How to increase your salary
How to earn more money
Make sure you are going to extra mile, take any opportunity to learn from someone who has more experience in your role or at the company, and go after certifications or classes that will make you a better employee. Additionally, ask management what they are looking for a person in your role to accomplish in order to be successful, and regularly communicate with your bosses about how you can improve.
More importantly, however, prove that you are doing your job well. Be certain to keep track of your on the job accomplishments in an early accessible place. One tip I’ve heard is to save congratulatory or praising emails in a separate folder for later reference. This way, not only can you have a quick reminder of a project on which you performed well, but you can access it for a boost our inspiration. Additionally, if you are in a type of role that you have set quotas, make sure you are on track and that you document when goals are met.
Even more importantly, you need to communicate your needs to management. If your workplace does not have a designated review cycle, make it a point to request a performance review when it is appropriate (if you’re not sure, you can ask a coworker – it’s often 12 or 18 months). If there is a specific time frame, and your performance is stellar, you may be able to negotiated an accelerated review cycle such as 6 months.
When your review comes, be armed with your accomplishments and be ready to prove your candidacy for a raise. Do not approach the negotiations in an adversarial way, but be firm. Americans are typically raised in a culture where prices are set and we rarely have an opportunity to haggle, so negotiation can seem awkward. Don’t let this prevent you from being an advocate for yourself; remember, negotiation is about reaching a compromise that is acceptable to BOTH parties.
If you want to get more comfortable with salary negotiations, Ramit Sethy has a great video series on YouTube. In this particular video, he goes over common objections and some possible responses.
Go into negotiations with an idea of what your worth in the marketplace would be. Glassdoor or Salary can give you an accurate range for what others earn in a similar role and geographic area.
Invest in yourself! Education pays the most dividends. If you are under employed, think about going back to school or taking classes to make sure you are qualified for the job you deserve.
Our favorite resources:
-EzCertifications: specializes in professional certifications such as PMP, Agile, CAPM, ITIL, Six Sigma, Big Data, Hadoop, SAS, and Cloud Computing. The company is accredited by eight global companies and boasts over 50 training courses.
-Lynda.com: is the industry leader for online, self-paced learning. Their on-demand video library offers a wide range of courses and video tutorials to meet anyone's learning needs - from professional development to online marketing, programming, design, photography, music, and much more.
Fix up your resume: Hiring managers have to sift through hundreds of candidates, and a good resume and cover letter are the first impression your potential new employer will get of you. Make sure you are properly highlighting your certifications and special abilities, and that your cover letter specifies why you would be perfect for the job. It's advisable to customize the cover letter and resume to the specific job you are applying to.
If you want to try America's number one resume builder, set yourself apart with MyPerfectResume, which specializes in career services products and offers a wide variety of tools including Resume Check, Cover Letter Builder, Career Tests, and Cover Letter/ Resume Writing Services.
Post your resume: Don’t be afraid to put out lots of resumes (you can set your profile to private, so your current employer won’t see). Even if you stay at your current job, you may be able to use a competing offer as leverage to negotiate a higher salary. Or, you have the option to simply walk away if your employer can’t offer you a competitive salary. Research indicates that changing employers increases your earnings on average much faster than getting raises at the same company.
Increase your chances by posting to all the major job boards (you can save time by using ResumeRabbit, which instantly submits your resume and job requirements on up to 75 top job sites, giving you visibility to over 1.5 million employers and recruiters daily with a single submission).
Finally, make sure you fully understand your non-salary benefits. If you have a 401k, SIMPLE IRA, or other matched retirement incentive plan, make sure you are at least contributing to the maximum employer match (I recommend contributing even more, but AT LEAST the match our you are essentially throwing away money). Talk to HR as well as do your own independent research to make sure you are getting the most out of these plans, stock options, or any other benefits.
Additional reading:
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
I Will Teach You To Be Rich by Ramit Sethi
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley and William D. Danko
More SmartCityMoney articles you may enjoy: Make money with these paid survey sites Save money with 4 easy DIY skills How to think like a CEO The absolute beginner's guide to investing in the stock market The complete guide to paying down debt
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Provided for general information purposes only, not a substitute for professional advice from a financial advisor or career coach. Advertising revenue from affiliate links helps to support this site. Learn more.
