Different Ways to Increase Your Pay
Growth is not supposed to be a subjective term; this is because growth should ordinarily reflect in every aspect of life including financially. Arguably, financial growth has become more important in the last decade because of the global financial crisis, natural disasters, and other life inhibitors. Also, the need for financial stability has become increasingly important in the world; especially with the ongoing global pandemic. Hence, employers and employees need to devise means and come up with different ways to increase their pay. Regardless of the industry or field, all hands should be on deck to help you boost your pay.
Although there are many ways to increase your pay, going about it the right way is important. You shouldn’t go through the corners to increase your pay; not only will it give you a bad reputation at the workplace, but it will raise questions about your integrity and straightforwardness as well. Moreover, there is a myriad of legitimate and forthright ways of increasing your pay and income at work and in life. You shouldn’t be a reference point for negativity; it can harm both your professional and personal life.
Understandably, many workers want to increase their pay and income for various reasons which include saving for the future, getting out of debt, having a financial reserve in case of an emergency; and perhaps, to live a more comfortable life. From obtaining a new certificate to venturing into entrepreneurship, there are many options and strategies available for increasing your pay. All that is required is total commitment, honesty, and hard work.
Similarly, you may consider asking your organization for a raise in salary if you intend to remain in the job for the foreseeable future. However, as emphasized earlier, this process is sensitive and requires proper, careful, and prior planning. Relatively, timing is equally important; you need to choose the right time to ask. In addition, you will have to convince your employer that you deserve such an increment through your hard work, accomplishments, increased responsibilities, and excellent performance review. Therefore, this article will explain the benefits of increasing your pay and discuss the ways of doing so.
What Are The Benefits of Finding Ways to Increase Your Pay?
Enumerated below are the benefits of increasing your pay;
- Increasing your income reduces the stress about finances.
- You wouldn’t have to depend on just your salary or paycheck for survival.
- It avails individuals the opportunity to save money for future use and emergency.
- Also, it offers increased financial stability.
- You no longer have to take time to pay off debts.
Steps on How to Ask For an Increase in Salary
Follow these steps to request an increase in salary;
Examine your Tenure: If you are new to the job, don’t ask for an increase in salary in less than one year. This is because less than a year isn’t enough time to prove you are valuable to the organization.
Learn when the company performs salary reviews: If you have spent at least a year in the organization, you can find out when salary review is carried out. Also, try and learn about the processes involved in the review. Crucially, initiate the conversation on time before budget allocation is done.
When you have accomplished something big: After a big milestone, you can ask for a pay rise. For example, it will be a good time to ask for an increase if you sealed a difficult deal or made tremendous sales. Additionally, take advantage of the momentum of your achievement and you might get an increment.
Discuss other perks if your request is rejected: In some cases, organizations may reject your request or proposal for an increase in salary because of financial constraints. However, you can discuss other benefits and perks with the employer that can cover them as well.
The Best Ways to Increase Your Pay
There are both long-term and short-term strategies that can help you increase your pay amongst which includes working on yourself and proving your productivity. Below are the best ways to go about it;
- Gain more qualifications by going back to school
- Create a passive income
- Your job performance should be consistent
- Take more duties and responsibilities
- Entrepreneurship or starting a side business
- Ask for a promotion
- Ensure that your performance review is excellent and outstanding
- Understand your role better
- Be honest and likable
Gain more qualifications by going back to school: Although this might be a long-term way of increasing your pay; it comes with the assurance of increased pay. When you go back to school for post-graduate studies, for example, you are preparing the way for a promotion and subsequently, a pay increase. However, it is important to research the requirements for a higher-level position in your field or role beforehand.
Similarly, you can be more valuable to the organization if you have more skills and expertise. With more qualifications, you have leverage for requesting a pay increase. It also gives you better negotiating powers; moreover, it is obvious that employees who are formally trained offer more than just experience to the job. They offer the theoretical aspect as well.
Create a passive income: Have you ever wondered why some employees do better than others? Well, such workers created passive income to help boost their pay. If you are reluctant to pursue higher education, you can create a passive income through blogging or becoming a social media marketing influencer for example. These might take time to develop but they can pay off greatly and help increase your pay.
Your job performance should be consistent: Some employees make the mistake of relaxing after getting a pay rise; this is not ideal. If you want to increase your pay, you need to maintain your performance level. When you perform excellently and beyond expectation, you can earn higher pay. Additionally, your responsibilities and pay rise can be sustained and increased if you demonstrate good and consistent performance.
Take more duties and responsibilities: When available, take additional responsibilities in the organization; this will show your superiors that you are ready and fit for added roles. Remember, an increase in responsibilities can be a stimulant to an increase in pay.
Entrepreneurship or starting a side business: Another effective way to bring in extra income is going into entrepreneurship. When you have a side business, you have extra money to cater to your needs. There are various ways to go about this and most of them do not take much time or resources. For instance, you could turn love for photography or provide freelance writing as a side job that pays. You could open a barbershop as well to generate extra income.
Ask for a promotion: Requesting for a promotion is another strategy for increasing your pay. If you have all the requirements, qualifications, and skills, and have been in the role for a while, you can ask for a promotion. Relatively, apply for open positions in the organization that would be a promotion to you. Employers like workers who are interested in advancing in their organization. Such enthusiasm for progressing in the organization can get you a promotion and a pay increase.
Ensure that your performance review is excellent and outstanding: Performance reviews are carried out to determine outstanding and performing employees. Thus, work hard, carry out the assigned tasks diligently, and receive an excellent performance review. Receiving a great performance review gives you the advantage to negotiate an increase in pay since it portrays your value and importance as a member of staff.
Understand your role better: It is important to get to know the organization’s expectations from you before you think of asking for a pay increase. Compare this to what you are doing and come up with the areas that you need to improve on. In addition, go through your duties and responsibilities with your manager to know how to prioritize them. Focus on your unique skills; find a way to enhance your workflow and ethic, and bring something different and great that no one in the organization can. Most times, doing what is expected of you efficiently and effectively is enough to warrant a pay increase.
Be honest and likable: Finally, you need to be honest and liked by your superiors and colleagues. You can be the most productive employee in the company, but you will have difficulty negotiating for an increase in pay if no one likes you. Likeability probably contributes more to the amount you make than your punctuality. However, this doesn’t mean that you have to pretend or be fake. Be honest, and genuine, avoid unnecessary complaints, and care for other coworkers. This can help you to increase your pay.
Increasing your pay is vital for boosting your financial stability and well-being. However, an increase in pay doesn’t come easy; remember, your coworkers are also targeting the same. Your ability to be creative can help to fasten your pay increase. Hence, adhere to the tips discussed above and get ready for your next increase in pay.