Paycheck.sg was conceived as a project way back in 2011. Since then, the World Wide Web (WWW) has pivoted from informative to social. However, we are glad (but also disappointed) that Paycheck’s original mission is still very much applicable, if not more so in view of the tight market for talent in Singapore. So let us revisit some of the key thought processes in the conception of Paycheck.sg, Singapore’s First Salary Analytics and Benchmarking Platform.
The problem statement we’re trying to solve through http://www.paycheck.sg is to bridge the information gap between a job holder/seeker’s current salary vs the industry norm.
Option 1– A platform could be developed for HR practioners to submit their organisation’s compensation package. But there’s a big problem. Why would they do that? And there are already HR forums whereby the industry does its benchmarking. However, this is done with the intention to establish a “glass ceiling” to safeguard the corporations’ interest.
Option 2 – Shift the negotiating power back to the job seeker through a C2C (consumer to consumer) platform to allow individuals in the workforce to provide their salary package anonyomously. The aggregate data will provide insights for sharing with the local community.
With a reference benchmark and access to detailed analytics, job holders/seekers would be able to better negotiate their asking salary, or count their blessings and stay contented with their current job role.
Till date, there are more than 5,000 “paychecked”, and we are heartened by the shared vision of many in the local workfocre. In fact, this was achieved with little or no marketing/outreach, thus we need sustained word of mouth support from our community of users. The more paychecked, the better the analytics. No matter how you view it, the site will only serve to benefit employees, providing balance to our capitalistic economic order (top extract from bottom, retain, repeat).
So don’t wait. Get your “paychecked”, tell your friends and family, and let the word spread.