You have been working hard and giving your all at your job. However, you feel that you do not get the right compensation for the work that you put in. After assessing your accomplishments and contributions to your company, and consulting with your superiors, you have confirmed what you’ve thought all along, that you are underpaid. Some companies blame it on recession. Others are simply remiss in staff evaluation. In some cases it might have been your fault for remaining timid about demanding a salary increase in the hope that the company will eventually show their appreciation. Rather than waiting for a miracle, the tips below might tip the scale in your favor. Your decisive action is your greatest tool to ensure that you will be able to earn more money and continue doing so.
10. Ask for a raise
After you have carefully assessed your status, your contribution and your performance and you believe that you are worth more than the salary you are receiving now, ask for a raise. If your company agrees with the assessment you have presented, in all likelihood you will get more money. Progressive companies appreciate bold and decisive moves made by their staff. However, you should be prepared to learn the process on asking for a raise and when it should be done. Timing is essential in cases like this for it to be effective.
9. Put in additional hours
This could be tricky though because working overtime requires prior approval and meritorious conditions. You should not do this to earn more money per se. Putting in extra hours that require additional payment should be done because the project or work you are doing requires you to do so. This means that you are doing overtime work because you are preoccupied with other jobs that require your attention during normal business hours, including meetings and answering emails and phone calls.
8. Learn the art of negotiation
Taking a new job offer, a promotion or reworking your current compensation means you enter the field of negotiation. You do not have to accept immediately the new pay raise the company is offering. There is always room for negotiation, especially if you are aware of your true worth and are prepared to present to the company what they will eventually get in return for paying you the amount you want. Of course there is no guarantee that you will get the right compensation package at once. Study the full compensation first and in some cases, be willing to find a common ground that will be beneficial for you and the company.
And being adept at negotiating will help you in other areas of your life outside of work.
7. Dress for success
This might not give you immediate results but this is a preparation for your future. Always dress for the position that you are aiming for without being too lavish about it. Always report to work with a sleek and professional look. It creates the aura that you are serious about your job and you have the right ambition, like painting a picture of how and where you want to be. It might be subliminal but when it comes time to choose a new leader or give out a promotion, you surely have a higher chance of getting it since your appearance is already associated with it.
6. Be recognized as an expert
If you have a special skill, do not let it go to waste. Companies are always on the lookout for people who are highly skilled in a specific field or industry. Develop your skill further by taking refresher courses, attending seminars and lectures and subscribing to trade magazines in your particular industry. Have the magazines delivered to your place of work. Again this is subliminal. Upper management is bound to be informed of your particular interest. Make sure that you become a regular contributor to the magazine whether it is just providing comments and feedback covering your field of work. Writing insightful articles on your particular subject is also good idea for you to become well known as an expert.
5. Become a coach
This is related to the above; however, this tip takes you out of the office. If you become known as an expert, then you might as well earn from it. If you have developed a following and there are inquiries about becoming a coach or a lecturer, then why not become one? This means you are going to be paid for the expertise you worked so hard to develop. You will be working in a field that is close to your heart, and earn compensation for sharing your knowledge to more people.
4. Become a specialist
You might say that being an expert and a specialist is the same. Actually it is not. Why? Because if you are a specialist, this means that your expertise in in high demand, as very few possess the skills that you have. This is what a specialist is all about and you will definitely earn more given the skills you possess.
3. Be a teacher
If you are an expert, a coach or a specialist, surely you are qualified to teach, if you happen to enjoy speaking in front of a crowd. Professional schools and community colleges are always in need of guest lecturers or part-time teachers with the right credentials to teach specific subjects.
2. Seek higher education
People that have received graduate and postgraduate courses are highly paid. Why be content with what you are receiving now when you could be earning more? Check your company policies as they might be giving scholarships or education subsidy to staff that want to go back to school. Of course there is the guarantee that you will remain in the company for a specific period but just the same, you are assured of higher compensation because your value and contribution to the company will definitely increase.
1. Be consistent in delivering good work
Zig Ziglar said, “Do more than you are being paid to do, and you’ll eventually be paid more for what you do.” This is very true. There is nothing more obvious to employers as a sign of dedication and responsibility than an employee constantly delivering good work. And you know very well that it will definitely pay you great dividends in the end. Otherwise you could always go back to tip number 10.
Now then, these are fantastic and very doable ways to earn more money. Check which one fits your current situation and work on it. It’s free and there is no harm in trying. Who knows, you just might get that boost in your income that you are waiting for sooner than you think.