How to negotiate a higher salary in Singapore
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Congratulations! You’ve made it through rounds of interviews, and now you have an imminent job offer.
The time has now come to negotiate your salary. For some candidates in Singapore, salary negotiation can be one of the most harrowing aspects of the interview process.
Fortunately, since you already have an offer, you also have the upper hand.
The following tips and salary tools can help you negotiate the pay rise you want and deserve.
1. Research salary ranges in Singapore
Entering a salary negotiation is about being as well prepared as possible, which means doing your research.
After you receive a job offer, you may ask for some time to consider it. Think about how much money you want and need to make before you ask for a raise. Take into account the cost of living, your future plans and any long-term loans.
Then, determine whether the offered amount lines up with salary ranges in your industry and job title.
Related: Questions to ask in an interview in Singapore
You can get a good idea of the market rate from the Robert Half Singapore Salary Guide.
Now it’s time to state how much you would like to earn. A Columbia Business School study found that people who asked for a specific number were perceived to be better informed and, subsequently, were more successful than those who gave a rounded number.
Don’t get carried away, however. Come up with a reasonable number based on your skill set and experience.
Related: Five interview techniques and skills
If you’re a recent graduate and ask for a manager’s salary, your potential employer is less likely to take you seriously. You could even lose your footing in the negotiation.
2. Be confident
On the other hand, don’t settle for something that you’re not comfortable with.
Talent managers in Singapore will often open negotiations at the lower end of salary ranges because they expect job candidates to negotiate.
Related: Interview tips and how to prepare
Show courtesy and professionalism, which will demonstrate to your potential employer that you’re confident in your abilities and know your worth.
Don’t go overboard though. In any salary negotiation, arrogance gets you nowhere – no matter how good you really are.
3. Consider the perks
Remember that your overall salary package consists more than a paycheck. It also includes benefits such as annual and medical leave.
Sometimes your employer may not meet your monetary demands, but that doesn’t mean negotiations are off the table.
Work with the hiring manager to find a win-win solution by asking for better performance-based bonuses or take into account flexible working hours or telecommuting benefits.
Related: Second interview questions to expect in Singapore
Show your value during the salary negotiation
If the hiring manager does not accept your counteroffer during a salary negotiation in Singapore, demonstrate that your requests are justified.
Show how the company will benefit from your expertise by citing examples of how you have added value to your former workplaces, such as streamlining processes or finding creative ways to save money.
Demonstrate to your employers that you’ve seriously contemplated and studied all the facets of their offer – and you’ll have a better chance of starting your new job with the compensation package you deserve.