Receiving counter-offers and handling them
There are many ways that a company can go about recognising the work of its employees. It can be done in the form of promotions or even special rewards for jobs well done. And while these are certainly welcoming from an employee’s point of view, most of them will also agree that, when it comes to recognition, few things mean more than a raise — and our Talent Trends 2021 report echoes that sentiment as well.
According to our survey, 80% of respondents cited remuneration and benefits as the top consideration when accepting job offers. An even better news is that, depending on the industry, employers, too, are ready to increase the average salaries in 2021. Despite the economic contraction in Singapore, estimated to be between 5–7%, 40% of our surveyed employers intend to increase their salaries. For new hires in industries such as Banking, Financial Services and e-commerce, you can even expect anywhere between 10% and 15% in terms of remuneration increase.
Ahead, we will explore how employees and job applicants alike can evaluate their worth as contributors to the company, as well as how they can negotiate for the salary they deserve, be it during job interviews or the annual appraisal.
Learning to be a negotiator
Not everyone is a born negotiator. Just like how price bargaining is an acquired skill, salary negotiation, too, requires a very different mind set. Most candidates do a less-than-desirable job when it comes to negotiating for a higher salary. Instead of settling for the first salary amount put on the table, try some of the following tips and tricks to increase the offer.
1. Do your homework
Just because the salary offered feels like it is enough to cover your expenses doesn’t necessarily mean that it is the industry norm. As such, it is critical to do your research and know what your role is worth before you step into the interview and negotiate for a higher salary. One way to do so is via our annual Salary Comparison Tool, which gives a comprehensive overview of all major sectors in various markets, the key roles and functions involved, as well as their respective salary estimates. This will allow you to calculate the average salary range based on your sector, location and work experience. If that is not enough, you can take your research a step further by simply talking to people in the know. It could be someone already in the industry or even a recruitment consultant who can give you the latest updates. With all the desk research in mind, you will be able to enter a salary negotiation with a lot more confidence, especially with all the hard data to back you up.
2. Know your value
Your value to the organisation is sometimes more than just the position that you are applying for. For instance, if you are applying for the role as a Senior Marketing Manager with 10 years of experience already under your belt, you are going to be able to command a certain amount of salary. However, if you are applying for the same role with the same industry experience, but with added bonuses of entrepreneurial background and experience in Search Engine Optimisation, then you are going to be bringing a lot of extra skill sets and value to the table. Furthermore, if you know for a fact that the company you are applying for does not have, say, a SEO-driven content marketing strategy, then your knowledge in that area is suddenly going to be worth a whole lot more. As you can see, even though the job titles are the same, the difference is quite stark to say the least. These peripheral skills you have developed over the years will allow you to take the industry standard when it comes to salary and increase it. Finally, it is always a good idea to familiarise yourself with the industry, find out the most in-demand skills and bank on those during your negotiation.