You will most probably agree that additional income can do no harm. Even if you are satisfied with your income level and can totally support yourself. The future, nonetheless, is hard to predict. It is, therefore, beneficial to plan things in advance and earn more now, while you still can. Here in this blog, we talk a lot about saving and investing — two other ways of getting the max out of your money. However, there are also ways of being financially well-off by simply getting more from your salary. Today we take a closer look at this exact topic.
Option 1. Work more
Seems obvious, doesn’t it? Not necessarily. The devil, as always, is in the details. Without a few tricks, this option will hardly work. Spending more hours at work will not always get you a raise. Saddle yourself with an additional task and wait for the appreciation to come — no, it doesn’t work this way. There are employers who closely monitor the performance of their employees but chances are your boss is not one of them.
It is wise, therefore, to discuss additional tasks you are about to take over with the management beforehand and get an official approval
It can be that the company has been looking for a particular specialist for quite some time. Being able to perform said functions, you can add them to your daily routine and expect an additional remuneration. Not a bad plan if you ask me.
It can be that your supervisor has some additional tasks to do and is ready to pay for them something extra. Explore the opportunities your company has to offer as it is quite possible to find something that will provide you with additional income. Find a friend in the HR department whom you can ask about additional opportunities. Your desire to do more than the rest of your colleagues can also be perceived by the manager as a sign of loyalty and hardworking nature, yielding some results in the long term, too.
Option 2. Strive for more
Those employees are particularly valuable to the company who can generate additional value. Offer more than you are expected to and get praised (and probably a raise). Say, you reach your sale target in half the time you’ve been given. Quite an accomplishment. By selling more you can make more money for the company. By doing this on a regular basis you can even get promoted, which is another chance of increasing your income.
What if you come up with a way of improving business processes in the company? Don’t be afraid to share your thoughts with the management, as many companies remunerate enterprising employees (at least, if there is a financial gain for the business). Even the most skeptic managers will have to reckon with your effort.
Option 3. The more you learn the more you earn
A multipurpose employee is an employer’s dream come true. For those looking for a promotion, new skills acquisition should become a number-one priority. Certain occupations (say, medicine and education) assume incremental growth of professionalism. Specialists, employed in different fields, can boost their skill level and income by attending courses and seminars. Staying up to date in the field of your choice is as important as acquiring new skills. The money you’ve spent on your education will soon find their way back as long as you manage to apply new skills in practice. For example, an SMM-specialist well aware of how search engines work is no doubt more valuable than the one who doesn’t. Education, however, can also be free.
New knowledge and skills can be acquired as you watch YouTube videos and read professional literature online
You can also improve your foreign languages by watching movies without a translation and communicating with native speakers with the help of special applications. Don’t be afraid to approach your employer, asking to pay for your education, but don’t forget to mentions all the benefits the company is going to get out of it. This can be a good way of getting new skills and a raise at the same time.
Option 4. Ask for it
Sometimes all it gets to earn more is your willpower. Chances are you are not getting what the company is willing to pay you — for the same amount of job you are already doing. Decent companies want their employees to feel valued. If your salary doesn't grow each year by inflation rate then you literally earn less every year.
Talk to your boss and an HR specialist: they are quite likely to cooperate. For example, you can send them salary increase letter or speak to them in person. The choice of arguments is as wide as you could think: several years already spent in the company without a raise, maybe you now have a child to care about.
Before you bring up this question, however, you have to assess yourself
Are you doing everything in your power to provide the best results possible? How good are you at your job? What kind of results have you demonstrated recently? Not being able to show up at work on time and regular underperformance will hardly motive your boss to give you a raise. Demonstrate your desire and ability to work properly to convince the management.
Option 5. Find another job
Sometimes nothing can help you earn more. When not being able to persuade your boss with any of the above-mentioned arguments, consider finding a new employer. But remember that personal factors are not the only possible reason for the inability to offer you more. There is no need to get emotional and blame the company. It very well can be that the enterprise simply cannot afford higher wages at this point.
Whatever the reason, it is time to move on and find a place that can offer you a considerably more
Should your choice be limited to the companies that simply offer more money? Not necessarily. Don’t forget about social benefits. When there is no need to pay for medical expenses out of your pocket the not-so-impressive salary can turn into something much more appealing in an instance. Meals and transport fees compensation can be just as good.
What NOT to do
Blackmailing. Not only it is childish to blackmail your manager, it is also bad for your professional reputation (imagine the rumor slipping out of the company and hitting the labor market). In this case, you are very like to leave the company but not the way you would want to.
Comparing yourself to colleagues. This is not something your boss would want to hear. As studies show, we tend to view ourselves as more productive than our colleagues. Which, unfortunately, is not always true. The thing is, your boss probably knows how good you and your colleagues are.
Pointing out to your personal merit is not something you would want to do
Being too assertive. It is good — especially in the highly competitive professional setting — when people can be assertive. It is, however, only to a certain extent. When approaching your manager on a daily basis for several months in a row don’t expect to receive the long-await salary increase. Everything is good in moderation.
Insecurity. When approaching a manager asking for a raise you should be able to explain why you deserve it. People get money for getting a job done. Recall your most recent accomplishment and don’t be afraid to bring them up when hearing a question «Why do you deserve it?»
Silence. Do you want to receive more? The first thing you want to do then is simply ask. A limited number of companies automatically raise their employees’ salaries. In most cases, you are in charge of negotiating a higher salary.
Each employee has ways of increasing his salary in one way or another. If you keep receiving the unlikely «No way» type of answer, consider finding another place to dedicate your time to.