Every year people find themselves preparing for their salary review. Here Chris Mead, Regional Director of Hays Life Sciences in Singapore, shares his expertise on how to approach your salary review and provides a sneak peek at some of the findings from this year's Hays Salary Guide, which is out next week.
The 2012 Hays Salary Guide will be released next week. It shows that half of employers in Singapore expect to increase salaries between three and six per cent in their next review, while almost another one quarter will increase above six per cent.
In addition, in Singapore we are still observing aÂ steady increase in the number of job vacancies, particularly across market access, pricing and reimbursement and health economics. Â So with a positive outlook for Singapore's life sciences market, you are in a good position to approach your next salary review. But to maximise the value of your increase, it will pay to do your homework.
Firstly, we suggest you prepare a list of your recent achievements that exceed your objectives. You may need to look back at your original job description. Also list any changed or rising work volumes or duties you're now undertaking.
Then list the resulting benefit to the company. The aim here is to provide strong evidence to support the value you provide.
Then research the salary you feel your performance and results are worth by reviewing a recent Salary Guide. This enables you to back up your position with evidence and demonstrate that the salary you are asking for is in line with current market rates.
Take all this data into your salary review meeting. But remember to keep it professional. Stay calm and focused. Do not become emotional and do not talk of how much money you need, such as rising bills. Keep your review purely professional.
We also suggest you have a fall-back position. If your employer cannot afford to increase your salary, can you agree a date for another pay review in three or six months?Â What about bonuses, additional annual leave, study or other benefits?
Above all, use your accomplishments and the value you add to the organisation as the basis of your review discussion.
From next week you can access the 2012 Hays Salary Guide at www.hays.com.sg/salary, through your local Hays office or by downloading The Hays Salary Guide 2012 iPhone app from iTunes.
Hays, the world's leading recruiting experts in qualified, professional and skilled people. Call +65 6223 4535 or email firstname.lastname@example.org
Hays would be Exhibiting at the 5th annual BioPharma Asia Convention 2012. If you would like to meet with their consultants and BD team to explore partnership opportunities, contact Rebecca Koh at email@example.com now to arrange a meeting today!