Are junior employees getting paid less than new hires following the spike in graduate salaries? A survey revealed that the median gross monthly salary of 2022's fresh graduates had shot up from S$3,800 in 2021 to S$4,200. This means that someone who started working in 2020-2021 would need a significant increment to match what a fresh grad hire gets this year. Do you think this is fair for junior exec/those who have been working for long but yet to reach the salary of fresh grads?
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Are junior employees getting paid less than new hires following the spike in graduate salaries? A survey revealed that the median gross monthly salary of 2022's fresh graduates had shot up from S$3,800 in 2021 to S$4,200. This means that someone who started working in 2020-2021 would need a significant increment to match what a fresh grad hire gets this year. Do you think this is fair for junior exec/those who have been working for long but yet to reach the salary of fresh grads?
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I can see why it feels unfair, but sometimes the market shifts faster than companies can adjust for current employees. It’s a good reminder for those already in the workforce to keep an eye on market trends and negotiate when the time is right. If you’re adding value, your salary should reflect that.
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I've noticed this trend in the industry too!! The jump in starting salaries for new graduates has been quite substantial recently. It's definitely sparked discussions about the pay gap between those just entering the workforce and those who've been in their roles for a couple of years. Many junior employees, some of my senior graduated I've spoken with, have expressed concerns about the discrepancy.