Sunday 5 February 2023

Grading myself based on my salary | How am I performing and what’s my rank?

Freak, not one of those articles that is going to be comparing annual salaries and seeing how we rank…..I am also tired from scrolling LinkedIn and seeing how everyone seems to be doing well. 2023 hasn’t really started on a good note for me and I find myself running out of motivation to work. Not sure is it because I didn’t have a good end of year rest in that I was working on a few projects and was pretty busy. But I kinda feel drained and tired even though the year just started.

Sharing the salary guide I came across

2023 will be interesting, many are expecting the year to be gloomy with news of layoffs in Big Tech and Banks coming, it is expected to have some ramifications. Spotify, Microsoft, Amazon and even Google has announced significant layoffs, cost-cutting seems to be the way in 2023 as more companies focus on the long term and try to preserve/burn less cash and last as long as they can for the smaller companies.

I was scrolling through Facebook one day and this showed up on my timeline, where they wrote that it is updated with the latest Ministry of Manpower data for over 1000 jobs. Specific data ranges and sample size is not revealed but I guess it is from MOM. Do take it too seriously in that do not let the survey dictate your feelings or take heavy emphasis as everyone is on a different path. But you can most definitely use it to gauge if you are going for a new role and use it as a rough measurement. Skills and age as well as experience play a part in your salary

What’s my rank? And how do I feel about it

For me, my salary is below the median for those in my role and industry. Across all industries, as a rough guide, I am in around the top 40% for my age range. They do also show the relevant other roles that you can venture into which might be better compensated or are skills that you can learn. As I advance towards being 30, a lot of doubts have arise about my career, life and skills or mostly what my existence is for?

To be honest, my job has been very demoralising as I find myself struggling to connect with my colleagues and getting things done. I do think it is a general issue faced for me as I tend to shy and find it hard to make conversations. With a lot of emphasis placed on how you are doing in Singapore, comparison tends to happen.

I am comfortable with the amount I am earning although more money is always better haha, of course, I do not have any commitments at the moment in terms of mortgages or any childcare expenses. I do wonder at times how do people have a child and mortgage yet be able to set aside money for savings and investing. It depends on the absolute amount you are earning but I believe it is tough managing expenses when you get married.

Reflecting a lot more

I think being home for a long period of time because of working from home, I have been reflecting on my life on what do I want. I think it tough as we grow older and seeing everyone advance in their life eg getting married, a property and having a child but here you are still single. I have to admit that I am very comfortable being single now and I think it’s great but when I think about old age then I think being single might not be the best way? Being attached also has it’s own set of problems but at least there would be companionship.

In terms of my career, I am not in a managerial role and prefer a individual contributor role. But my role is pretty general in that I think anyone can do it, It is also more of a backend role so not front-facing. If as a young and ambitious individual, I would say that my role is not great or career advancement nor will it reap great bonuses and increment but of course, it’s a comfortable job.

Up-skilling and learning new things is definitely a huge thing that I can do or to seek out interesting opportunities to widen my skill sets. Great time to start on a new year and let’s see what this year has to bring.

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  1. My result: "Across all industries, your earnings are in the top 1% of your peers aged between 25 and 29. Among 229,800 full-time employed Singapore residents in this age group, about 1% are in the same income bracket as you."

    1. Thanks for sharing the links! Made me feel good about myself, yet again. But I know I should lose myself in self-indulgence. There are better, bigger, and more difficult things awaiting me.

    2. shouldn't*!

    3. Oh, and my two cents on "what my existence is for". I stumbled upon this question literally yesterday and figured that my existence is to become as powerful as I can. That kind of power that can kill anybody I want. A very dangerous man. And yet, I didn't kill anybody, instead, I am nice to them. Why? Because here is a man who studies philosophy, who understands that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness. And as a man who currently is more powerful, it's my duty to make sure they succeed. If anything I said reminds you of LKY, I am honoured to say he is my idol.

    4. And guess what, I found an even better answer for what my existence is for! You see, obtaining power by itself, has no inherent merit, just like accumulating wealth. What you are going to do with that power is what really matters. And so in that regard I concluded that my existence is to know, to be good, and to constantly ask myself what I can do for my country, and beyond.