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The Michael Page Salary Guide 2023 offers comprehensive insights into Singapore's job market and salary trends. It helps employers make informed hiring and salary decisions, while job seekers can understand their worth and confidently negotiate higher wages.
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Know your worth and get the pay you deserve.
Job Seekers Guide
Several factors can influence your salary, including your job function, experience, education level, skill sets, and location.
The demand for your job in the market, the company’s budget and compensation policies, and any collective bargaining agreements can all influence your salary. Additionally, the state of the economy and the industry you work in can also impact on your salary.
Positions that play a critical role in propelling the company’s revenue growth tend to offer a higher earning potential than those that do not involve sales. Additionally, roles requiring specialised skills or extensive experience often have a higher salary than entry-level positions.
Another factor that is taken into consideration is location. Job opportunities in major metropolitan areas offer a more lucrative compensation package than in suburban regions. And finally, the size and financial stability of the company also play a role. Established companies with a solid financial footing tend to offer higher salaries than smaller businesses or startups with less capital.
If you are a hiring manager or employer, and want to ask a job candidate about their salary expectations, it’s important to approach the topic in a professional and respectful manner.
Here are some tips for asking a candidate about their salary expectations:
Provide some context for the question. Explain why you are asking about salary expectations, and how the information will be used.
For example, you might say something like, “As part of the hiring process, we need to ensure that the salary for this position is in line with the budget and compensation policies for the company. Can you tell me what your salary expectations are for this role?”
When asking a candidate about their salary expectations, it's important to be clear and direct in your question. Avoid vague or open-ended questions, and instead ask a specific question about the candidate's desired salary range for the position.
For example, you could say, “What is your desired salary range for this position?” This will provide the candidate with a clear and specific question to answer, and will help facilitate a productive conversation about salary expectations.
It is generally best to wait until the end of the initial job interview, and possibly even until after a second or third interview, before discussing salary expectations.
This allows the hiring manager and the candidate to get to know each other, discuss the job responsibilities and expectations, and determine whether there is a good fit between the candidate's skills and experience and the requirements of the position.
You could also get candidates to write down their expected salary range in the initial application form. This means that candidates can provide their expected salary range upfront, and you can shortlist those who fall within your budget.
Overall, the specific timing of when to discuss salary expectations depends on the individual circumstances of the job interview and the preferences of the hiring manager and the candidate.
Before you begin the negotiation process, it’s important to have a clear understanding of the market value for the position you're hiring for.
Knowing what similar positions are paying in your industry will help ensure that you're offering a competitive salary. Once you have an idea of the going rate, you can start to negotiate with your potential employee.
It's also important to be clear about your budget and what you're willing to pay for the role. If the salary request is significantly higher than what you're prepared to offer, be honest and explain your budget constraints.
You may be able to negotiate other aspects of the job, such as vacation days or flexible work-from-home arrangements, to make up for a lower salary.
The most important thing is to be respectful and professional throughout the negotiation process. Remember that your ultimate goal is to build a great, long-term working relationship with the candidate, so aim to avoid any confrontational language or behaviour.
If you can reach an agreement that both sides are happy with, then you've successfully negotiated a salary for your new employee.
If you’re in the process of negotiating your pay rate, there are a few important things to keep in mind. Here are six tips to ensure you get the salary you deserve.
Negotiating the best salary for your role requires careful preparation and effective communication.
Start by researching industry salary trends to understand the range for your position. Build a compelling case by highlighting your skills, experience, and achievements that demonstrate your value to the company.
Set ambitious but realistic salary expectations and consider the entire package, including overtime pay, AWS (Annual Wage Supplement) or 13th month bonus, employer CPF contributions for Singapore citizens and permanent residents.
By approaching negotiations with confidence, research, and a clear understanding of your worth, you can increase your chances of securing the best salary for your role.
Research salary ranges for similar positions in your industry and location to get an idea of what others are earning.
You can also find the average salary increase when switching jobs for each industry in Michael Page Salary Guide 2023. For example, in the Tech industry, junior roles can expect 17% increment while experienced candidates can expect an increment of 27% when switching jobs.
Aim for a reasonable and realistic increase that reflects your value and the market demand for your skills.
It is important to be honest and transparent about your salary expectations. At the same time, it is also essential to consider the factors affecting your earning potential. Here’s how you can navigate this tricky question:
Do your research: Be sure to research salaries for your role in your region before your interview. This will help you to have a realistic expectation of what you should be paid.
Be flexible: Consider other aspects of the job offer, such as benefits, perks, and potential for growth and advancement. A lower salary may be offset by other valuable components of the job offer, such as health insurance, annual leave, or bonuses. When negotiating the best deal for any job, it is important to consider the whole package, rather than just the salary.
Be confident: Remember that you bring valuable skills, experience, and knowledge to the job, and you deserve to be compensated fairly for your contributions. Don’t be afraid to stand up for yourself and ask for the salary you deserve.
It is estimated that around 70% of employers anticipate some form of salary negotiation after an initial job offer.
However, it is interesting to note that less than half of job seekers actually engage in salary negotiations. Negotiating salary can be a crucial step in the hiring process, as it allows candidates to demonstrate their value and potentially secure better basic wages.
It is advised to approach salary negotiations strategically and be prepared to make reasonable requests based on your sector average salary, standards and one's qualifications. Remember, by negotiating salary with your employers, you can benefit on your long-term earning potential.
The average salary in Singapore varies depending on several factors such as job industry, experience, and education. Within Michael Page Salary Guide 2023, you can find the average gross salary for a wide variety of roles in Singapore, across different industries as well as the average salary increase when switching jobs.
For example, fresh graduates in Industrial & Manufacturing can earn between $3,800 to $4,500 a month, while midlevel roles can earn a monthly gross income of up to $8k.
It is important to note that this is just an average, and salaries can vary greatly depending on individual circumstances.
Michael Page provides specialised recruitment services for professionals at middle management to leadership levels, along with highly specialised technical positions. We harness the global network of PageGroup to deliver swift employment solutions in response to dynamic economic landscapes across various industries.
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