shifted also. I was taking my O-Levels and making this kind of money. So I wondered if it made sense to keep studying.”
Maintaining close friendships a challenge
Image Credits: Harsh Dalal
Though some of his classmates were contemplating what to do after the O-Levels, Harsh had already drafted his post-secondary school plan. He also earned himself a spot at Singapore Polytechnic through the Early Admissions Exercise.
But maintaining close relationships with his peers was a challenge.
“There’s a level of commitment required for these relationships that I sometimes am not able to live up to,” he said, adding that some of his polytechnic schoolmates are aware that he is the owner of a start-up.
A shift in focus led them to develop their first software platform
Image Credits: Team Labs
With all that said, the company turned its attention on software development in 2017. Since staff were in various time zones, the team wanted to build an internal tool to communicate. This thus prompted them to create their first software platform, Xenon.
The platform helps developers to plan, create, and deliver their software products in the cloud collectively. To date, Xenon has around to 70,000 customers.
Raising funds for the company’s growth
Image Credits: CNA
Harsh sent dozens of emails to venture capital companies to generate funds for its development, but only some replied. One venture capitalist even told him that he was too young to be eligible for investment.
“I was crushed and demoralised. I wondered if it was worth struggling this much for funding,” Harsh recalled. But he is no longer troubled by such remarks after the company gained a US investment company’s interest.
Team Labs has received US$9.8 million in Series A funding since 2017 and, for tactical reasons, is currently based in San Francisco. Grand Canyon Capital, Startup Capital Ventures, and the sovereign wealth fund Korea Investment Corporation are among its shareholders.
Harsh is also the remaining co-founder out of the team of five. The others have left for various reasons including for further studies or to start new ventures. The 19-year-old will also be taking time away from his company for two years for National Service after his graduation from SP this year.
“It’s very difficult to even think about leaving everything and doing something else. The good thing is that there are other talented people at the company. The Basic Military Training at least can be a decent break that I deserve after so much time working on the company,” Harsh noted.
You may have come across in the news that earlier this year in February and August, the S$112 million Aviation Sector Assistance Package and S$187 million Enhanced Aviation Support Package were rolled out respectively.
There is no doubt that the aviation sector is one of the hardest-hit sectors in Singapore and abroad due to COVID-19. To give you an idea, we have some numbers. The report has it that the number of passenger traffic movements at Changi Airport last month saw a 98 per cent year-on-year decline.
“Given ongoing border restrictions and the resurgence of COVID-19 in many countries over winter, air travel will not recover soon. It is therefore critical that we maintain our support for the sector to help aviation companies and workers tide through the crisis,” said the CAAS.
Also, with selected aviation firms putting in place safety measures to enable air travel, many may require additional infrastructure, equipment, and workforce aid. The authority highlighted that firms would not be able to recoup these costs from passengers at the moment.
Government funding & rebates to calm the storm
Image Credits: The Straits Times
“To help mitigate some of these costs, the Government will provide funding to support the development, adoption and deployment of innovative technologies and measures to protect our airport workers and aircrew from contracting COVID-19,” added CAAS in its media release.
There will also be some rebates between Apr 1 this year and Mar 31 next year to appease the situation. Specifically, the CAAS will not charge Certificates of Airworthiness fees for Singapore-based airlines.
On top of the abovementioned, they will also drop licence charges for those providing scheduled air services. Licence fees for ground handling and catering services at Changi and Seletar airports can also enjoy a 50 per cent deduction.
CAAS noted that such measures would cost about S$39 million in full.
Sustenance of aviation workers
Image Credits: todayonline.com
With the ongoing pandemic with no clear end in sight, many aviation workers with lesser working hours have had income drops, while some have to settle with no-pay leaves.
In response, the CAAS mentioned that they would work with SkillsFuture Singapore, Workforce Singapore, NTUC LearningHub, and the NTUC Aerospace and Aviation Cluster to help these workers build up their skills. In turn, this will enable them to switch to other job openings within the sector.
“Pilots need years to get their licence and certification. To ensure that we have a sufficient number of pilots for the eventual recovery, we will also work with SkillsFuture Singapore to provide funding support to Singapore-based airlines to re-train their pilots and keep their skills current,” CAAS commented.
As for local pilots, Senior Minister of State for Transport Chee Hong Tat said the authorities would help convert their licences to fly other aircraft types from now on.
Mr Chee further remarked that retrenched Singaporean pilots working for foreign airlines who have returned to Singapore could apply for a Singapore pilot licence. This will allow them to work with a local airline in the future.
According to the CAAS, such measures to sustain workers amount to about S$20 million.
“Together, we will tide through this arduous journey and take our place in the skies again,” Minister for Transport Ong Ye Kung said in a recent year-end video.
