Feeling Underpaid? How to Make Your Case Without Burning Bridges [W&S 62 ft Puay Lim Yeo]
Unlocking Your Earning Potential: Navigate the Path to a Higher Salary
In a recent episode of the Wise Shine podcast, we focused on the art of negotiating a higher salary. The engaging discussion featured expert guests Puay Lim Yeo, Commercial Director at recruitment firm Glintz, a Singapore-based HR business and the fastest-growing startup in the career development and talent recruitment space in Southeast Asia, and Rakaesh, Tech lead and Principal Sales Manager at Hubspot to share insights from their respective areas in the job space. The conversation shed light on the importance of understanding one’s market value, exploring different resources to gauge salary ranges, and effectively communicating with employers to secure a better compensation package.
Understanding Market Value:
According to Puay Lim, a crucial starting point in negotiating a higher salary is having a solid understanding of one’s market value. He emphasised the need to research and gather data from various sources. Puay Lim mentioned that talking to HR professionals and industry peers can provide valuable insights into salary ranges. Additionally, he mentioned the option of exploring the job market to gauge offers and understand where one stands in terms of market value.
Online Salary Guides:
When discussing the accuracy of online salary guides, both Puay Lim and Rakaesh acknowledged the varying degrees of reliability. While these guides can provide a rough estimate, they may not always be spot-on due to the constant fluctuations in the job market. Puay Lim advised considering multiple data points and attributing a believability factor to each source to arrive at a more accurate estimation of one’s market value.
Challenges in Salary Review:
The conversation also delved into the issue of how businesses often prioritise competitive salaries for new hires while neglecting salary reviews for existing employees. Puay Lim and Rakaesh highlighted the challenge faced by employers in addressing this imbalance and the reluctance to make significant changes to existing payroll structures. They encouraged individuals to explore alternative options beyond job hopping, such as initiating conversations with employers about salary adjustments.
The Art of Selling Yourself:
Effective communication was identified as a crucial skill in salary negotiations. Both Puay Lim and Rakaesh emphasised the importance of confidently articulating one’s value to employers. Rakaesh mentioned that initiating a conversation with a supervisor or employer could begin with a simple request for a meeting to discuss career growth and compensation. This approach allows individuals to present their case in a professional manner and position themselves for a potential pay raise.
Knowing if now is the right time to make a job move can also help you leverage further.
Negotiating a higher salary requires a combination of research, self-awareness, and effective communication. Understanding market value, exploring various resources, and confidently selling oneself are key elements in achieving a successful negotiation. By taking proactive steps and engaging in open discussions with employers, individuals can increase their chances of receiving fair compensation for their skills and expertise.
Five Essential Steps for Successful Salary Negotiation:
1. Research: Gather information on salary ranges in your industry and location.
2. Network: Connect with HR professionals and industry peers for insights and advice.
3. Assess Your Value: Understand your skills, experience, and contributions to determine your market worth.
4. Initiate Conversations: Request meetings with supervisors or employers to discuss career growth and compensation.
5. Present Your Case: Effectively communicate your value, highlighting achievements and unique skills.
You can check their full interview on Wise & Shine, Episode 62 on Spotify, YouTube, Google podcast or Apple podcast to master the crucial skill of effective communication in salary negotiations. Uncover the common issue of neglecting salary reviews, gain insights on confidently articulating your value, initiating conversations with supervisors or employers, and positioning yourself for a potential pay raise.
- Research and gather data to understand your market value.
- Seek insights from HR professionals and industry peers.
- Consider online salary guides but verify with additional sources.
- Engage in conversations with supervisors or employers about salary adjustments.
- Focus on effectively communicating your value and contributions.
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