The majority of Singaporean CIOs plan to attribute salary increases to an average of 15% of their IT staff in the next 12 months
How to ask for a raise: 4 steps to getting a salary increase
- 92% of Singaporean managers plan to attribute salary increases to an average of 15% of their staff in the following 12 months, with the average salary increase for Singaporean office workers expected to be 6.8%.
- The main reason why Singaporean employees will not receive a pay rise: lack of financial resources/cost reduction (67%), salaries are already at market rate (17%), and underperforming employees/teams (17%).
New independent research commissioned by specialised recruiter Robert Half reveals that the majority (92%) of Singaporean CIOs plan to attribute salary increases to an average of 15% of their IT staff in the next 12 months, with the average salary increase for those Singaporean office workers expected to be 6.8% - which is well above the national average of 4% .
Of those Singaporean managers who are not planning to award salary increases, 67% say the main reason is a lack of financial resources or cost reduction, while 17% respectively cite their staff’s salaries are already at market rate and underperforming employees/teams.
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said: “While wage growth in Singapore has remained steady over the past several years, Singapore’s IT leaders need to understand the value remuneration has in retaining their top performing talent. The city-state’s IT workers operate within a limited talent pool, are acutely aware of their market value and with highly sought-after skills are more inclined to leave an organisation if they are offered a more attractive remuneration package elsewhere.”
“While a higher salary is a prime motivator for top performers, it is important that both employers and employees consider alternative incentives other than more pay. Workplace benefits, such as flexible working arrangements, additional leave and more professional development opportunities can be just as motivating to staff as an increase in salary.”
Employees can find asking for a salary increase to be daunting. Robert Half put together four key tips for asking for a pay rise:
Knowing how to ask for a raise is important considering the inherent trickiness of initiating a compensation-related conversation. The key is to be prepared, so take the time to build a strong case and be ready to sway any doubts your boss may have. Here are four tips to help you do just that:
1. Know the best time to ask
Timing is everything when it comes to asking for a raise. Often a good time to broach the subject is just after your annual performance review. Sitting down with your manager and reviewing all your recent accomplishments will reinforce the value you bring to the company and help justify your request for a raise.
Before you ask, it will also help to research your company's performance. As you might suspect, the best time to ask is when the company is doing well. Finally, never spring the topic on your boss. Schedule a time to discuss the potential for a raise so he or she can be equally prepared for the conversation.
2. Have solid reasons for requesting a raise
Wanting more money so you can travel, buy new clothes or pay off student loans will not go over well with your employer. Arm yourself with concrete examples of why you merit a higher salary – i.e., how your actions have benefitted the company and what the results of your efforts are. If you can prove your impact on the business's bottom line, the conversation will go much smoother.
3. Know what you're worth
Your skills and experience have value in the hiring market. To find out how much your peers are earning, read industry publications such as the Robert Half Salary Guide, or consult recruiters and colleagues in your field. This information will help you gauge how much extra pay you might deserve.
4. If money isn't an option, what else can you negotiate?
After you make a solid argument for a raise, your manger may still say, "We don’t have the money right now."
Don't be disheartened if this happens – the conversation doesn't need to end if you have a back-up plan. Consider asking for additional benefits that don’t require a budget, such as a flexible working arrangement, additional vacation days or professional development opportunities.
About the research
The annual study is developed by Robert Half and conducted in June-July 2017 by an independent research company, surveying 75 CIOs/CTOs in Singapore. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace.