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Advantages & Disadvantages Of Sharing Your Salary Information

Conversations about money in our deeply rooted Asian culture needs to be handled delicately. You must discuss your earnings in a strategic manner. It does not matter if you are sharing your salary information to your closest friends or trusted parents!

Do take note of these advantages and disadvantages:

PROS

1. IT MAY AIDS IN EMPLOYEE RETENTION.

Whether you want to believe it or not, salary transparency is a valuable tool to have in the workplace dynamics. Employers are highly encouraged to open up about how the compensation and benefits are determined. This will make the employees feel that they are being paid fairly. Moreover, it boosts job satisfaction and aids in employee retention.

Salary is the most common reason why individuals leave their positions. However, you may feel underpaid when you are actually not! Employers can avoid this scenario by increasing the transparency when it comes to compensation practices.

2. IT MAY IGNITE USEFUL ADVICE.

Sharing your salary information to the people whom you trust the most (e.g., your spouse or parents) may be beneficial to your finances. More often than not, the conversation does not stop at sharing your monthly salary. Your family members or friends may grill you about your savings, negotiating skills, and the organization’s salary transparency. Thus, you must carefully select the people whom you will disclose these information to.

Your trusted confidant may point out the loopholes in your contract or the company’s wrongful practices. You can learn so much from the people who are genuinely concerned about your wellbeing. Make the necessary improvements afterwards.

CONS

1. IT MAY RESULT TO RESENTMENT.

When it comes to disclosing your salary information, you need to be wary about your co-workers. Imagine how uncomfortable your co-worker (i.e., who holds the same position) will feel if you make more than them! You may come across as boastful and arrogant. Remember that anything you say may be used against you.

2. IT MAY RESULT TO UNRELIABLE COMPARISONS.

The main reason why some Human Resource professionals suggest to keep your salary confidential is because of the inevitable diversity in the marketplace despite possessing similar descriptions. That is the reality! The varying salaries depend on the individuals’ set of skills and experiences.

You might be a teacher earning an average salary, but my salary could be different from yours due to a cluster of reasons.

Image Credits: pixabay.com

Just because you shared how much you earn does not mean that the other person will do the same! Although being open about your salary information may be beneficial at times, it is a personal choice that you have to carefully consider.

Sources: 1, 2 & 3

How To Negotiate A Higher Pay As A Freelancer

Establishing and negotiating rates with your potential clients seems like one of the most complex or intimidating parts of freelancing. But, it does not have to be!

WEAR YOUR DETECTIVE LENSES

The first step is to do your homework.

Detectives and investigators compile evidences through careful observations and interviewing witnesses. Play the role of a “detective” by collecting as many salary information as you can. Research about the average rates for freelancers by joining online forums (e.g. Singapore Babysitter Connect) or by joining local groups (e.g. The Singapore Writers’ Group). One of the best ways to get useful information is by chatting up with hired freelancers in your area.

UPDATE YOUR PROFESSIONAL PROFILE

After researching the realistic going rates for the position that you are applying for, you must display a pleasant track record. It goes without saying that higher pay will be rewarded upon showing amazing performance at work. For instance, you shall make it a habit to collate positive reviews or references from different individuals whom you worked with. Glowing reviews from 10 parents in the local neighborhood are good additions to your tutor’s negotiating arsenal.

If you want to list the contact numbers of several references in your CV, you must ask for their permission. Boost your image by having your satisfied customers talk for you!

ASK FOR IT UPFRONT

There are many individuals who fail to initiate a pay raise during an interview and after employment. However, it is challenging to negotiate a raise if you do not ask for it. Weigh in on how much you should get paid before signing on a project with a new client.

Present a concrete figure based on your careful research and past experiences. If you act as though you are prepared to walk away from a deal unless you achieve your desired goal, your bargaining partner will be far more eager to satisfy your requirements. Most clients will agree to your desired rate or simply meet you halfway.

OFFER THE INTRODUCTORY RATE

Your potential client was impressed with your body of work, but he is hesitant to commit to your proposed higher rate at the onset. Do not give up just yet! You may offer an introductory rate for a limited amount of time.

Let us say that you clean flats every weekend. You can render your services at the friendly rate of S$17/hour during the first two weeks. If the client is happy with your performance and would like to utilize your services afterwards, he or she has to pay you S$24/hour for the succeeding weeks. Think of a rate and a time-frame, which works for your circumstance.

Image Credits: pixabay.com

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Use these four strategies to help you achieve your financial goal!

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.

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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

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