Graduates pay

[yanyewkay]

Well, different companies have different formula in calculating the pay adjustment.
For those, who is not aware, I'm just giving a general overview.

But for sure, experience staff might not receive their due recognition in term of comparing pay to a fresh grad, unless they are extremely valuable to the company.

if you have been communicating effectively with your superiors and HR, I'm sure they will value your services, however, if your company is only interested in hiring fresh grads, then I think that position really does not need much special requirements.

The cost of training a staff is costly and usually will take anywhere between 3 to 9months before he/she can contribute back to the company.

Also to note that it is only cost effective if the staff hired will enable the company to earn at least 3 times his given salary.

 

[alan1996]

Sounds an education industry. High turnover, low pay, poor benefits, lots of penalty? Am I right?

You are good. Work in one of them before?
Before corporatised, the pay ok as they follow gov.

 

[yanyewkay]

If someone with 2 to 3 years relevant experience was offered $2k for a support role in a financial institution, would they accept the job?

depend on the person applying for it and his qualification. 2K is considered high for many while 5K is considered low to some. Is there supposed to be a blanket cover to what is supposed to be paid?

How about this scenario? 10hrs work day, split shift start 5am and end 12am, paid only dinner (if time allow) and some light snacks along the way, do you think anyone will take up this offer?

 

[JillValentine]

interesting numbers, though I don't really agree with them.

I dun agree too as they are too low, I have a fren who got distant degree, starting pay 2.4K, after 1 year, got 2.7K.

 

[JillValentine]

How about this scenario? 10hrs work day, split shift start 5am and end 12am, paid only dinner (if time allow) and some light snacks along the way, do you think anyone will take up this offer?

I think many amatuer wedding photographers are willing to do this to build up their portfolio! :bsmilie:

 

[pisduck]

I think 4% increment per year is considered VERY BAD. how can be considered good???

especially in your initial years. If you settle for 4%.... it takes VERY long to climb. In your later years, it is more acceptable but still low I think.

 

[JillValentine]

I think 4% increment per year is considered VERY BAD. how can be considered good???

especially in your initial years. If you settle for 4%.... it takes VERY long to climb. In your later years, it is more acceptable but still low I think.

I think this 4% is the "standard" annual increment... to climb high, cannot depend on this type of increment....think need to have payscale promotion (eg to manager, to dept head ...) to climb to higher pay.

 

[zcf]

I think 4% increment per year is considered VERY BAD. how can be considered good???

especially in your initial years. If you settle for 4%.... it takes VERY long to climb. In your later years, it is more acceptable but still low I think.

I think 4% is common practice in most industry, some industry are higher, some are lower :bigeyes:. Though the inflation rate seem much higher than the increment.

 

[JillValentine]

I think 4% is common practice in most industry, some industry are higher, some are lower :bigeyes:. Though the inflation rate seem much higher than the increment.

the lowest I have heard is $60 increment! :bigeyes: But got increment better than pay freeze or pay cut.

 

[cjtune]

the lowest I have heard is $60 increment! :bigeyes: But got increment better than pay freeze or pay cut.

I got zero increment before... so now the lowest you've heard is $0.... :sticktong

 

[cosycatus]

depend on the person applying for it and his qualification. 2K is considered high for many while 5K is considered low to some. Is there supposed to be a blanket cover to what is supposed to be paid?

How about this scenario? 10hrs work day, split shift start 5am and end 12am, paid only dinner (if time allow) and some light snacks along the way, do you think anyone will take up this offer?

Doctors work hours worse than that ( and 5am to 12am is not 10 hours, it's 19 hours workday)
Yes, many people want to be doctors.

- some lawyers and accounts work similar hours
does that answer your question?

 

[JillValentine]

depend on the person applying for it and his qualification. 2K is considered high for many while 5K is considered low to some. Is there supposed to be a blanket cover to what is supposed to be paid?

I just noticed again that the TS said its "graduates" so 2K is definitely low. The qualification is "graduate" loh. I think no matter what degree courses, 2K is too low. Even diploma can easily get >2K (usually 2.2 to 2.4K for dip holders)

 

[yanyewkay]

Doctors work hours worse than that ( and 5am to 12am is not 10 hours, it's 19 hours workday)
Yes, many people want to be doctors.

- some lawyers and accounts work similar hours
does that answer your question?

yes it does.. though I never knew doctors and 'accounts' get paid only with snacks and dinner if time permits.

Everyone is giving their 2cents worth.
Reminds me of a story about a few blind men touching different parts an elephant and describing how an elephant is supposed to look like. Amongst them, some never touched the elephant and just chipped in to describe the elephant anyway.

 

[yanyewkay]

I just noticed again that the TS said its "graduates" so 2K is definitely low. The qualification is "graduate" loh. I think no matter what degree courses, 2K is too low. Even diploma can easily get >2K (usually 2.2 to 2.4K for dip holders)

my guess is that TS would know some friends who actually took up such a job. :dunno:

anyway, I believe that you are worth what you accept. Unless there are some compelling reasons

I know a big local company does this for their new trainees, while on course, they are only paid peanuts as "allowance" only after passing their exams will they get what they are worth.

 

[bovine]

I think you need to look at the industry. Fresh grads in auditing get only $2.2k initially. Fresh grads in law, pharmacy get higher starting pay usually above $3k. In civil service, expect at least $2.7k. If u r in private/investment banking or hedge funds, u'll see your annual pay hitting the 6 figures within a few yrs.

Me to Investment banker friend : sian, this yr bonus only 3 months.

Him to Me : Sian, this yr bonus only 12 months.

Me : &%#%@#%*(*!!!!!!

 

[yanyewkay]

I think you need to look at the industry. Fresh grads in auditing get only $2.2k initially. Fresh grads in law, pharmacy get higher starting pay usually above $3k. In civil service, expect at least $2.7k. If u r in private/investment banking or hedge funds, u'll see your annual pay hitting the 6 figures within a few yrs.

Me to Investment banker friend : sian, this yr bonus only 3 months.

Him to Me : Sian, this yr bonus only 12 months.

Me : &%#%@#%*(*!!!!!!

Me to you: This year no bonus AGAIN

 

[bovine]

Me to you: This year no bonus AGAIN

Me to you : I've resigned so not sure if new job will have bonus.

 

[dancemania]

I just noticed again that the TS said its "graduates" so 2K is definitely low. The qualification is "graduate" loh. I think no matter what degree courses, 2K is too low. Even diploma can easily get >2K (usually 2.2 to 2.4K for dip holders)

Agree that $2,000 for any degree is way too low but I note that there are still alot of companies even MNC's that are paying this amount for grads.

Just noticed this website advertisement today :Foreign Bank Operations Officers ( Fresh Grads) Salary: >$2500. Are finance companies also paying this amount?

 

[MontoyaSG]

I just noticed again that the TS said its "graduates" so 2K is definitely low. The qualification is "graduate" loh. I think no matter what degree courses, 2K is too low. Even diploma can easily get >2K (usually 2.2 to 2.4K for dip holders)

it aint the case now actually but it also depends on the industry you're working in also..

i'm in the IT industry & the pay offered is definately not up to the 2.2-2.4k for dip holder but reachable if work odd hours with additional shift allowance

 

[scanner]

if you have been communicating effectively with your superiors and HR, I'm sure they will value your services, however, if your company is only interested in hiring fresh grads, then I think that position really does not need much special requirements.

The cost of training a staff is costly and usually will take anywhere between 3 to 9months before he/she can contribute back to the company.

Also to note that it is only cost effective if the staff hired will enable the company to earn at least 3 times his given salary.

In general, it is more expensive in losing experience staff than hiring a new/fresh one replace him/her.

Well, not every companies practice of adjusting the employee's pay fairly.
The newly employed fresh grad could be getting more than a current existing employee.
This also happened in MNC and even Stat. Board.