With the rising cost of living, it’s no surprise that salary is on the top of our minds as millennials. Even if your job might be fulfilling or satisfying, it might not stop you from thinking of ways in which you can raise your salary in Singapore.
Although it has been reported that Singapore’s salaries are set to rise by 3% in 2020– one of the highest in the regions, you might be wondering if this will apply to you. If asking for a pay raise from your boss is a conversation that has been on your mind, then you are on the perfect page to find out how you can do so. Although this might be a difficult topic to approach, it can be made less nerve-racking with these tips we have in store for you.
1. Thinking from your company’s perspective
Without your current company, you will not be in this current role.
Numbers are the core of most businesses. Spending that additional sum of money on your pay raise could go into investing in a campaign or product development. Before you ask how you can raise your salary in Singapore, you have to first be critical and honest with yourself.
Are you deserving of your company spending additional money investing in you?
As an employee, you will always have to think about your company’s point of view. When you raise this topic to your boss, the first question he might ask you is– Why? If you want to be able to successfully convince your boss to raise your salary, you must establish how you have been benefiting your company. Bosses appreciate employees who are not only able to deliver excellent results but also individuals who embody admirable qualities.
Looking from your boss’ perspective
Here are some ways you can look at your current performance through the eyes of your boss:
First, value-adding. You can measure the value you bring to your company by considering how replaceable (or irreplaceable) you have been. In today’s day and age where Artificial Intelligence robots are taking over routine work or low-skilled jobs, you need to be able to prove to your boss that you are capable of bringing in value. This could be in your ability to consistently exceed targets, or your extraordinary peoples skill in being able to inspire trust with clients.
Second, work ethics. A good employee is one who makes a reliable and trustable team player. It all boils down to whether you have been giving a positive attitude at work. If you are confident that you have been going additional miles to produce efficient results for the company, chances are your case will be an easier one to fight.
Remember to share about how you plan to continue contributing to the company. When negotiating for a win-win situation between you and your boss, think of your contributions to your company both quantitatively and qualitatively.
Of course, employers will only consider increasing your pay when it is due. In order to raise your salary in Singapore, you need to have the appropriate education, expertise and experience. You know yourself best; if you feel that you might be lacking in one of these E’s, then it is time for you to do something about it.
Use free and online resources
You can start by focusing on investing in seminars, courses and workshops. All you need to do is to be committed to searching for resources available, and you will find that there is a rich repertoire of accessible content available for employees looking to upskill. Best part? Many of these resources are free!
At the comforts of your own home, there are online courses on platforms such as Udemy which allow you to attain Google and Microsoft certificates. Instead of spending 1 or 2 hours mindlessly scrolling through social media pages, you can put your time to better use. As they always say, time is money.
Physical workshops are useful too
If you are looking for physical workshops to attend, keep your eyes peeled for Facebook Events. Don’t be fooled by the myth that Facebook is outdated! Based on your interests, you can receive prompts regarding all the upcoming events. A key highlight of physical events is that you get to meet people with similar interests and mindsets. Take this chance to network and learn from people of similar industries.
In the modern-day and age we are in, employers are constantly looking for employees who have skill sets other than that of their niche. With more skillsets under your belt, you will naturally be able to do more for the company. Meeting the demands of a wider variety of skill sets gives you a better chance at raising your pay in Singapore.
3. Take Initiative
How can you raise your salary in Singapore if everyone else is doing the same?
Every boss likes an employee who takes initiative. It is not just about asking for more work to do. Initiative extends to how well and willing you can take on responsibilities for greater roles. In being proactive and reliable, you are also providing greater opportunities for yourself.
After all, a good employee is one who puts the company’s interests at heart. Learn to align yourself to the core of your company’s strategies and values. This way, you are able to see the bigger picture and work towards an added sense of purpose in mind. In doing so, you are allowing yourself to be more self-motivated.
A good way to start is to be an active team player during meetings. Be sure to provide constructive suggestions as to how you can approach a certain problem. This will show that you are not just sitting in, but thinking with intention. Problem-solving skills are highly appreciated in the workplace too, as it demonstrates being self-reliant and an independent thinker. Being proactive in communication may not be the Asian culture, but this initiative is a sure tip on how you can raise your salary in Singapore.
If you are confident enough, perhaps you can also consider mentoring someone at work- perhaps an intern. Doing so is a good way to practice your leadership skills. This will come into good use when you share with your boss about how you have gone beyond merely your responsibilities.
4. Doing Adequate Research
Knowing your worth
Before you ask your boss to raise your salary in Singapore, you must know the value of your services in your local market, based on your skill set and years of working experience. While the amount of years in an industry is not guaranteed to raise your salary, it does add to the level of expertise and knowledge that you can bring to the company.
However, even with experience, humans are always competing with ever-advancing technology. Many skills are soon outdated or defunct in workplaces. As such, it is emphasised that constantly upskilling and remaining relevant in the marketplace is highly important. Skills which were valuable in the marketplace just 5 years ago may not hold the same value now.
With a wide range of data available on the Internet, you can expect your bosses to have done adequate research on the value of your position. It is important that you know your worth so your bosses do not give you a lowball offer. At the same time, you do not want to propose an amount which might seem too demanding. Job portals and websites such as Hays, Glassdoor, Payscale and Indeed can churn out personalised reports for you, so you can understand the wages better. Before you ask for a raise in your salary in Singapore, having the contextual knowledge of wages in the local marketplace will be more than useful.
5. Presenting your case well
Know how to pitch a raise in your salary in Singapore’s competitive workplace
After you have done all of the above points, now it is time for you to convince your boss. Think of this conversation as a pitch. You need to sell yourself well and confidently. Make sure you are well prepared to answer questions on why your boss should raise your salary.
To go about pitching this idea on raising your salary, you can include these 3 major components in your pitch.
Firstly, numbers. Businesses revolve around money-making and numbers. Use statistics as direct proof of your contributions to the company. Pitching a win-win situation to your boss can involve proving that you have earned greater revenues or reduced costs for the company. E.g. “In the past 3 months, I have brought 4 new clients to the company, resulting in a total increase in company sales by 124%.”
On top of that, talk about how you have been willing to improve yourself even outside of work. This will reflect well on your character, as well as your desire to do better for the company.
Lastly, peer reviews. It is beneficial to get feedback from your colleagues, to better understand where your performance. Positive feedback definitely affirms your role as a good team player. Not only that, you can include these recommendations while talking to your boss.
6. Be ready to take rejections
In a less vocal society, asking your boss to raise your salary in Singapore may take lots of courage. However, do not feel disheartened if your boss says no to you. If you have given your best pitch and your boss is not convinced, there must be a reason why he thinks so. What you can do, moving ahead, is to ask for opportunities which might help in your career advancement or skills upgrading. Be open and genuine with your boss; ask if there are any specific skills he is looking for, or if there are any new responsibilities you can try taking up.
Being able to handle rejection well and gracefully speaks volumes about your character. Do not take it personally. Instead, take it as constructive feedback and improve yourself from thereon.
However, of course, some bosses who are simply not willing to give you the pay raise you deserve. In that case, know your worth and be ready to walk away from such situations.
Now that you have asked how you can raise your salary in Singapore and we have answered, it is time for you to prepare your pitch. Asking for a pay raise is almost like preparing for a battle; there is a right time, a right place and a right way to do it. No one goes into the battlefield empty-handed.
Although it might be nerve-racking, be confident of your work and your worth. There must be a reason why you think you deserve this pay raise. Remember, if you do not ask, you will never know.