negotiation Archives | MoneyDigest.sg

How to Convince Your Boss to Increase Your Salary

Asking for a raise can feel like walking a tightrope. It takes a mix of strategy, timing, and self-assurance. But when approached thoughtfully, it becomes empowering.

Approach your case with confidence and clarity by following these steps:

#1: DO YOUR RESEARCH

Gather solid data before bringing up the subject of a raise. Research the average salary range for your role, experience level, and location using trusted sources such as Glassdoor, PayScale, or government labor websites. You can also ask your Human Resources department for the official pay range associated with your position.

Beyond the figures, think about the value you bring to your organization. Reflect on projects you have led, challenges you have overcome, and goals you have helped the team accomplish. Collect specific examples of praise or recognition and be ready to explain why it matters to the company.

#2: CHOOSE THE RIGHT TIME

Timing can greatly influence the outcome of your request. While it is common to feel nervous about the conversation, asking at the right time increases your chances of success. Ask yourself:

a. Is the company currently in good financial health?

b. Have there been recent layoffs or budget restrictions?

c. Are there signs of growth, investment, or new initiatives?

If the business is struggling, it may be wise to wait. Moreover, ensure you have this conversation during business hours. Though it may seem natural to discuss pay during performance reviews, it is often better to schedule a separate meeting focused exclusively on compensation. This avoids mixing salary discussions with general evaluations.

#3: ALIGN IT WITH RESULTS

One of the most powerful times to ask for a raise is after exceeding your key performance indicators. Show how you have met or surpassed expectations and taken on responsibilities beyond your original job scope.

Clarify what tasks fall within your regular duties and which ones required extra effort, innovation, or leadership. Companies are unlikely to approve a raise based only on completing assigned work. Demonstrating added value is essential to making a convincing case.

#4: PREPARE A STRONG PRESENTATION

Do not rely on words alone. Visual evidence can strengthen your argument. Create a clean, organized presentation that includes: market salary research, summary of your key achievements and performance metrics, industry comparisons, as well as testimonials or positive feedback.

This shows you have done your research, understand your worth, and are serious about the conversation. Rehearse your presentation with a friend or family member until you feel confident and composed.

#5: FOLLOW-UP WITH PROFESSIONALISM

Once you have made your case, give your manager time to reflect. Compensation decisions often involve discussions with other leaders and cannot be made immediately.

If a week has passed without a response, send a polite follow-up email. Thank them for their time, restate your enthusiasm for your role, and kindly ask for an update.

Image Credits: unsplash.com

IN A NUTSHELL

Earning a raise requires more than just asking. It involves research, preparation, good timing, and clear communication. By presenting a strong case, you not only increase your chances of success but also build a vital skill in advocating for yourself at work.

Sources: 1,2, 3, & 4

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.

Image Credits: unsplash.com

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

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

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?

Image Credits: pixabay.com

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

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.

Image Credits: unsplash.com

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.

Image Credits: pixabay.com

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

Search the site