Latest news with #salarynegotiation
Fast Company
03-06-2025
- Business
- Fast Company
These are some of the biggest financial regrets Americans have about their jobs
When asked, Americans express plenty of financial regret, such as making big, impulsive purchases and spending too much to keep up with higher earners. According to a new Clarify Capitol survey of more than 1,000 Americans (including boomers, Gen Xers, millennials, and Gen Zers), they also have deep regret over not investing earlier. Forty-three percent pointed to that oversight as their biggest financial failure. Following closely behind, 38% said they regret overspending, which ended up costing them about $63,000 in net worth. One in three said they overspent simply to 'keep up with the Joneses.' However, it's not just irresponsible spending that haunts Americans. They have regret about the financial choices they made on the job, too. Ten percent said that not negotiating a higher salary was their biggest financial regret. According to the report, the failure to negotiate with an employer ends up costing an estimated $78,000 of income. Likewise, working Americans also said they regretted quitting their job without a backup plan. One in 10 said they wished they had figured out their next move before giving their notice. According to a 2024 Pew Research Center study, one of the biggest reasons for dissatisfaction among workers is how much they're (not) being paid. Eighty percent said their pay has not kept up with increases in the cost of living, and 71% said their pay was too low for the quality of work they produce. Seventy percent said their pay is too low for the amount of work they do. Given how unhappy so many workers are with their pay, leaving a job can be the right move—as long as you have new employment lined up. Just make sure you negotiate your salary to avoid feeling regret down the line.
Forbes
02-06-2025
- Business
- Forbes
Negotiate Like A Pro: A Psychiatrist's Playbook For Getting Paid
Successful negotiation is an art. Salary negotiation is a psychological art. You've likely heard of two similarly qualified people working the same position but earning vastly different compensation packages. One of the core reasons for this is a concept known as loss aversion, where we prioritize protecting ourselves from loss above pursuing gain. Although data tells us only 6% of employers will rescind offers due to a salary negotiation, we often approach salary negotiation with the first identifiable pitfall: fear of failure. According to data, this is potentially a $600,000 mistake throughout one's career when you fail to negotiate just a $5,000 increase in your first job. Yet, over 60% of people will not negotiate their job offer and take what is given to them. What is at stake, however, is not only a larger paycheck but the opportunity to ensure our well-being at work. I spoke with Jen Fisher, a leading voice in workplace wellbeing who served as Deloitte's first-ever human sustainability leader and chief well-being officer. She explained: Founder & CEO, The Wellbeing Team "Your first job sets the tone for your relationship with work. Instead of just asking about advancement opportunities, inquire about how well-being is structured into daily operations—recovery time, meeting practices, and expected communication patterns. Great organizations don't just claim to value wellbeing; they design systems that enable it by default. This distinction matters more than most young professionals realize.' So, how do we ask? Let's peel back the curtain and find the science-backed ways to get into the negotiator's mind. Understand everything that you bring to the table. This is the critical starting point, personally and professionally. I recently spoke with a group of young doctors on a webinar to discuss this topic, and the overwhelming sentiment was that we are constantly told what to do, so when we get our first job offer, we accept it at face value. This moment of reflection is necessary before you enter the negotiation with clarity and confidence. You've worked hard in school and have a valuable background. Understanding your value will allow you to push back and combat the fiercest negotiator—your inner critic. Do I really deserve more? Will they change their mind? I once met with a new doctor who was preparing to accept her first job offer. I noticed that the offer presented to her was well below market value. She explained that she hadn't thought about it much because she felt that her peers in medical school were just 'so much smarter, so I'm lucky to get whatever I can.' This perception that she had of herself significantly impacted her ability to evaluate the job offer she received objectively. Luckily, she took another look and used some of the approaches below to land a 15% increase in what was initially offered. Employers often have more leverage in one area than another. Every component of the compensation package may have different levels of negotiation flexibility, so each is worth examining carefully. The leverage you look for also varies based on what the company you work for truly values. I spoke with Stephanie Le Melle, Professor of Psychiatry at Columbia University Medical Center, who explained Stephanie Le Melle 'Look at the mission and vision of the organization and try to understand their goals, values and how they define success. Once you have a clearer understanding of how success is defined, think about how your knowledge and skills can contribute. This can help guide your job description negotiations ' Once you have a clearer understanding of how success is defined, you have a much better sense of what can be negotiated. The end game of this negotiation is to put you in the position to do the job so well that it will also reflect well on the person interviewing you. According to Harvard Business Review, a key element not to forget is the power of likability. A person is more likely to go out of their way to bend things or stretch the negotiation range if they feel that this will benefit them as well. This is a collaborative process, not a battle. The more you can bring the person in through that likability and shared value, the more likely they are to get you to your desired end. This may seem simplistic, but just as we are more likely to argue with a partner when arguing before dinner, we are slightly less patient when our body is not adequately prepared. If we can help it, being well-rested, eating well, and being physically prepared can contribute to our emotional response. A well-nourished, well-rested brain is a negotiator's secret weapon. It can be the difference between the impulsive response that sets you back and a patient gesture that builds up the position you want to take. A job isn't just where you earn a paycheck—it's a new home where you will spend significant time. Make sure you can be comfortable living there and that it is a place where you can grow and thrive. Negotiation is not just about numbers, but a critical step in defining your career trajectory.
Independent Singapore
25-05-2025
- Business
- Independent Singapore
‘Should I just leave this job?' — Woman regrets accepting lower salary in less than a week into the job, as her assignment turns out to be different from what she applied for
SINGAPORE: A 31-year-old Singaporean woman who accepted a lower salary in hopes of gaining experience is now regretting her decision, less than a week into the job. In a post on the r/askSingapore forum on Friday (May 23), the woman shared that she had accepted a lower salary during the interview process because she believed that this 'would help her secure the job, gain experience, and get higher negotiating power in the future.' Unfortunately, things didn't go the way she expected. Even though she had already lowered her salary expectations, the company ended up offering her 'even less' than she had agreed to. Then, on her first day at work, she found out that the job did not come with a '13th-month bonus' or any performance-related incentives. These terms had not been communicated to her before she joined the company. What frustrated her most, however, was the kind of work she was tasked with. She claimed, 'Barely a week into this job, I was thrown technical and non-visible work that is outside of why I applied for this role in the first place.' See also How to Scale Your E-commerce Company From Zero to $100M Unsure of how to proceed, she asked other Reddit users whether she should raise her concerns with her supervisor and director or simply leave the role and omit it from her résumé. 'Bite the bullet and go through with it…' Given how tough the current job market is, several users said she shouldn't quit too quickly unless she already had another offer lined up. They also encouraged her to see how things unfold and only consider leaving if the situation does not get better. One user said, 'Given the state of the job market now, don't be too quick to leave the job unless there's another lined up.' Another commented, 'The job market is bad these days. You can quit ASAP or pull through it and go home and forget about it, but continue doing it the next day. Meanwhile, I'd apply for more jobs and jump ship as soon as I secure a place. That's what I would do, though.' A third echoed this sentiment, saying, 'Sounds like you need this job quite a bit. And if that's really the case, I would suggest biting the bullet and going through with it while looking for a new job at the same time. If the market conditions were any better at this point, I probably would give different advice.' A fourth suggested, 'Tell your boss that you don't have the technical expertise and weren't expecting these tasks outside of the job description, but you're willing to learn. Ask who or what resources you're supposed to learn from or whether there's a course (internal or external) that you can attend.' What to do when you're given tasks outside your job scope Here are a few helpful pointers from Pathpire , a career advice platform, to help you handle the situation more smoothly: 1. Understand the task Take some time to understand what the task actually involves and why it was given to you. Then ask yourself, 'Is it totally out of your league, or is it something you can pick up with a bit of effort?' 2. Reach out for support When you're given a task that's outside your usual scope of work, it's normal to feel uncertain. You might need skills, knowledge, or resources that you don't currently have, and that's completely fine. See also Salary hike for Singapore workers expected to be flat in 2024 If you choose to take on the task, make sure to ask for the support you need. This could include reaching out to colleagues with relevant experience, getting advice from a mentor, or requesting training and guidance from your manager. 3. Communicate your concerns If the task feels way outside your skill set or is adding too much to your plate, it's perfectly okay to speak up. First, figure out whether you can take it on without dropping the ball on your regular work. If not, have a straightforward chat with your boss. Explain how it affects your workload and suggest other options, like getting help, adjusting deadlines, or assigning it to someone more suitable. Read also: 'Even with 15 years' experience, I can't get hired' — Tech professional says employers in Singapore prefer fresh grads Featured image by freepik (for illustration purposes only)
Independent Singapore
12-05-2025
- Business
- Independent Singapore
Man asks, ‘Why are companies so insistent on linking everything to your last pay cheque instead of experience and skills?'
- Advertisement - SINGAPORE: A Singaporean man took to Reddit to question why employers continue to base job offers on a candidate's last-drawn salary instead of evaluating them based on their experience and skill set. In a recent post on the r/AskSingapore forum, the man shared that during the early stages of his career, he had deliberately accepted roles with slightly lower pay in order to gain relevant and valuable experience. 'I believed in what the boomers were saying, [about] how I should prioritise the right experience over short-term pay — e.g. front office over back office even if the pay is less, and it was ok to be underpaid at the start and the money will come later.' Years into his career, however, he expressed regret over that decision. After attending several job interviews, he noticed that prospective employers were unwilling to offer more than a 10 to 15 per cent increment from his previous salary even when they acknowledged that the resulting offer would still be below current market rates. - Advertisement - 'I would have all my experience reset to zero as if I was an entry level hire,' he said. 'The logic makes zero sense to me. By their logic I should just take only the highest paying job even if I learn zero skills because the salary will always be benchmarked against that?' The man also took issue with another piece of popular career advice — taking a pay cut to work in developing ASEAN countries for 'overseas exposure'. While many seasoned professionals suggest that such experience can boost one's portfolio, he claimed that Singapore employers often weaponise the lower foreign salary against candidates when they return. 'If you take a 50% pay cut to work in Vietnam, aka you should be getting a 100% pay rise just to get back to your old SG number (to be honest, you would want an increment on top of that to reflect your overseas experience), but HR will say some stuff like, 'Max we give is 20–25% on your Vietnam number,'' he said. 'It's completely stupid because cost of living and the market are completely different, but I'm not sure what's the right way to get out of an underpaid cycle,' he continued. - Advertisement - Frustrated, he ended the post by asking fellow users: 'Does HR take joy in lowballing people knowing they pay far below market and will face high attrition? Or is high attrition expected everywhere so everyone should just be constantly interviewing 24/7?' 'If you don't want to be exploited, know how much you can get paid.' In the thread, many users shared the same frustrations, pointing out that it's pretty common for employers in Singapore to place too much weight on a candidate's last-drawn salary. One user said, 'I agree, this is a practice which benefits the employer. Jobs should pay as per the decided pay range and not based on the candidate's last drawn.' Another remarked, 'If your last pay is low, they'll continue to lowball. If your last pay is high, they'll tell you no budget and lowball you, cannot win one.' - Advertisement - That said, a few users felt the man might have simply encountered the wrong companies, as some employers do base their offers on skills and experience instead. As a testament to this, one user shared their personal experience, writing, 'Many companies I've interviewed with did not ask for my current or previous salary. They were more keen in my experiences and expected salary. I have not shown any pay slips to any company.' Another added, 'Companies try to keep their costs down at your expense. If it's a good company, they'll make sure you're being paid a fair rate by giving appropriate hikes, on par with the rest of the industry. 'If the company is not good, they give you 1-3% hikes and tell you to be grateful for that because it's worse elsewhere. At the end of the day, they're there to look out for themselves which means if you don't want to be exploited, know how much you can get paid outside and jump ships if your company does underhanded stuff.' Some users also encouraged him to improve his negotiation skills during job interviews to secure better offers. One wrote, 'If you have marketable experience and skills, shift the conversation away from your last drawn [salary] to the value that you can bring to the company, this makes getting at least the industry average much easier.' Be clear about your salary expectations from the start According to MyCareersFuture, if you're currently underpaid or hoping for a bigger jump in your salary when switching jobs, it's important to take a proactive approach. Employers often ask for your last drawn pay so they can match it or justify the amount they plan to offer. But this can be limiting if your previous salary doesn't reflect your true market value. That's why it helps to be upfront about your salary expectations from the start. Instead of waiting until later rounds of the interview to discuss pay, try bringing it up early in the process. Some candidates think it's better to 'impress first and negotiate later,' but this can sometimes leave a bad impression or make things more difficult. Being clear from the beginning shows confidence and helps set realistic expectations on both sides. Also, career experts say that if you're asking for a higher salary, you should be prepared to explain why. Highlight your skills, experience, and any extra value you bring to the role. This can make it easier for employers to understand where you're coming from and increase your chances of getting an offer that reflects your worth. Read also: 'I OT till 9pm almost daily' — 25 y/o earning $3K/month burnt out just 2 weeks into her new job, considers quitting without backup plan Featured image by Depositphotos (for illustration purposes only)
Forbes
08-05-2025
- Business
- Forbes
How To Prep For A Raise Request Without Feeling Awkward
How To Prep For A Raise Request Without Feeling Awkward Asking for a raise can be intimidating, even when you know you've earned it. Whether it's the fear of rejection or uncertainty about the timing and approach, employees rarely initiate asking for a salary increase. However, breaking it down into smaller steps can make the process much less daunting. Instead of focusing on the final ask, approach it as a gradual conversation where you position yourself as a valuable asset to the company. Here's how to prepare without feeling awkward. Bringing up a raise request out of the blue can feel uncomfortable for both you and your manager. Start warming up the conversation weeks before by discussing your role, contributions, and future goals. Use formal performance evaluations as a natural entry point. Corporations usually require evaluations, whether semi-annually or quarterly, which provide a natural platform to discuss your performance, expectations, and future within the company. Start preparing at least four to six weeks in advance. This gives you enough time to gather your achievements, request peer or client feedback, and organize measurable outcomes to support your request. Think of it as steadily building your case rather than scrambling at the last minute. When you schedule your evaluation, let your immediate superior know in advance that you'd like to discuss your growth and compensation. Framing your request this way makes the discussion more collaborative rather than confrontational. You'll also have more success when your request aligns with strong company performance, budget planning periods, or after you've delivered clear wins, not during cutbacks or uncertain times. Data gives your request credibility, but it doesn't have to feel like a courtroom argument. Think of it as a chance to share the value you've brought to the team. Create a short list of your contributions, focusing on how they align with company objectives. Have you taken on extra responsibilities, mentored new hires, implemented a more efficient workflow, or helped land a major client? Provide specific, measurable achievements. For instance, 'I increased our team's client satisfaction score by 10% in the past quarter,' or 'My last product launch was completed two weeks ahead of schedule and within budget.' These results speak for themselves. If you've collected feedback from peers, clients, or cross-functional teams, bring that into the conversation. A quick Slack message from a teammate or a glowing client note goes a long way in reinforcing your value. These third-party validations help show that your contributions are recognized across the board, not just in your own notes. Plus, it reflects well on your ability to collaborate, lead, and show up as a team player. This kind of proof adds credibility to your request and humanizes your value to the company. As you're sharing wins, avoid common pitfalls like comparing yourself to colleagues or speaking in generalities. Keep the conversation focused on your contributions and impact, not what others are doing or earning. Framing is everything. Instead of saying, 'I want a raise,' lead with a focus on growth, value, and long-term contribution. Try: 'I've been reflecting on my contributions over the past few quarters, and I'd love to chat about how my role is evolving and how compensation can reflect that.' Emphasize that a higher compensation for you will be a win-win situation for the company. Why? If you have already shown your exemplary work performance, a higher salary would even inspire you to do more than what is expected in your role. You're not demanding; you're leading. It's forward-looking, professional, and grounded in what you've already brought to the table. Also, do not forget to do your due diligence about market standards and typical salary ranges in your field. This will let your superiors know that your request is driven by professionalism and integrity. Casually bringing your raise request up in the hallway won't land the same way, so schedule time with intention. A respectful, professionally worded email requesting a meeting to discuss your compensation can set the right tone for the conversation and demonstrate maturity and professionalism. In your message, briefly explain that you'd like to discuss your role and responsibilities, growth, and impact. Express appreciation for the opportunities you've had, and suggest a time that works for your manager's schedule. Here's an example: Hi [Manager], I'd love to find a time to connect about my development in the role and how compensation might align with the work I've been contributing. I really appreciate the opportunities I've had so far and am excited about what's ahead. Let me know when might be a good time for you. After the meeting, regardless of the outcome, follow up with a short thank-you note. Reaffirm your commitment to your role and your interest in continued growth with the company. That kind of professionalism doesn't go unnoticed. Requesting a salary increase doesn't have to be a stressful ordeal. Remember, advocating for yourself is not only fair but necessary for your growth. By breaking down the process and focusing on preparation, you can walk into that meeting with confidence and clarity. When you've earned that raise, don't hesitate to take the steps to secure it. You've got this!
