Get Better Pay in 2005!

Hiring frenzy will be here again – much sooner than you expected.

Recovery in the Singapore job market strengthened in the third quarter 2004, supported by the robust economic growth in the first half of this year. Preliminary estimates show that employment increased by 16,600, the strongest quarterly gain in three and half years. The strong employment creation has led to a significant decline in unemployment. The seasonally adjusted overall unemployment rate fell to 3.4% in September 2004 from 4.5% three months back. This improvement has brought the unemployment rate to around the level in 1999 when the economy recovered from the Asian crisis (Source: Ministry of Manpower, Singapore).

According to a recent survey of 106 recruiters conducted by ExecuNet, the demand for executive talent will continue to climb, increasing an additional 20% in the six months ahead. As the regional talent pool is limited in size, these trends point to a promising boom in the employment market with employers racing neck to neck for the cream of the crop of top executives.

If these predictions are proven correct, then top executives will have an opportunity to increase their paycheck. Negotiate your way to better compensation using the following strategic tips:


Knowledge is power

When it comes to successful compensation negotiation, knowledge is most definitely power. First, you’ll need to find out if your pay is at current market rate. Up-to-date information may be available at websites such as Salary.com or JobStreet.com – though they are not necessarily accurate. You should also use your network to obtain accurate information to gauge your market value.

What if you are being paid above market rate? Buck up your work and cut off the slacks. You can bet that your boss will be better informed on employment market trends than before. Make sure your performance is worth every single dollar!

Compensation is NOT always equals to money

While salary and bonuses are the most common focus of negotiations, calculating the value of all job-related benefits will provide both you and your employer with additional flexibility. Consider all other alternatives before embarking on a negotiation. Benefits such as insurances, trainings, company cars, phones and computers should be taken into account too.


Don't Sell Yourself Short

Most good employers value their high flyers and will concede to their requests for better compensation, provided that the demands are justified. If you are making important contributions to the company, find out what you are worth, how much more you want and how much you are willing to settle for. Do stay within the limits and don’t ask for the sky.

Note: This article will appear in EnergySkills' newsletter for November 2004