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.
It’s the first mid-week of 2021. Have you had an awesome start to the first work week of the new year? Or did you just receive a calendar invite titled “brainstorm” from your team leader?
A look at this term can bring about nervousness for some individuals. Especially for those who have been through uncountable brainstorms that have not ended up productive, it’s easy to assume that the next brainstorm will conclude with negligible outcomes.
A great brainstorm needs a strong basis to succeed, much like building a home.
“During my tenure as head of creativity and innovation at Disney, I conducted countless brainstorms. As a result, I developed a series of tools that I now use working with my clients to ensure every brainstorming session I facilitate ends with a handful of truly innovative ideas, which are achievable and your team can eventually execute,” writes Duncan Wardle.
#1: Help your team get into the right state of mind
Image Credits: unsplash.com
Ponder over the word “brainstorm.” To others, with a few ideas jotted on a whiteboard, this may invoke the idea of inefficient and disorganised discussions. It doesn’t signal the right state of mind, which means you’re unlikely to receive the best ideas from your team.
Your actions show your co-workers how to respond in return. You want to trigger a new way of thought by not entitling it as a brainstorm. By modifying your brainstorming session’s name, you can dramatically shift the thought patterns of the people involved before you even begin.
“I ran with this concept while at Disney, where I developed the “ID8” (or “ideate”) room, which later became the name of my company. Everyone stepping foot into the ID8 room knew that they were attending an “expansionist” session, which meant that the meeting was meant to generate and grow ideas,” Wardle shared.
#2: Foster brilliant ideas with the force of “Yes, and…”
Image Credits: unsplash.com
Have you ever met a negative person so much so that the person’s response is always “No, because..”? Such reactions take large thoughts and render them lightweight, ultimately making them meaningless.
But flip it to “yes”, and perhaps it will take you to places. By reacting to suggestions using an open-minded approach, you demonstrate that you listen and prohibits joint discussions from crashing due to a lack of traction.
#3: Your golden key – a “naive expert” out of your department
Image Credits: unsplash.com
When Wardle was heading brainstorms at Shanghai’s Disneyland for restaurant architecture designs, he searched for a way to inspire his team of Disney Imagineers (mostly males over 50 years old) to begin thinking creatively.
“So, I invited a young Chinese female chef to participate in a session as our “naive expert,” or in other words, an outside individual whose criteria for success were not tied to our team,” he noted.
An ideal “naive expert” is one who has no direct involvement and prior work experience in your department. Thus, such individuals are more likely to pose concerns and suggestions that your squad has never contemplated.
In the wake of the pandemic, we may not often be gathering for in-person discussions and brainstorms. But it shouldn’t be an excuse to hold you back from conducting fruitful sessions! Tap on digital platforms to create an online environment that promotes positive involvement, interaction, and teamwork to develop fresh ideas.
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.
The revamped legislation allows top K-pop stars like BTS’s oldest member, Kim Seok-jin (commonly known as Jin), to defer their military duty until they hit 30. Jin, who turned 28 on Dec 4, 2020, will now continue to thrive at what might be the peak of his career till 2022.
For some fans like Ms Ng Kwok Ching, this is fantastic news. The 19-year-old student is a super fan of BTS and famous for her literary stories depicting the seven pop stars in various make-believe contexts.
Little celebrity recognised by her readers
Image Credits: Wattpad
A reader noticed her at her neighbourhood coffee shop while she was getting chicken rice, something she didn’t anticipate would ever occur when she wrote her first story online in 2017.
“I was very shocked because I don’t usually mention my personal Instagram account a lot. The fact that they can remember my face is very unexpected,” she commented.
The 19-year-old student who goes by her online nickname jiminfication has acquired a community of over 77,000 readers on Wattpad, a popular social storytelling site among fantasy fiction readers and authors.
Seven stories all on BTS
Image Credits: USA Today
In her spare time as a pastime, Ms Kwok had always been engaged in writing original works. So the decision to publish BTS fantasy novels was a no-brainer. It also enabled her to cultivate her artistic talents while becoming more involved as a BTS supporter.
As of Dec 31, 2020, she has written seven stories all about BTS. Typically penned in the romance genre, BTS members are put in different hypothetical scenarios with a set of new characters developed by Ms Kwok herself.
“I think I put a lot of my personal touch into these stories,” she noted. “So when you read them, it really pulls at your heartstrings.”
Her most notable story to date is entitled Rivals. Rivals is a 50-chapter piece in which a high-performing female student, competes with another student at the school played by BTS’ Jungkook.
Ms Kwok was able to generate US$1,000 (S$1,320) from multiple sources just for this particular story. On average, she received around US$250 to US$500 (S$330 to S$660) each for her other narratives.
Starting her own cosmetics business with the money
Image Credits: Loveholic Beauty
She also achieved one of her childhood dreams to launch her independent makeup company with the revenue generated.
Earlier this year, she created Loveholic Beauty. Using a capital of just US$1,000 (S$1,320), she contracted vendors that sent her formulations for a few lip gloss and eye shadow items, which she tried and checked before selecting the ones she wanted to produce for her shop. She also crafted the packaging design and did all the publicity content herself.
While Loveholic Beauty has not yet made money, Ms Kwok said she intends to keep expanding the venture and her client base.
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.
