Not everyone is interested in job-hopping and many people are satisfied with the company they work for. Yet, even under these circumstances, it’s completely normal to feel like you deserve a salary increase, especially with the rising costs of living.
Finding the courage to ask for a raise can be a challenge, but there are several ways you can make it happen sooner than you expect. Here are a few ways you can bump up your salary without switching jobs.
1. Upskill through further education
Further education is one of the best ways you can increase your professional value, be seen as an expert in your field, and get closer to your desired salary. Investing your time in improving your skills and qualifications can make you stand out as a valuable employee in your company.
You can look for complementary courses in your professional field, or even go for an online MBA degree to push your career to a higher level. You should discuss with your superior your intentions so you can assess what kind of qualifications would be the most helpful for the company.
Although it’s not guaranteed that further education will give you a pay raise, it’s still a great way to get a future promotion or facilitate a career transition.
2. Be proactive and bring new ideas
Several studies show that proactivity in the workplace has a positive correlation with career success. If you want to bump up your paycheck it’s important that you show initiative by suggesting new ideas, creative ways to improve the company’s products, services, or internal processes, and finding solutions to problems that your company may be facing.
Showing a consistent commitment to being a valuable member of the team, and bringing insightful perspectives that impact the growth of the company will put you on your boss’s radar as someone who deserves a raise.
3. Get a mentor
Finding a mentor can be an invaluable experience and a great way to stand out and enhance your career. Research shows that mentorship has several positive benefits for your career that can lead to promotions and salary increases.
A mentor is a seasoned professional with significant experience and knowledge in your field of work. This person has been in your shoes in the past and knows exactly how to guide you through challenges and obstacles, help you avoid career pitfalls, and connect you with other professionals in your industry.
You should choose someone who not only has a career path you would like to emulate but also whom you admire and share values with. Nurturing a relationship with a mentor can be a powerful way to get closer to your desired salary.
4. Help your boss shine
Making your boss look good will put you in the box seat to progress your career and get a raise. And no, this doesn’t mean being the boss’s pet or compromising your principles (you still want your colleagues to like you). It means you pay extra attention to what can improve your boss’s reputation.
The best way to make your boss look good is simply to be an outstanding employee. Perform your job well, meet deadlines, and go above and beyond to bring new ideas and solutions. Closely collaborate with your boss, helping them keep organised and preventing them from being blindsided.
Helping your boss be praised doesn’t mean you let them steal the credit you deserve. Any reasonable boss will appreciate and reward your efforts.
5. Keep a record of your achievements
You are your own best advocate. Keeping track of all your achievements within the company can be very helpful when it’s time to ask for a raise. Think about all the times you went above and beyond to bring value to the business.
Some examples of achievements include bringing in more clients and revenue through a specific project, finding a solution to a problem, developing a new system or procedure that reduces internal costs, successfully leading a team, or receiving an award, just to name a few. Don’t forget to include hard numbers whenever possible.
Having a list of achievements prepared is the best argument you can bring to the table when asking for a salary increase, as it shows you know what your work is worth.
6. Be mindful of timing
It’s crucial to consider the best time to ask for a raise. You may feel like you deserve a raise immediately because of all of your accomplishments, but if your company is showing signs of financial struggle, having budget cuts or laying off staff, then it’s probably not the best time to discuss a raise.
If that is not the case, then consider which are the best opportunities to have this conversation. It could be after a very successful company achievement that you were involved in. It’s also wise to find out when your company does compensation reviews (usually every six or 12 months) and have a meeting shortly before that.
Also, consider your tenure. If you have been employed in the company for less than six months, consider holding off the conversation a bit longer.
7. Prepare for the meeting
Finally, make sure you are fully prepared for the salary conversation with your superior. You don’t need to have a complex PowerPoint presentation ready, but you must have a pitch in mind that highlights your accomplishments in the company.
Leave out any personal reasons why you need a raise. Strictly focus on your role in the company, your milestones and achievements. These are your best arguments.
Also, make sure you do your research. Understand the current salary trends for your job title and location to know exactly what is a competitive salary in your industry. This will help you negotiate your salary with more confidence. And of course, don’t forget to show love for your job.
In conclusion, bumping up your salary without changing jobs is very much possible. Focus on upskilling, making yourself indispensable by bringing new ideas and solutions, and don’t forget to keep a record of your accomplishments while considering the appropriate time to ask for a raise.