If you’re feeling dissatisfied with your current salary, it’s natural to wonder if changing jobs is the only way to earn more. However, there are other strategies to increase your pay without the need to move to a new company. Here’s how you can approach getting the salary you deserve.
How to Increase Your Pay – A Quick Overview
You don’t always have to leave your current position to secure a pay rise. There are ways you can stay while striving for the salary you want. Consider negotiating your salary or seeking a promotion within your current company. You might also explore side gigs to supplement your income while gaining valuable experience.
Below, we’ll outline how you can navigate these options to achieve your desired salary.
Negotiate Your Salary
Many employers expect some level of negotiation when it comes to salaries. If you’re looking for a raise, spend some time preparing your case. Highlight your recent achievements, skills, and the market value for your role.
Present data about industry standards to make your case stronger. For instance, you can use salary benchmarks such as the Emerald Zebra Salary Survey to determine if your compensation is on par with the market average. If you’re below the average for your role or location, you have a strong argument for a salary increase.
Pursue Promotion Opportunities
If you’re content in your current role but want to earn more, pursuing a promotion might be the key. Speak with your manager about potential career growth opportunities and the steps you need to take to move up. Many companies are willing to fund further training or give you the opportunity to act in a more senior role if it aligns with your career goals.
Identify areas where you can add more value to the company, and create a plan with your manager to help you achieve this. This proactive approach will not only help you develop professionally but also increase your chances of getting a higher-paying role within the organization.
Supplement Your Income with a Side Gig
If you’re looking to boost your income without changing jobs, consider a side gig. Whether it’s freelancing in your area of expertise or exploring new skills, a side job can provide an additional stream of income and valuable experience.
For example, if you work in marketing, you could offer freelance services to small businesses or start-ups. Taking on extra work allows you to develop new skills, which can increase your value in the job market and help you negotiate a higher salary with your employer. Be sure that this does not go against any clauses in your employment contract.
Look for a New Job
If salary negotiations or internal promotions aren’t yielding the results you’re after, it might be time to consider a new job. Searching for a job while employed gives you leverage and more time to find a role that meets your financial goals and career aspirations.
When looking for a new position, ensure that it offers the salary, benefits, and location you desire. Sometimes, making a move is the best option to advance your career and secure a better pay package.
What You Need to Remember When Asking for a Pay Rise
There are multiple avenues to explore when considering a pay rise. Don’t rush your decision—carefully evaluate your options and weigh the pros and cons. If after careful consideration, you find that moving on is the best option, trust your judgment and embrace the change.
If you’re unsure about what a competitive salary for your role should be, or want to know what salary increase you can expect in your industry, use our salary guide to get a clearer picture.
