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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.

Image Credits: pixabay.com

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.

Crucial Things To Consider Before Venturing Off To Your Next Job

In the beginning of the year, the Monetary Authority of Singapore forewarned its citizens that the economy may go through a period of uncertainty as the likelihood for trading partners remain down in the dumps. This negative tone caused companies to be more cautious of hiring and even a bank as huge as Barclays axed about 100 Singaporean employees last January. Moreover, short-term contracts started to rise.

So if you are venturing off to a different field to maintain your career’s stability, please consider these things first:

1. DETERMINE YOUR VALUE

Before accepting any offers, you must determine your value earlier on. Your last salary does not only dictate what makes you valuable. Your skills and personality play a part too. How much is your potential employer willing to pay for those?

2. NEGOTIATE YOUR SALARY

You have the right to ask for better working conditions when negotiating for a new position. Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Everyone with the right strategy and conversation tools can sway the opinion of another through a pleasant talk.

Start by conducting research on the company and their average salary offerings. Review the appropriate amount of wage on the online salary calculators such as Payscale.com and Hudson.sg. Then talk to the recruiters or the people on the same field as yours about the subject. The data collected will be your weapon throughout the negotiation.

3. KNOW THE WORK EXPENSES

Aside from the salary, know the expenses you might be spending in your “next” workplace. The transportation and food costs depend on the area you are eyeing on. If these benefits are included to your salary already, it will make a huge difference to how much you save.

4. WEIGH THE POSSIBILITY FOR RELOCATION

As you steer your career in a new direction, you may have applied for jobs outside the country. Before you land the overseas position, consider how it will affect your family and relationships. Furthermore, determine if the company willing to cover for your moving expenses.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

Singaporeans, Must You Discuss Your Salary To Your Spouse?

If you were tasked to participate in a television game show to test your knowledge about your spouse, how well do you think you will do? Getting your spouse’s full name correctly is easy. But will you still get it correctly if you were asked about your spouse’s exact income?

According to a 2015 survey by Fidelity Mutual, 43% of the participants had no clue about each other’s earnings. The percentage of couples who were ignorant about their incomes have grown compared to the survey 3 years ago. Furthermore, 1 in 10 people was off by US$25,000 (S$33,700). This is no laughing matter.

You cannot blame these numbers on poor communication alone as the ever-changing economy may also be the malefactor. A shift in the workplace is seen as many employees become freelancers while others work on multiple jobs with unpredictable hours (much like Uber drivers). If your spouse belongs to the cluster of people whose income is relatively unpredictable, you still have to be informed.

Asking anyone how much they make is a taboo subject especially in our Asian culture but if you are planning to spend the rest of your lives with the person, you have the right to know. Your annual household income dictates how you are able to save and your quality of life in general. Knowing each others’ assets and liabilities can help plan your future well (including your plan for retirement).

To put that in perspective, you have to realize that our lives are filled with uncertainties. Emergency expenses, hospitalization fees due to chronic illness, loss of a spouse and unemployment can affect your finances. You have to be prepared. This is why it is vital that married couples communicate and cooperate in managing their finances no matter how much they earn.

As you begin to open up about this subject, it can be uncomfortable for some and fight-inducing for others. Given the extent to which our society judges the person based on how much they earn, this particular subject is susceptible to dangers. Dangers that the other person can feel insecure, frustrated or inferior. But as Richard Vondra, the first Vice-President of Spire Investment Management, once said: “You don’t have to be rich, but you do need to make sure you’re able to support each other.”

Beyond your fear of being judged, knowing your spouse’s income is one of the most basic elements of your finances. Moreover, it may just be the key to your marital bliss! Studies have shown that the happiest couples talk about money and stay out of debt.

Image Credits: pixabay.com (CC0 Public Domain)

Ask yourself: “Will having this financial information change my life?” Then take action based on your answer.

Sources: 1, 2, 3, 4, 5, & 6

A Newbie Freelancer’s Guide To Getting Paid On Time

According to the recent survey by Freelancers Union, 44% of the participants (freelancers) reported problems with getting paid. Some are even tracking their clients for owning more than S$13,000 (US$10,000). Yes! Getting paid is one of the most frustrating and stressful aspects of being a freelancer.

In a world of fixed expenses and variable income, the stress of a freelancer comes when they have to deal with stubborn clients. While frustration arises when the client piles up more work when you still have not gotten paid yet.

Although this dilemma can be overwhelming at times, find fulfillment with this clever plan to get what you de$erve:

GET PAID FIRST

For your first client, shall you charge a flat rate or shall you give a discount? No matter what you choose to do, do not start working until you get upfront. This is the best case scenario!

As cash flow is the core of most freelancers, you do not want your finances to crash just because of the debt of your clients. Ask them to pay at least two weeks in advance before you commence your work to avoid chasing for your clients.

REQUIRE A DOWN-PAYMENT

If your client cannot pay upfront due to valuable reasons, consider requiring a down-payment to send a message that you mean serious business. As a newbie in the field, it is understandable to feel uncomfortable as you do not want to make demands that could ruin the new relationship you have with your client. I felt the same way in the first few months. However, like any professional services firm, you must require a down-payment to ensure that your client is capable of paying you.

SET A SCHEDULE FOR PAYMENTS

It is better to stick with a billing schedule to keep track of everything. Whether you would like to send the invoice every month or bi-weekly, you must bill on time. To put things in perspective, you may treat your client’s payment as something you can deduct to your credit. For example, deduct the “total bi-weekly due amount” to the credit pool upon making an invoice for it. This way, you are giving more importance to time and money management.

SEND A FRIENDLY REMINDER

For late payments, act immediately by sending a friendly reminder to your client. Give him and her the benefit of the doubt by assuming that the lack of payment is due to a mistake, medical reason, or an oversight. That is all it takes to get paid – sometimes.

PUT EVERYTHING IN WRITING

To prevent the unwanted “late payment scenario”, you need to have a contract that defines when you will get paid and includes a clause for when you do not get paid on time. In your contract, you must guarantee that…

a. the client does not own anything they have not paid for,
b. the client will be charged with an interest for overdue invoices, and
c. the court shall give you the right to get your money back.

Image Credits: pixabay.com (CC0 Public Domain)

This binding contract protects you in case legal matters arise.

Sources: 1, 2, 3, & 4

16 Occupations That Can Earn You More Than Facebook’s Zuckerberg

Based on the data provided by Hudson Singapore Salary Guide 2015, these 16 occupations are paid with higher annual salaries than Facebook’s CEO Mark Zuckerberg. The reason behind this will be revealed later on.

Information, Communications, & Technology Sector

1. Application Manager
Average Minimum Annual Pay: S$80,000
Average Maximum Annual Pay: S$120,000

2. IT Consultant
Average Minimum Annual Pay: S$100,000
Average Maximum Annual Pay: S$150,000

3. Customer Support Manager
Average Minimum Annual Pay: S$100,000
Average Maximum Annual Pay: S$120,000

4. Consulting Manager
Average Minimum Annual Pay: S$60,000
Average Maximum Annual Pay: S$120,000

5. Training Manager
Average Minimum Annual Pay: S$120,000
Average Maximum Annual Pay: S$200,000

6. Channel Operations Director
Average Minimum Annual Pay: S$200,000
Average Maximum Annual Pay: S$450,000

Sales and Marketing Sector

7. Events Manager
Average Minimum Annual Pay: S$50,000
Average Maximum Annual Pay: S$80,000

8. Sales Engineer
Average Minimum Annual Pay: S$48,000
Average Maximum Annual Pay: S$70,000

9. Media Group Head
Average Minimum Annual Pay: S$72,000
Average Maximum Annual Pay: S$105,000

10. Market Analyst
Average Minimum Annual Pay: S$70,000
Average Maximum Annual Pay: S$85,000

11. Public Relations Manager
Average Minimum Annual Pay: S$84,000
Average Maximum Annual Pay: S$110,000

12. Agency Managing Director
Average Minimum Annual Pay: S$200,000
Average Maximum Annual Pay: S$300,000

Human Resources Sector

13. HR Officer
Average Minimum Annual Pay: S$50,000
Average Maximum Annual Pay: S$75,000

14. HR Manager
Average Minimum Annual Pay: S$80,000
Average Maximum Annual Pay: S$160,000

15. Organisational Development Consultant
Average Minimum Annual Pay: S$80,000
Average Maximum Annual Pay: S$150,000

16. HR Director
Average Minimum Annual Pay: S$200,000
Average Maximum Annual Pay: S$250,000

Why These Occupations Pay Higher Than Being A CEO (Facebook)

Mark Zuckerberg, the innovative founder and CEO of Facebook, chose to take home a salary of US$1 (S$1.40) each year. Since 2013, Zuckerberg joined the dollar salary club alongside Zynga’s Mark Pincus and HP’s Meg Whitman.

He was quoted saying: “I’ve made enough money. At this point, I’m just focused on making sure I do the most possible good with what I have.”

Despite this move, he is still worth US$48.2 (S$67.38) billion according to Forbes.

Image Credits: pixabay.com (CC0 Public Domain)

So in a sense, most Singaporeans (including yourself) are getting salaries that outweigh that of Zuckerberg’s.

Sources: 1 & 2

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