Industry trends that could affect your next pay
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Can industry trends affect your next pay check? Find out in my presentation for participants from PSB Academy Singapore as we look at macro and micro trends and how relevant they are to your salary negotiation.
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Industry trends that could affect your next pay
- 1. INDUSTRY TRENDS THAT COULD AFFECT your next pay check
- 2. EVERY LITTLE THING MATTER WHEN IT COMES TO MONEY
- 3. HEIGHT MATTERS Every inch of height is equivalent to an extra $789 per year.
- 4. Obese workers are paid less than normal-weight co-workers at a rate of $8,666 a year for obese women, and $4,772 a year for obese men* *George Washington University study that cited data from the National Longitudinal Survey of Youth in 2004.
- 5. MAKE-UP MATTERS TOO A study in the American Economic Review said women who wear make-up can earn more than 30 percent more in pay than non-makeup wearing workers.
- 6. JOB MARKET IS A VERY SUPERFICIAL
- 7. BUT JUST LIKE STOCK MARKET
- 9. LOOK AT THE JOBS THAT WERE ONLY CREATED A FEW YEARS AGO
- 10. APP DEVELOPER
- 14. ZUMBA TEACHER
- 15. THEY ARE ALL HIGH PAYING JOBS
- 16. LET’S COMPARE $33,000 $76,000 $31,000 $47,000 $30,000 $35,000 $40,000 $45,000 $50,000 $55,000 $60,000 $65,000 $70,000 $75,000 $80,000 Lowest Highest App Developer Survey* *Graduate Employment Survey (GES) 2014 - Ministry of Education
- 17. KNOW WHERE THE FUTURE JOBS ARE
- 18. DO YOUR RESEARCH
- 19. AND WHEN IT COMES TO SALARY NEGOTIATION So how much you want? ………….
- 20. AVOID BEING THE FIRST TO PROPOSE A SALARY FIGURE.
- 22. ASKING FOR TOO MANY CHANGES IN COUNTEROFFER
- 24. NOT ASKING FOR FINAL OFFER IN WRITING
Notas do Editor
- Firstly a big thanks to PSB for making today possible. And a great morning to everyone who is here attending this sharing session. My name is Adrian and today I’m gonna touch on Salary Negotiation and Industry trends. I will be piecing together how the emerging changes in the job market will have an impact on how much you might get paid. Before I begin, a bit about myself. I am the co-founder and former managing director of RecruitPlus. RecruitPlus is a specialist recruitment firm with more than 10 years of history. To date we have placed more than 3,000 talents. I am now a recruitment trainer and coach. I have also co-authored a career guide book (hold up book) that one of my signature training program is based upon and two runs have been conducted in PSB.
- Before I touch on the industry, let’s examine some of the time honoured trends that will inevitably affect how much you are going to make. Did you know?
- Tall people get paid more money: A 2004 study by Timothy Judge at the University of Florida found that for every inch of height, a tall worker can expect to earn an extra $789 per year. That means two equally skilled coworkers would have a pay differential of nearly $5,000 per year, simply because of a 6-inch height differential, according to the study.
- Fat people get paid less: Obese workers (those who have a Body Mass Index of more than 30) are paid less than normal-weight coworkers at a rate of $8,666 a year for obese women, and $4,772 a year for obese men, according to a George Washington University study that cited data from the National Longitudinal Survey of Youth in 2004. And other studies indicate obese women are even more likely to be discriminated against when it comes to pay, hiring and raises.
- Women who wear makeup make more: Not only do people judge beauty based on how much makeup a woman is wearing, make-up adorned women also rank higher in competence and trustworthiness, according to a study funded by Procter & Gamble, Massachusetts General Hospital, Harvard Medical School, Boston University, and the Dana-Farber Cancer Institute. A study in the American Economic Review said women who wear make-up can earn more than 30 percent more in pay than non-makeup wearing workers.
- What’s the morale of the story? It is a superficial world my friend. Like it or not, your deposition and the way you present will have a monetary impact on your salary.
- And the job market, just like the stock market, can be gamed if you time it right. Most companies issue out raise in Jan, Jun or Dec.
- Time your job search around those period and you probably have more leeway in asking for more.
- And that lead us to today’s topic - industry trends. To do so, let’s look back into history.
- These jobs wasn’t even around 5 years ago. And you know what? All these have something in common right now.
- They are all very high paying jobs.
- According to PayScale.com, the salary of an App developer in Singapore is from $33k to $76k. Social Media management? That’s from $41k to $148k. Is that a lot? What do you think? (Direct at audience) Let’s compare with the most recent graduate employment survey. This is a yearly survey done up by the Ministry of Manpower and the latest version is based on 2013 data. A quick look at the survey will show you that graduates are making from $2,650 per month to $5,617. This is based upon a graduate from NUS Bachelor of Arts in Industrial Design to a graduate from SMU Law degree. If we remove all the super specialized degree programs like law, medicine and accounting, that will bring the top end from $5,617 to $3,975. Once we annualize it, we can see that the bottom end is about $31k to $47k. I would think it’s not too bad.
- So knowing what and where the job of the future will be is a crucial factor. And you don’t need a crystal ball to know that. Simply pay closer attention to the developing trends especially those in the US. That market tend to be ahead of us by a few years. Whatever is big there right now will hit our shores in a couple of years, giving you enough time to get equipped for the time when it arrives.
- Other than getting ready for what is to come, getting your research right is equally important. Find out what is the going rate easily at websites such as glassdoor, JobsCentral, Salary.sg, STJobs and Jobiness.
- Avoid being the first to propose a salary figure. Tell them you're interested in a mutually rewarding career with the company and you're sure you can agree on an acceptable compensation package. If you're backed into a corner, introduce your salary range, but make it clear that it is "up for discussion." Don't ramble on. Say what you have to and then be quiet and listen. Emphasize the benefits of your skills. Quantify your successes in terms of cost savings, increased productivity and overall contribution to the company. This will help the interviewers recognize the benefits of having you join their team, and will help boost the salary offer. I leave you with common salary negotiation mistakes that I have seen happening in countless job candidates, some of them fresh grads but many seasoned professional. Learn from them so you don’t have to learn from yours:
- Focusing on Need/Greed Rather Than Value. A very common salary negotiation error is focusing on what you feel you need or deserve rather than on your value and the value you being to the prospective employer. Employers don't care that your salary won't cover your mortgage or student loan payments or even your living expenses. If you plan to negotiate a job offer, do it based on solid research (see next mistake) and a clear demonstration of your value to the organization. Don't ever tell the employer that you need a certain salary.
- Asking For Too Many Changes in Counteroffer. If you have a strong interest in the job and the employer is a good fit, but the offer is not what you expected, you can consider making a counteroffer proposal. If you decide to make a counterproposal, remember that you should only pick the one or two most important elements; you can't negotiate every aspect of the offer. If the salary is too low, focus on that aspect in a counteroffer. If you know the firm will not negotiate on salary, then focus on modifying a few of the other terms of the offer (such as additional vacation time, earlier performance reviews, signing bonus, relocation expenses). Just remember that you cannot attempt to negotiate the entire offer; you need to choose your one or two battles carefully, conduct your research, and write a short counterproposal.
- Taking Salary Negotiations Personally. Whatever you do in this process, always stay professional in handling the negotiations. If the employer has made you an offer -- then you are their choice, the finalist for the position -- so even if negotiations go nowhere, or worse, keep in mind that you did receive an offer, even if it is not what you expected or deserved. And if negotiations break down between you and the employer, move on graciously, thanking the employer again for the opportunity -- because you never want to burn any bridges.
- Not Asking for Final Offer in Writing. Once everything is said and done -- and you have received a job offer that you find acceptable, the last thing you should do is ask for the final offer in writing. No legitimate employer will have issues with putting the offer in writing, so if yours balks at your request and accuses you of not having any trust and tries to bully you to accept the verbal agreement, take it as a MAJOR red flag that there is something seriously wrong.
- I hope this has been useful for everyone here. And if this isn’t enough, please check out my company and personal website for more information. You can also get the career guide book that I co-authored from the site at a discount over what is sold at MPH or Popular bookstore.