10 Tips for Increasing Your Salary
Most everyone wants to make more money, but not many people have a strategy for making that happen. Here are 10 tried-and-true tips for increasing your salary.
Be aggressive when negotiating salary raises
Don’t be shy about asking for what you expect to be paid. Document your achievements, and use your documentation to support your claim that you’re worth more than the salary your company is currently paying you.
Compare your salary
Before asking for a salary increase, know what you’re worth. Find out how valuable your skills, experience, and knowledge are. There are plenty of websites where you can research this; however, try to find one that is region specific. Be sure you compare apples to apples.
You can evaluate salary rates through the following sites:
Become a trusted advisor and expert
Learn about the trends and developments in your career field. Attend industry conferences, read industry publications, and meet regularly with experts in your field who are willing to mentor you. Learn all you can about your company and the line of business in which you work, then put all this knowledge to work by being an indispensable expert for your management and peers.
You can have extensive background and skills in your career field, but that doesn’t do you any good if no one knows who you are. Take on challenging projects, or work assignments and make sure management (including senior leaders) are aware of your contributions. Make sure to speak up during meetings too. All too often people miss this type of opportunity to demonstrate their knowledge and skills to an influential audience.
Create a development plan that includes training and certification programs that lead to a promotion. Consider taking online learning courses and don’t forget to find out if your company will reimburse you for job-related education expenses.
In today’s world, there’s no reason not to keep up with desired skills. There’s a wealth of information available on the web if you put in the work to find quality (and credible content). Here are just a few resources to consider:
Make sure additional degrees are worth it
Some people make the mistake of going back to school to get an additional undergraduate or graduate degree without first considering whether it’s worth it. If you plan to stay with your current company, find out if the company values education as much as it values experience. You may find that you already have the same educational background or degrees as senior management.
Be a change champion
When things change at work, don’t fight them. Instead, be positive and an early adopter — your adaptability and enthusiasm for change could result in a salary increase. Remember, the one constant is change.
Be open to feedback
Constructive criticism is a great development tool. Ask for it and take steps to improve your performance based on it. Don’t forget to seek feedback from your peers, as well as your boss.
Hone your communication skills
People who speak and write well have an advantage over those who don’t. If this is an area of opportunity for you, consider taking a writing and public speaking class.
*See resources above for available classes
Increasing your salary may mean moving into a position where you have to manage projects or department budgets. This means you’ll have to be comfortable reading financial statements and reports. Brush up on your math skills and take internal or external courses to learn the basics of managing business finances.
There’s no magic formula for increasing your salary — one size does not fit all. It’s up to you to select the combination of recommended tips that fit your career goals. No matter what your situation is, be open to opportunities to develop your skills and gain exposure within your company.
What has worked for you?