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4 Ways to Negotiate Salary Increase Efficiently

Many are afraid or shy to ask for more money and better working conditions.

You may be afraid of the negative reactions you are expecting to get such as dismay, shock, embarrassment or being fired from the job.

But, whatever the reason may be, you are letting your long-term opportunities to be flushed away.

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 Psychological strategy and conversation tools can sway the opinion of another through a pleasant negotiation.

Here are 4 Ways to help you Negotiate Salary Increase Efficiently…

1. ASK AND YOU SHALL RECEIVE

There are many people who hardly negotiate at interview, and during employment, they fail to negotiate a pay raise. If you do not ask then you won’t get it.

Realize that your bargaining strength is all in your head. 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 meet your requirements.

2. BE AWARE OF YOUR CAPABILITIES AND BOUNDARIES

As I said, your bargaining strength is all in your head, so are your assumptions about yourself and your job. Negative assumptions (e.g., I am inexperienced, I shall not ask because of the bad economy, and I am not capable of doing all the job requirements) hinder the person to negotiate for a pay rise.

Evaluate these assumptions because you may fail to realize that the company needs you as much as you need them.

Believe that you are worth it. Throughout the negotiation interview, you shall highlight how much of an asset you are to the company and prove how you are the best candidate for the job.

3. 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.

Image Credits: Roy Blumenthal via Flickr

4. COMPETE

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Negotiating your salary is also 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.

Use persuasion and assertion if necessary because research show that competition is a successful negotiation strategy (Marks & Harold, 2011).

Sources: Spring and Wealth Informatics

6 Ways to Save Money as a Yoga Teacher

Various people have an impression that Yoga is expensive or that Yoga is only for the elites.

Compared to a monthly gym membership, perhaps Yoga can be considered expensive. Clothes, mats, and other props can be costly. But, if you prioritize the practice of awareness rather than flaunting for fashion then you may find yourself saving a lot more.

As Yoga teachers, you get to immerse yourself deeper in the practice and its doctrines. You become less interested in wastefulness and more interested in conservation. With that in mind, here are 6 Simple Ways to Save Money as a Yoga Teacher…

Image Credits: The Cosmopolitan of Las Vegas via Flickr

1. SAVE ON YOGA TOPS

Jessica Matthews, writer on “American Council on Exercise”, suggests that you can wear a simple tank top a fitted and stretchy t-shirt, or a sportswear top, whether or not they were designed specifically for Yoga. An inexpensive top or shirt can be just as comfortable as the designer ones.

2. MANAGE YOUR INCOME AND EXPENSES

In order for you to decide on how much you shall save, first you must be aware of how much you are spending. The typical things you will track as an expense are costs on training, travel, clothing, and books. The challenge now is for you to choose on which expenses you can reduce.

3. MAKE YOUR OWN YOGA PROPS

Abby Lentz, founder of the “HeavyWeight Yoga classes”, shared some Do-It-Yourself Yoga Props.

a. Yoga Blocks

It is possible to make a handcrafted Yoga Block if you have bulky, unused or old books, yellow pages, phone books, and dictionaries. Just slip a pace of hard cardboard halfway between the pages of the book to make it sturdy and tightly tape the entire areas close.

b. Yoga Straps

You can make your own Yoga strap by knotting two neckties together. You may also use a second-hand bathrobe sash from the thrift shop as branded Yoga straps are just made with cotton straps with buckles.

Image Credits: Roy Blumenthal via Flickr

4. PRACTICE AT HOME

Doing Yoga at home along with a video or audio companion is definitely more cost-effective than attending classes. The Internet has an abundant index of Free Yoga videos, health information, and Yoga poses catalog that you may use.

If your studio benefits include free classes, then take advantage of it. Aside from exercising, you will get a chance to study how different teachers conduct their classes.

5. INVEST IN THE BASICS

Two dollars for a mat and a dollar for bottled water may not seem like a lot, but it will quickly add up over time. Instead of buying or renting cheap Yoga mats, invest on a sturdy one that you can use for a couple of years.

Instead of buying mineral water on the studios you practice, buy a cheap water bottle and refill your own water at home. Through these steps, you will not only be able to save money but you will also be able to reduce waste.

6. Aside from saving money on Yoga, you can also save money through Yoga!

Sources: Yogaanonymous and About.com

Goodbye 2014, Hello 13th Month Bonus?

Phew! After a year of hard work, it’s time to bid 2014 farewell. It may had been a good year for many but a mediocre year for some – whichever the case, it’s time to move on and hope that 2015 will be better year.

It is also the time where everyone starts to set their New Year resolutions.

Improve self? Checked.
Improve fortunes? Checked.
Make new friends? Checked.
Improve career? Checked.
Travel to new places? Checked.

Before you start checking the entire list, wouldn’t it be good to have a fat bonus to accomplish all your resolutions?

It’s good to find out what you will received on top of your monthly salary, or what we call the Variable Wage Components which consists of the Annual Wage Supplement (AWS), Bonus and Variable Payment.

13th Month Bonus or AWS
The Annual Wage Supplement is also known as the 13th month bonus which you will receive in addition of your December’s salary. It is a single annual payment to employees that supplements the total amount of annual wage earned. If you have already received your bonus in December, lucky you!

But wait, is that a bonus or a supplement? While some would argue that it a mandatory compensation for a ’52 weeks in a year/4 weeks’, the Ministry of Manpower (MOM) defined it as:

Payment of AWS depends on the contractual agreement between the employer and the employee i.e. whether it is provided for in the employment contract or collective agreement.

What if it is not stated in the contract?

If it is not stipulated in the employment contract, AWS payment is subject to negotiation and mutual agreement between the employer and employee, or the trade union representing the employee.

Unlike countries like the Philippines and Latin America, it is not mandatory although it has been customarily provided for by companies in Singapore.

The AWS was first introduced back in July 1972 by the National Wage Council (NWC) to minimise the gap in the public and public sector and to promote a fair and equitable system of bonus payment. It has since set the precedent on how companies give out bonuses.

The point to note is that it is more of a privilege rather than a right, unless provided for in collective or individual agreements.

Bonus
Bonus, on the other hand, is paid out once to reward you for the efforts and contributions you made to the company. Like the AWS, it is not compulsory unless it is a contractual obligation and if it is provided for in the contract.

There are many different types of bonus such as Performance Bonus, Variable Bonus and Dividend Bonus.

Variable Payment
Variable payment is paid out as an incentive to increase the employee’s productivity or as a reward for your contributions. Take for example – commissions, overtime, variable allowance, incentives and gratuity. Variable payments are also not compulsory unless provided for in your contract.

As civil servants rejoiced at their 1.8 month bonus, which of you has received even more generous bonus? And how are you going to spend them? Discuss them in the forum here: http://moneydigest.sg/forums/index.php?threads/how-much-bonus-did-you-get-for-2014.248/

More Women Breadwinners: When She Makes More

Evolution suggests that men are designed to hunt while women gather. Gender stereotypes also encourage females to stay at home and to take care of the off springs. But…times have changed.

More Women Work

Based on a study by Prudential Company in 2012, approximately 53% of the sample were women breadwinners while only 22% were married or living with a partner who made more than them. Furthermore, other research showed that about 70% of mothers with children aged 17 and under are in the workforce. And, those numbers are just in the United States. Global rise in dual-career bearer household have increased annually.

Image Credits: Kelly Garbato via Flickr

This fact that women are working more nowadays is something both men and women are accepting. The younger generations were raised to empower equality in the household. Moreover, the quality of life is getting harder as economies fail. And so, there is a great need for both men and women to work regardless of gender stereotypes.

Impact on Marriage When She Makes More

On of the largest impact of this contemporary shift is that it may affect the dynamics of the marriage. Psychology argues that men’s view of the self is formed by his work and his drive to achieve. If that is the case then if the wife makes more, it will make him feel far more inferior and insecure.

To avoid that, Farnoosh Torabi, the author of “When She Makes More”, suggests that most couples assume that if one makes more then that person has more responsibilities in the house, which she firmly stands against. According to Torabi, a couple must constantly make a conscious effort to ask the partner about financial decisions and share it openly with each other. Furthermore she gave these two tips: give everyone’s money a meaning, and treat each other once in a while.

Ultimate Financial Goal

The most important financial goal for women is to have enough money to raise their family, and to maintain the same lifestyle in their retirement. This is why young women need to take steps toward understanding investing. When women avoid investing young, they are losing out on the one thing that knowledge cannot buy– time.

Who makes more than whom should not be a huge matter as the couple’s combined earnings will only benefit not only the both of them but also their children. Couples shall work together and communicated openly on financial decisions in order to share the emotional responsibilities and keep the balance in order.

Image Credits: The Library of Congress via Flickr

25 Highly Paid Jobs in Singapore

When you are in school, you have always heard that doctors and lawyers are highly paid. You buried yourself under the books for years hoping to achieve the grades that let you enter either the Medical or Law School.

Have you wondered how much they earned? Are there any jobs that are also bringing in the big bucks?

We list down the top 25 best paid jobs across all industries in Singapore.

1. Specialist Medical Practitioner (Medical) $21,595
2. Specialist Medical Practitioner (Medical) $20,348
3. Managing Director/Chief Executive Officer $18,000
4. Trade Broker $14,781
5. Chief Operating Officer/General Manager $12,000
6. General Practitioner/Physician $11,384
7. University Lecturer $11,371
8. Commodities Derivatives Broker $11,240
9. Company Director $10,899
10. Ship Broker $10,660
11. Foreign Exchange Dealer/Broker $10,000
12. Software and Application Manager $9,900
13. Legal Officer $8,573
14. Lawyer (Excluding Advocate and Solicitor) $8,500
15. Chief Information Officer/Chief Technology Officer $8,300
16. Financial/Insurance Services Manager $7,929
17. Risk Analyst (Financial) $7,708
18. Treasury Manager $7,558
19. Network and Communication Manager $7,435
20. Research and Development Manager $7,391
21. Policy and Planning Manager $7,105
22. Technical/Engineering Services Manager $7,023
23. Marine Superintendent Engineer $7,000
24. Budgeting and Financial Accounting Manager (Including Financial Controller) $7,000
25. Managers $7,000

Is your dream occupation in the list?

(This list is compiled based on median income listed on MOM’s Occupational Wage Table, 2012)

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