How to Increase Your Salary in 5 Ways
Many people get nervous when wanting to increase their salary, usually because they only consider negotiating annual salary with management or back to job hunting. While both of those are valid options to boost your compensation, there are several ways to make gaining a larger salary easier.
Read below for five ways to increase your salary.
1. Track Accomplishments to Argue Salary Increase
People tend to assume their hard work is noticed and don’t take note of their accomplishments. This is a mistake, especially when it comes to annual review time. Your yearly review is an excellent time to bring up all you’ve done, and if you’re fumbling through your achievements, it won’t feed your argument as to why you deserve a salary increase.
Take note of any accomplishment or when your personal involvement helped secure a positive for the company. You may not even need to ask for more money.
2. Discover New Skills Related or Unrelated to your Job
Learning new skills, especially ones that are in-demand is always a great way to boost your income. By acquiring new skills, whether on your own time or by shadowing coworkers in higher-paying departments, you become more valuable and competitive in the job market. This strategy pays off whether you decide to remain at your current job with better pay or aim for a promotion, as it shows initiative. If you’re considering leaving for a better position, then it is preparation for the job you want.
3. Side Job
While getting a side job doesn’t gain you a bigger income from your job, it is extra money coming in and is a good way to get experience in another field. Having a side gig exposes you to a new industry and helps you become more valuable through the skills and experience gained.
4. Salary Negotiation
As it was mentioned at the beginning, many people get nervous when it comes to negotiating salaries, and understandably so. If management doesn’t increase your income and they know you want more, it can sew distrust. If you stay in the hopes they’ll increase it later, you’re hoping your value is seen or worry that you’re being taken advantage of, or just gave them a reason to add your name to a future layoff list.
To ease your nerves, you can prepare for a salary negotiation by keeping track of your accomplishments, and the in-demand skills you’ve acquired, and by discussing what you’ve brought to the company in as much time as you’ve been employed by it. Getting a pay raise doesn’t have to be stressful, it’s discussing what your skills are worth and how valuable they have proven to be.
5. Switch Jobs
If the company hasn’t given you a pay raise or given you one that you’re unhappy with, you can always reenter the job market. This is another area where the previous ways to increase your pay comes in handy; you’ve acquired new skills, gained more experience, and developed your value further while working for a raise. Though, if the idea of job hunting again is frustrating or stressful to the point where you’re putting off staying in an underpaid position, you can seek out a quality recruiting agency.
Our employment experts here at Provisional have helped over 20,000 job hunters and professionals find the best jobs for them throughout the Northwest. Provisional Recruiting has been rated as one of the top staffing agencies in both Seattle and Spokane, winning regional acclaim for our services. If you’re unhappy with your current pay and want to begin a new career or looking for a part-time position, connect with us and let’s secure the pay you deserve.
