Receive Your Best Pay in 2022: 5 Ways to Negotiate a Higher Salary

Receive Your Best Pay in 2022: 5 Ways to Negotiate a Higher Salary
Jobstreet content teamupdated on 02 May, 2022
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With a promising job market ahead for Singapore, you may be applying to your dream role or in the process of fielding offers from companies — then comes the question of remuneration.What is your expected salary?

You must provide a figure that you genuinely believe reflects your skillset and potential contributions to the organisation. That said, you may be wondering: as industries rebound from slack business amid COVID-19, is it time to negotiate your salary offer?

We might be able to clue you in. Singapore’s economic outlook is on the mend after the country recorded a 7.2% rebound at the tail-end of 2021— the highest economic comeback since 2010. To add, the Money Authority of Singapore also reported that they expect the labour market to further recover in 2022, with resident wages increased across the board as organisations continue to work on bouncing back, reducing wage cuts and implementing recovery systems in place.

The positive growth in Singapore’s job market has also reflected an overall salary growth. The country has the highest increase in employee remuneration, as wages across 41 industries recorded a 41% salary increase in 2021, ranking first among Malaysia, Indonesia, the Philippines, Thailand, and Hong Kong, according to JobStreet’s 2022 Salary Report.

Things are looking good for several of Singapore’s industries — making this an opportune time for you to return to the negotiation table with the hiring manager.

Which Industries Pay the Highest?

According to the JobStreet 2022 Salary Report, roles in computer IT roles, as well as banking and finance continue to pay the highest salaries, with IT-related roles being the highest-paid specialisations across small-medium enterprises and large corporations.

That said, while tech and finance continue to be two of Singapore’s most lucrative industries, several fields have seen a steady rise and could provide promising and fulfilling careers for jobseekers.

For example, the education and telecommunication industries emerged as the industries with the highest pay raises year on year. Marketing and advertising, meanwhile, has the highest growth among SMEs with a median salary increase of 8.3%

How to Negotiate a Higher Salary After a Job Offer

We’ve covered the topic of salary negotiation from various angles in the past: from tips on making a compelling pitch for a salary increase to quick tips to build your salary negotiation skills.

Fast Company reports that a staggering 49% of job candidates never try negotiating an initial job offer.The most common reason they don’t is fear.The article also quoted researchers Michelle Marks and Crystal Harold’s findings that“employees who negotiated their salary boosted their annual pay on average of $5000.”

Women Don’t Ask, a famous study by Linda Babcock, documents the reasons for women’s general reticence in asking for higher pay. The study revealed that only 7% of women negotiated their first salary, in contrast to a staggering 57% of men who did.

If you’re one of the many who find the prospect of salary negotiation daunting, fret not — here are the five key principles you should apply in a salary negotiation that will give you added confidence and strengthen your negotiating stance.

Don't ask, don't get.

In an ideal world, our diligent efforts and contributions at work would be noticed and acknowledged by the bosses in the form of generous bonuses and salary increments without us having to ask for it. Unfortunately, that’s not the way it works.

The simple truth is that if you don’t ask, you don't get. We understand it may be an uncomfortable subject to broach, and you may be worried about facing potential embarrassment if the boss says no. But on the other hand, being told no isn’t the end of the world, and it could lead to a well-deserved salary increase. Taking the proactive approach also demonstrates confidence and a go-getter attitude, which will get your boss’s attention, if nothing else.

It doesn’t matter what your current pay is.

How much of a salary increase you ask for does not have to be affected by your current pay. Rather, it should reflect your current market value vis-a-vis current economic conditions and the average salary of your peers. For the latest information on the average salary for your profession, download the JobStreet Salary Report for 2022.

Know what you’re worth to the company.

In addition to the above, it’s also imperative that you justify your worth in terms of past contributions as well as how your skills and experience will help the company achieve its goals in the foreseeable future, not to mention in the long run. How you justify your worth is equally important. You better practise thesubtle art of self-promotion, where you promote your accomplishments without coming across as obnoxious.

You also need to know how far you can push your luck while still exuding confidence. Do your research. Search online for salary trends and reports, or check out online forums. You could also ask peers in your field to get a sense of where you stand on the general pay scale for your job and responsibilities. Unless you have a figure in mind, the outcome of your negotiation will likely be dictated by your manager.

Have a counteroffer to fall back on.

As they say, don’t put all your eggs in one basket. Always have a Plan B. In this case, have a counteroffer to fall back on if your boss says no to your ideal figure. You could negotiate for a better benefits package which factors in telecommuting options, flexible hours, holiday allowances, increased training budget, etc. You must look at the big picture rather than developing tunnel vision on the topic.

Stay objective and neutral throughout the process.

When it comes to negotiations, staying objective and neutral helps you leverage a better deal. It also helps you remain calm and focused throughout the process. It’s easier said than done, but remaining detached during a salary negotiation allows you to stay in control.

Above all, you should approach the salary negotiation with genuine conviction that you deserve the salary increase you’re asking for. Confidence can have a captivating effect on those around you. That said, it’s important to strike the right balance between confidence and humility.

We hope that these tips help you seek #JobsThatMatter with a fulfilling career that compensates well for your efforts and talents. While salary negotiation may be daunting, it may be well worth the effort.

Want to know which careers are most lucrative post-pandemic? Download the 2022 JobStreet Salary report to find out.

Then, head on to JobStreet to find your next role among these high-growth industries. Update your profile to let employers know you are available for work.

For more expert advice on negotiating salaries, building fulfilling careers, and exploring professional opportunities, visit the Career Resources Hub. For faster access, you can also download JobStreet’s app available on the App Store and Google Play.

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