salary Archives | Page 4 of 9

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

Money Is Not The Motivation For Men In “Pink-Collared” Jobs

Men who work in “pink-collared” jobs are motivated by factors that are beyond money and progression.

Teaching, nursing, social working, waitressing, and counseling are among the occupations that economists call as pink-collared jobs. These jobs are generally female-dominated over the years. In fact, in United States alone, 9 out of 10 registered nurses are women. Alongside this are other professions concentrated with women…

Image Credits: Visual data of the U.S. Department of Labor was created by IdeasFisherman

Image Credits: Data from U.S. Department of Labor, Visuals Created by IdeasFisherman

While more and more men are wearing the pink-collar, they still face the stigma associated with the so-called “feminine work”. However, the people who choose to challenge the stereotypical norms about work and success considered other factors aside from promotion and salary.

A recent study from the United Kingdom interviewed men who worked as primary school teachers and as university administrators. They were asked to discuss their career history, their institutions’ support, and their experience of success. Interestingly, their definitions of success include building friendly relationships with their colleagues and having flexible working hours. Their definition of career development was influenced with the challenges faced by their students.

For Singaporean men, passion may also be a factor to overrule the occupational assumptions. You can either be doing something you are passionate about or do something that will logically lead to the work you love. Only then will you be able to give your 100% without feeling like work is forced upon you.

Passion will certainly give you a sense of fulfillment. Research even showed that people who make regular progress toward something they care about reported not only being fulfilled but also satisfied.

Image Credits: pixabay.com (License: CC0 Public Domain)

According to economists, it is important to work towards integration of gender distribution to make the economy more efficient. This way, organizations can find the best suited candidate regardless of gender and its stereotypes.

Sources: 1, 2,3

How To Finally Get A Raise This 2016!

Since the new year is about starting afresh and realizing one’s potentials, evaluating your salary is one of the top priorities. If you are seeking for a higher salary, do not open a discussion with your boss unless you are fully prepared.

Consider these 6 things to help you prepare:

1. SHOW THAT YOU DESERVE IT

Say that an important project is due in a couple of days. Send your boss an email of your progress to avoid constant request for project updates. The simple act of anticipating what is needed before it is asked can show that you are capable of working independently. You not only sent a positive reflection of your working etiquette but also made your boss’ life job easier.

2. DO YOUR RESEARCH

Negotiating your salary is a game with all of its players attempting to dominate each other. Dominate the game by researching all the needed information. Go in-depth about the complete aspects of the job and the company. Also, collect data about the average pay and accurate salary opportunities in your position.

3. DEVELOP A BACK-UP PLAN

If the company’s current situation cannot afford to give you the raise you deserve, consider suggesting alternative options such as commission-based pay (if appropriate) or performance-based bonus.

Image Credits: pixabay.com (License: CC0 Public Domain)

4. MAKE A GOOD IMPRESSION

During the discussion, greet your boss in a friendly and light manner by smiling and shaking hands. Say your gratitude as he or she spared some time to arrange a meeting for you. Your boss’ mood can change depending on how you approached the room.

5. ASK FOR MORE THAN YOU ACTUALLY WANT

Your first offer must be slightly higher than what you want to avoid remorse and to give you a room to bargain. It uses the door-in-the-face technique wherein the employee starts with a huge and unreasonable request in order for the employer to settle with a smaller request.

6. COMPETE

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Use persuasion and assertion if necessary as scientific research showed that competition is a successful negotiation strategy!

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

7 Famous People Who Still Earn Millions Beyond The Grave

They may no longer be breathing in this world but they probably earn more in one year than most of us will in our entire lives!

These numbers, accumulated by Forbes, show the top earning dead celebrities in 2015…

7. JOHN LENNON

Yoko Ono’s soulmate that is better known as the singer-songwriter of the Beatles – John Lennon takes the 7th spot.

With a whopping total of US$12 million (S$16.9 million) in 2015, this iconic musician continues to share the revenue of his recorded and published music. Other ventures such as the Beatles-themed Cirque du Soleil show are also earning him money even after death.

6. MARILYN MONROE

One of the famous entertainers of the 50s is the dashing Marilyn Monroe. Although she died more than 50 years ago, her legend continues as the Authentic Brand Group bought the rights to her brand. Her branding consists of a lingerie line, clothing label, perfume, and spa treatments. In 2015, these earned her US$17 million (S$23.9 million).

Image Credits: pixabay.com (License: CC0 Public Domain)

This proves that her beauty still captivates the hearts of many!

5. ELIZABETH TAYLOR

Aside from her movies, this legendary leading lady has been reigning supreme in the celebrity fragrance business. One of her top fragrance called “White Diamonds” is still continuing to sell even after 24 years.

All in all, Elizabeth Taylor earned about US$20 million (S$28.1 million) this year!

4. BOB MARLEY

Bob Marley, a reggae superstar, may not be an outright entrepreneur when he was alive but he became one in his death. This is due to three reasons namely: his Marley Beverage Company, his House Of Marley, and his music royalties.

He really does not need to worry about money as he is still earning US$21 million (S$29.6 million) after his death!

3. CHARLES SCHULZ

It is rare to see people who cannot recognize who Snoopy and Charlie Brown is! With the release of the “Peanuts Movie”, their creator named Charles Schulz who died in 2000 earned about US$40 million (S$56.42 million) this year. He is said to be earning a cut from the licensing revenue of the popular comics too.

2. ELVIS PRESLEY

The King of Rock and Roll’s magic lives on until the present day as his brand and name is still earning an impressive amount of US$55 million (S$77.5 million). This is largely due to the sales of his albums, memorabilia, and Graceland ticket sales.

Elvis, we can’t help falling in love with you!

1. MICHAEL JACKSON

Smooth as his pipes were, Michael Jackson has been bringing home the bucks gracefully since young. Consistently, he has been earning triple-digit millions every year after his death in 2009. Thought that was thrilling? How about if I told you that he earned US$115 million (S$162.1 million) this year alone?

Well, his undying talent still drives the force of his Cirque du Soleil show, his Mijac Music catalogue, and his music royalties including the half of the Sony/ATV publishing empire.

See his everlasting career here:

Sources: 1 & 2

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