6 Hot Tips to Determine Your Market Value and Negotiate the Right Salary
It is said that the worth of a man’s work is only as much as how he values his own skills. Humility and confidence are not necessarily paradoxical, because a healthy balance between the two can actually enhance your market value by many folds.
Today, Singaporeans face the daunting task of seeking job security and financial comfort in a market where cut-throat competition is staring back at them at every level. Although a wide majority of people are mainly concerned with nailing the job interview and signing the company contract, they often get short-handed by employers when it comes to negotiating their remuneration.
Unfortunately, employees who even try to sell their services at a reasonable rate often fail to accomplish this because they are rank amateurs when it comes to playing the smoke-and-mirrors negotiation game with HR company executives. Their lack of street smarts can be attributed to their lack of awareness of their own correct baseline market value relative to their skills and experience in the industry.
Here are 6 fail-safe tips to help you figure out your market value and negotiate the salary that you deserve:
Checking Online Job Portals
Before you fall into a depression after finding out your present or prospective employer’s salary assessment for your job profile, it is essential to conduct your own research first. You cannot bank on one organization’s word when it comes to determining the income you deserve.
A number of online job portals like Jobiness and Payscale provide you access to input salary data in your profile and match it up against the income of other Singaporeans with similar job profiles. Furthermore, you also get a more accurate compensation figure of your job profile by inputting other data related to your experience, size of company, employer brand value, etc.
Level of Certifications
Scores of industries prioritize hiring employees with certain professional certifications that hone specialized job skills that are more useful to companies than the mundane knowledge from degree programs.
Professionals can significantly raise their professional credibility by securing elite certifications such as CFA, CFP, CPA, etc. and negotiate a higher salary.
Review Government Manpower Reports
Singaporeans can also harness important employment data aggregated by the Ministry of Manpower. You can access the annual manpower information yearbook from the MOM website, which includes employment surveys and monthly earnings of employees over various industries.
The Singaporean Ministry of Education and Joint Polytechnic GES Committee carry out regular employment surveys for NUS, NTU, SMU and Polytechnic graduates to help them get a fair idea about the salary they deserve for their first job.
Ability in a Managerial Role
Management experience is the golden egg in every employee’s resume irrespective of the industry he applies in. It directly exhibits their leadership skills and delegation prowess, which is something every HR executive keeps an eye out for. In fact, an employee’s market value is considered to be directly proportional to the number of people managed by him. This is because a strong mid-level or upper-level manager is responsible for the productivity of his team members since it is directly influenced by his decision making.
Secondly, a manager who has successfully executed numerous noteworthy projects is a solid indicator for prospective employers to gauge the number and level of projects he can handle in their organization.
Build Your Professional Network via Social Media
In this digitally empowered era, there is no escape from the ubiquitous power of social media. Fortunately, this has proved to be a boon for employers as they have a better platform to verify the skillset and experience of individuals.
Employees on the other hand, can utilize Facebook, LinkedIn, Skillpages, etc. to network efficiently and establish their own industry contacts that can help them score better paying jobs.
Tracking Industry Trends
It is crucial to keep a tab on the ever-evolving industry outlook and trends, because it directly influences a hike or fall in your market value. Singaporeans may discover a critical point of job saturation in certain finance or technology-related fields, which can hamper their prospects of an income increase in the near future.
However, if your job skills, experience and education certifications are in alignment with the job profiles of hot industry sectors, then you can be assured that a comfortable job with luxurious benefits is inevitable.
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This article was first published on http://business.asiaone.com/