You deserve a salary increase. However, your boss may need some convincing. Are you ready to show your employer you’re worth it?
There are many ways and actions you can take to improve your salary. Some are obvious, such as signing up for extra hours or taking on more responsibilities. Other steps you can take will require investment in time and selling yourself!
Whether you’re just starting out in a new career or have been working for a company for many years, knowing what you can do to potentially increase your salary can be an essential life skill that can help you improve your financial security in the long run.
5 Ways To Increase Your Salary
While it can be hard to pinpoint exactly what will help you earn more money in your specific situation, a few basic guidelines can be pretty universal to many jobs. Here are five things to keep in mind.
1. Focus on Your Skills
In their simplest state, most jobs require specific skill sets. You can improve your efficiency and become very good at your career by improving your skills. Being the best person to do a job can make you incredibly important to an employer, earning you a higher salary and more job security.
Stay updated on industry trends, attend relevant workshops or conferences, and take advantage of your employer’s training opportunities. Acquiring new skills and knowledge can make you a more valuable asset to your employer, increasing the likelihood of a salary increase.
2. Track Your Experience
Experience can be nearly as valuable as skills regarding your value as an employee. By keeping track of your prior work experience, you can build a formidable resume over time that can make you an essential asset to a company and possibly help you earn higher wages. Like many endeavors, gaining a high level of experience in a career can require a lot of patience and commitment, but it can be worth it in the long run.
3. Go Back to School
While it may not be the best option for everyone, returning to school to earn a higher or more specialized degree can help you increase what you make. You might even consider earning another degree while still working. You could earn a bigger paycheck by informing your employer of your progress.
Investing in your own development demonstrates your commitment to growth and shows that you are willing to go above and beyond to excel in your role.
4. Document Your Achievements and Contributions
One of the most effective ways to prove your worth and secure a salary increase is to document your achievements and contributions.
Keep track of your accomplishments, whether completing a successful project, exceeding targets, or receiving positive feedback from clients or colleagues. This documentation will serve as concrete evidence of your value to the company and can be used to support your case when discussing a salary increase with your employer.
Highlight any additional responsibilities you have taken or any ways you have gone above and beyond your job description. By showcasing your contributions, you can demonstrate that you are a valuable asset to the company and deserve a higher salary.
Avoid assuming your employer knows your value to the business. You need to sell your skills, experience, and where you can be helpful to your employer.
5. Career and Income Goals
Set career and income goals using the SMART goals methodology to ensure your plan to earn more is achievable.
It can be hard to try and increase your income if you don’t know what you should be aiming for. As with most things, increasing your salary can be easier when you have a tangible goal.
Rate of inflation increase
Always seek an annual rate of inflation salary increase. For example, if the current inflation rate is 5%, ensure your salary increases by 5%. This increase ensures you keep your purchasing power the same as everything you buy price increases.
Learn more about inflation and business to sell the reason for increasing your salary.
Other Actions Worth Taking
You can take other actions to show your employer you are worth a salary increase.
Volunteer for testing and other projects that improve the services and products of the business.
Also, suggest suggestions for business process improvements that save the company money or improve productivity.
Assisting your business to attract new staff or customers will also elevate your worth, and you can present your achievements in your performance meetings.
Seek feedback on your performance, and act on it. This will show your employer you’re serious about your role and the company.
Get on well with your colleagues and managers. Also, create an external network of advocates. Use LinkedIn to converse with prospective customers, peers, mentors,, and employers.
If you are unsatisfied with your salary, after taking these actions, consider other job opportunities, including freelancing, creating a side hustle, or starting up or moving to a new employer.