Salary guides are a valuable resource to job seekers and employers, offering insights into current pay trends across industries, according to Betul Genc, the vice-president and head of ASEAN at Adecco.
She answers some common questions Singaporean employers, workers and jobseekers have on salary guides below.
How accurate are salary guides generally? How is information for these compiled?
Compiled from diverse data sources like employer surveys, industry reports and job postings, these guides provide a benchmark for understanding current employment and salary trends.
By analysing key factors such as job function, experience level, company size, and location, recruitment agencies like Adecco, and employment organisations like Singapore’s Ministry of Manpower offer complimentary salary guides to the public, while paid salary guides from research firms are also available for those seeking specialized insights.
What differences are in guides and the information they provide between PMET and non-PMET roles?
Salary information for PMET roles is often more detailed, reflecting variations in years of experience and specific skill sets, particularly for senior positions.
As a result, the salary range may be broader due to the diverse factors involved. In contrast, salaries for non-PMET roles tend to be more generalised, leading to a narrower salary range.
How can they be used in salary negotiations during interviews or promotion convos?
Salary guides are powerful tools for salary negotiations. Job seekers can use it to gauge industry market trends and set realistic expectations, negotiate from a position of knowledge and plan their careers.
Employers can also utilise salary guides for hiring and salary planning, as well as benchmarking, to ensure they offer fair and competitive compensation packages.
In competitive industries, aligning with or above market averages is critical to attracting and retaining top talent.
Do employers benchmark against salary guides when setting remuneration?
While both employers and job seekers frequently use salary guides, it is important to recognize that they offer general information and may not account for factors such as the size of the business, the unique value a candidate brings, or industry-specific market contexts.
For jobseekers, relying too heavily on salary guides may suggest inflexibility in salary negotiations or insufficient market research.
It’s best that both employers and job seekers consult multiple sources of salary data, as different sources may employ varying methodologies.
Jobseekers should view salary data in the context of their current and potential compensation packages, as well as the unique value they can offer to a future employer.
While salaries are benchmarked, they do leave out perks and other non-monetary compensations as well. What are the key ones that should be considered and factored in that are trending in the job market these days?
As salary guides typically focus solely on monetary aspects, it is beneficial to consider the overall remuneration package and growth opportunities, which include workplace or workday flexibility, career progression, learning and development opportunities, and internal cross-team or cross-geographic mobility options.
Organisations often employ innovative strategies to attract talent. Thus, conducting a comprehensive evaluation of the total compensation package will be more insightful.
This article was done in collaboration with Adecco.
