If you’re not satisfied with your current salary and you’d like it to be much higher than it is, try these strategies to raise it to your target goal.
Ask for a Raise
The simplest way to increase your salary is to discuss a raise with your employer. Before you take this step, you should do some research. Check to see the average salary for your position outside of your company. Is it higher? Lower? Or just the same? If it’s lower than the average, you have some leverage to negotiate a higher rate.
You should also do some research at your workplace. Discuss your current salary with coworkers who hold similar roles. Many employees avoid this step because they believe that discussing pay is illegal or against company policy. This is untrue — the National Labor Relations Act gives you the right to discuss your wages with other employees at the workplace. Any company that tries to dissuade you from doing this simple act is violating labor laws.
Why should you discuss your pay with coworkers? This is an effective way of finding out whether there are any pay disparities in the workplace. You could find out that you’re being paid significantly less than your coworkers, even though they have similar roles and responsibilities. You should ask for a raise to close that pay gap.
What if your current employer isn’t offering a raise? Or what if the raise they’re offering isn’t very good? Then, this may be a sign that you should look for a high-paying job somewhere else.
How can you find a newer, better job? Check with your network. Talk to your friends and old coworkers to see whether they know of any positions you could jump into.
If that doesn’t yield any results, go to a professional recruitment firm that specializes in your field. So, if you’re in sales, you should go to a firm that recruits for sales jobs in a wide variety of industries, from media to finance. The right recruiters can guide you toward a better-paying job that you’re completely qualified for. They’ll find you the right fit.
Join The Great Reshuffle
You’re not alone in this! Plenty of employees across the country are changing jobs in hopes of achieving better salaries. This phenomenon has been dubbed The Great Resignation — although a more positive spin on the term has been The Great Reshuffle. Employees aren’t leaving the job market — they’re just shuffling to higher spots in it.
A survey from the Pew Research Center found that low pay was one of the top reasons why workers quit their jobs in 2021. The reason was tied with “no opportunities for advancement,” which also relates to low salary issues. When a workplace has no opportunities to climb up the corporate ladder, employees will assume that their salaries won’t get much higher.
Think Beyond Pay
A higher salary isn’t the only route for receiving financial compensation as an employee. When you’re interviewing for new jobs, ask about the employer’s benefits package, vacation days, PTO, etc. All of these will have a positive impact on your finances.
If there’s an employment opportunity that offers a salary a little below your target goal but a better benefits package, don’t ignore it. This could be a financially advantageous deal.
So, if you’re feeling disappointed when you look at your paycheck, follow these tips to boost your salary this year.