Who does not want a good salary increment? I wish there was a secret formula to get what you desired. But unfortunately there is none. Mostly managers know when it’s the right time to increase for a job well done. What if your salary hasn’t gone up in a while ? in this situation how will you ask for raising up your salary ? It’s always a tough conversation, and how do you prepare for it to make your manager say “Yes” easily ?
Here are few proven ways to get a good salary increment
1) Do your job well & go beyond the call of duty
Focus on doing your job well… really well. Have a clear understanding of the success measure and continuously work towards it. If you think, you need training or mentoring to be a better performer, ask your manager. There are occasions when the manager expects you to do more because it is the need of the hour. Do not shirk away from the responsibility. Actively take up tasks which are beyond what you have been allotted. At the end, the manager will not just look at your performance but also your hunger.
2) Be a Smart Worker
Be innovative at what you do. Hard work is important but smart work is better. Try to find out ways and means by which you can achieve the objective with much less effort. Share your ideas with the team to make the team better.
3) Keep learning
Technology is causing significant changes in the way we work. It is important to be up-to-date with the latest tools and techniques. Use after hours / weekends to do reading, learning and practicing the skill. If required, attend a course that will equip you for the next role.
4) Note down your success stories
It is always a good idea to keep notes of what you did well and what you could have done better through the year. You can use this in your annual progress review to have a fact based discussion about your performance.
5) Know the job market
Have a good understanding of what your true worth is. Understand what other companies are paying for a role similar to yours. This information will be useful when you discuss your increment with your manager. It also ensures that you are not being un-reasonable with your expectations.
6) How to Ask For a Raise ?
Experts said that, It can be difficult to approach your manager for a raise. “But there’s an art to the ask,” says Diana Faison, a partner with leadership development firm Flynn Heath Holt Leadership. “You want to be able to demonstrate how you add value and how you’ve made a difference to the company.” And as in any type of negotiations, you should try to put yourself in the other person’s shoes, and design your approach accordingly. “You have to think about why your boss should even consider granting your request,” says Kathleen McGinn, professor of business administration at Harvard Business School. By understanding your boss’s interests and goals, and aligning those with your own case, you are more likely to get what you want. Here’s how to craft your request.
7) Gather evidence
Preparation is critical. “If you don’t prepare, you don’t know what you’re really asking for,” says Faison. Collect two types of evidence before making your request. First, and most important, are facts about your own unique contributions that bolster your case: money-saving efficiencies you implemented, results from a project you’ve just overseen, positive customer testimonials, or praise from higher ups. Your boss may not be aware of all you’ve accomplished over the past year. You should also gather information about company- and industry-wide salaries so you can go in with a reasonable target figure in mind. Your professional network, HR department, and sites like PayScale and GlassDoor are all helpful resources for determining your worth in the marketplace.
8) Choose the right moment
Most people make their pitch at review time. But if your boss is overwhelmed by the pressure of completing everyone’s evaluations, he may be less inclined to grant your request. He may also already be constrained by a set budget. Instead, time your request to coincide with changes in your own tasks. McGinn advises asking for a raise just before you take on new responsibilities or right after you successfully complete a project. “If you’ve just created a whole bunch of value for your company, it’s a great time to say, ‘Can we share that value?’,” she explains. If your boss still doesn’t seem receptive, suggest revisiting the issue in a few months and then get on his calendar.
9) Practice ahead of time
It’s important to rehearse what you will say, and not just in your head, adds Faison. “Do it out loud, practice it with someone else, record yourself, and play it back.” Listen for weaknesses in your argument or signs that you aren’t getting to the point quickly enough. Make sure to consider the conversation from your boss’s point of view, imagine the varied reactions she might have, and plan your responses. “Really think about her interests and why she would even be interested in engaging,” advises McGinn.
10) Be confident
As you make your case, always strive for a tone of mutual respect. “I call it the Three C’s,” says Faison. “You’ve got to be calm, and conversational, and to establish an air of collaboration.” Try to avoid patterns of speech that Faison refers to as “power robbers.”Don’t make statements in the form of questions (“Would you agree I’m due for a raise?”) or qualify them (“I believe that my work has been very good…”). Instead, be direct and confident. Positive body language will also impart an air of confidence.
11) Avoid complaints and ultimatums
Never start the conversation with a grievance or threat. “You’ll just put your boss on the defensive, which is not a good stance to take,” says McGinn. Avoid comparing yourself to colleagues or complaining that you make less; stay positive and focus instead on how much you contribute. You should also avoid “implicitly or explicitly threatening to leave” as a negotiating tactic, says McGinn. At best, you’ll turn the conversation adversarial; at worse, you’ll paint yourself into a corner if you don’t get the raise.
12) Look forward, not backward
Pitch your raise as not only recognition for past achievements, but also tacit acknowledgment that you are a dedicated team player committed to growing with the company. Lay out your contributions, then quickly pivot to what you hope to tackle next. Assure your boss that you understand his pressures and goals, and pitch your raise as a way to help him. “You’ve got to understand what is it they value, what it is it that’s important to them, how are you making their lives better as well as the company’s,” says Faison.
13) If the answer is no
If your request is declined, have a Plan B at the ready: Are there benefits you might accept in lieu of an increase in salary, such as a bonus, stock options, or more flexible work hours? And if your boss’s answer is still no, ask what it will take to shift the answer into a yes. “Ask what tasks you can take on, what changes you can make in your job that would lead to that raise,” says McGinn. You’ll show your boss that you are committed to growing within the company
Principles to Remember: Do:
Prepare your case by gathering data on your unique contribution to the business.
Consider your boss’s priorities and explain how you’ll help.
Practice the conversation ahead of time.
Don’t
Wait until review time. If you’ve taken on a new role or just notched a success, approach your boss to test the waters.
Compare yourself to a colleague. The request is about your work and your value to the company.
June 24, 2016 – Economy, Investment, News Updates.
In a historic referendum, UK has voted to leave the European Union (EU) with 52% of the votes, after being in the EU for 43 years. Though most of the regions voted on leaving the EU, London and Scotland voted strongly on remaining.
As the market reacted to the result from the referendum, the pound fell to its lowest level against the dollar since 1985. The fall in sterling marks the biggest one-day fall ever seen and at one point, we witnessed a drop of more than 10%.
1) Tertiary education
The UK remains one of the top education destinations for Malaysians, and the world in general. According to UNESCO statistics, the UK is ranked #2 in the top 20 countries for international students, with a total of 427,686 international students.
Malaysians are attracted to tertiary education in the UK, which contributes to the rise in property investment in the country.
Though Brexit will unlikely affect the quality of the education offered to students, the sliding sterling can be beneficial to many parents who are paying for tuition fees in Sterling — that was about 6x to the Malaysian ringgit last month.
At the time of writing, the ringgit was at 5.5586 to the pound. If the currency continues to slide, Malaysian parents may be able to gain a respite from the sliding ringgit.
2. Outward investment to the UK
Due to the UK’s popularity with international students, many Malaysian property investors are looking to invest in student accommodation in the UK.
In fact, Malaysians make up one of the biggest investors in the property market in the UK, especially institutional investors such as the
Employees Provident Fund, Retirement Fund Inc. (KWAP) and Armed Forces Fund Board (LTAT).
According to Virata Thaivasigamony, director of Cornerstone, a property real estate investment firm, 73% of overseas Malaysian property investors in 2015 have gone into purpose-built student accommodation (PBSA) due to its 8% yields.
However, with the risk of recession post-Brexit as predicted by the International Monetary Fund (IMF), experts are worried that the faltering economy would badly affect property prices, thereby hindering the ability to construct more homes, and also allowing overseas investors to buy property at a lower value.
This could be good news for new Malaysian property investors with holding power, who are looking to break into the UK property market. With the lower currency exchange rate and also lower housing prices, it could be time for these investors to start shopping for a good buy.
However, if this does happen, it will not be favourable to existing property owners. In light of the possible recession, property investment can be difficult, either in rental or in sale.
3. Inward investment from the UK
In quarter one of this year, the UK contributed RM1.9 billion of foreign direct investments (FDI) or 9.3% of the total FDI stock. We saw an increase of 54.1% compared with the same period last year.
In the same quarter, the EU was the largest contributor to Malaysia at RM30.3 billion (39.0% of total FDI stock), a rise of 21.8% from last year’s figure.
Experts do not expect Brexit to affect the FDI in Malaysia, as it involves medium- to long-term factors. However, MIDF Research predicts that it will significantly impact portfolio investments like stocks, bonds, treasuries in the short term.”
“We opine that Brexit has marginal impact on the economic fundamentals of Malaysia but more on financial markets due to negative sentiment. In the wake of Brexit, investors have fled to safety, which means the dollar, yen and bunds (German bonds), causing yield to plummet,” MIDF told The Sun Daily.
This can already be seen with the performance of the stock market, where we saw a large net outflow of portfolio capital for the past eight weeks, averaging above RM1.0 billion.
4. Trade
Today, when the result was announced, other than the plunging currency, world oil prices also tumbled by more than 6%. Experts opine that the reason why the world oil prices took a tumble could be due to risk aversion more than fundamentals.
In Asia, Tokyo stocks slid by more than 8% and Japan’s Finance Minister Taro Aso called an emergency news briefing.
However, according to Credit Suisse in a report in the New Straits Time prior to the announcement of the referendum result, Asian exports do not rely heavily on UK’s demand. Therefore, any direct impact on the regional economies ex-Japan would likely be small with the exit from the EU.
This is because, the bilateral trade significance between UK and Malaysia has declined since the 1990s. Year-to-date, the UK has only contributed 1.1% to Malaysia’s total trade and ranked 17th out of 240 trading partners.
Businesses that may be vulnerable to Brexit are commodity and business processing exports, said economists Dr Santitarn Sathirathai and Michael Wan. Malaysia, along with Thailand and Vietnam, are agricultural and processed food exporters to the UK, while Malaysia and Vietnam also export mining products.
The exit could result in Britain being a less attractive export destinations in the eyes of Malaysian businesses, due to the possible weaker economy. This remains to be seen.
However, the sliding currency could mean cheaper British products for Malaysians.
5. British pensioners in Malaysia
Ranked as one of the top 7 best places to retire by the InternationalLiving.com, Malaysia is one of the most popular destinations in Asia for expats and retirees from the UK.
The Malaysian government has been welcoming expats for long-term stays in the country, with the My Second Home (MM2H) programme launched in 2002.
Since its launch, the programme has encouraged almost 20,000 expats to settle in the former British colony. The MM2H has no age restriction, which makes it a popular long-term visa for retirees.
The British state pension system allows pensioners to receive their pension abroad. Although the pension paid is not subject to income tax in Malaysia, it is still affected by the currency volatility.
With the possibly continuous downward slide of the sterling pound due to Brexit, British pensioners in Malaysia can expect a much smaller retirement income moving forward.
6. Tourism in Malaysia
In uncertain economic times, one of the luxuries that people let go of, is vacation. In 2015, we saw the arrival of 401,019 tourists from the UK, while in the first quarter of 2016, we saw a hike in that number by about 2.4% compared with the same period last year.
As the summer holiday in the UK approaches, will we be seeing an influx of British tourists to Malaysia?
This can be unlikely, as the British are assumed to be more careful with their finances, especially with falling currency, and hence foregoing long vacations.
We can expect a lower number of tourists from the UK in the coming months, but it probably will not affect tourism revenue in Malaysia significantly as the majority of the tourists coming to Malaysia are from the Southeast and Northeast Asia regions.
Brexit was hailed by Nigel Farage, the leader of the UK Independence Party (UKIP), as the UK’s “independence day”. Though experts do not foresee drastic change for Malaysia, things are not expected to be rosy in the UK.
The IMF predicted the worst-case scenario could see the British economy sink into recession next year, and the overall economic output to slide 5.6% lower than the 2019 forecast, and unemployment to rise above 6%.
In this unprecedented moment, Britain will be the first country to exit the EU, since its formation. However, the referendum would not be an automatic exit for Britain as a member.
The exit process will probably take a minimum of two years, with Leave campaigners suggesting during the referendum campaign that it should not be completed until 2020 – when the next scheduled general election will be held.
Whether Britain will really benefit from its exit from EU will remain to be seen, but it is likely that any direct impact on Malaysia would be minimal.
Going for an interview session ?? Make sure you get well-prepared on what those interviewer will ask you... Click here to find out more info, more than 5,446,285 viewers here:
1. Tell me about yourself ?
2. What position would you like to work at our company ?
3. What are your strength ? / What skill do you have ?
Are you planning to work in Singapore or you’re working in Singapore at this moment ? It’s important to know this before you work in Singapore… Dream of working happily here ? But you should beware, sometime things will go wrong. There are some news that foreigner worker were get cheated, such as working for 6 months without salary, overpaying employment agency fees to their agent back home, and others.
Learn to Protect Yourself here !
Planning to work in Singapore, first thing to remember is:
1. Payment of fees to your home country agent:
Not to overpay your home country agent.
Make sure you resolve any agency fee issues before you leave your country.
2. Your In-Principal Approval Letter (IPA Letter)
You will receive a copy of IPA litter in your native language from Ministry Of Manpower (MOM).
Read and understand your IPA letter carefully, it contains:
a.Your monthly salary
b. Allowances c. Deductions for food and housing
To begin your employment in Singapore, you have the right to ask for additional details on your job, such as working hours, overtime and others, while you’re working in Singapore.
To start your employment in Singapore you must make sure that, your employment agency fees in Singapore are only 1 month’s salary for each year of work and the maximum of charges is up to 2 months only. You must get a receipt on any payment from your employment agent in Singapore.
Employer’s Responsibilities
While here is to make sure employer care for their employee too. Employer should ensure that their employee are living and working in a proper conditions.
Salary Payment
As usual, you MUST receive your salary once a month and should not be late than 7 days after the end of your salary period. Remember not to sign a blank salary vouchers or any other salary voucher unless you have received your salary. Your salary payment must include Overtime, Work on rest day and Public Holiday.
You’re entitle for sick leave and paid annual leave after you work for 3 months with your employer.
Work Injury Compensation & Medical Treatment
Employer have to pay your medical treatment and your salary, if you’re on medical leave. If you wish to be compensated for an injury at work you can report to the MOM and do not need a lawyer, is that easy !
Law Culture in Singapore
**Please do not take matters to your company, obey the law at all the times:
1. Do not litter. 2. Do not smoke in certain public areas, such as bus stops or MRT stations. 3. Do not fight 4. Work and live harmoniously
If you break the law, your employment could be terminated.
Force to Leave Singapore ? What to do ?
Your employer cannot force you to go home without resolving any outstanding employment claims, such as your salary payment and your medical expenses. If they do so, please seek help from airport immigration officers.
Employment contract can be end earlier, as long as your employer given notice before the period and paying your salary in place of notice.
If you have problems with your employment, you should report it immediately to the MOM.
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