February 22, 2017
There are different ways we can make money. Since the vast majority of us earn our income from a job, one of the best ways to make more money is to get a higher salary. There are three main paths to getting a higher salary.
Most of us instinctually know what to do to get a salary increase. Leaving mediocrity behind, gaining skills, competencies and knowledge help you get better at your job and more competent in the work you do. It also makes everyone’s life around you (including your boss) easier.
If you have no idea how to get a raise in your organization, there is one individual who does: your boss. Have a conversation. (Yes, that takes courage! See Podcast 172 for help in this area).
Be aware of the pay range of your specific job and skills. Don’t bury your head in the sand and expect that the organization will take care of you. That is your job! Search out competitive pay rates to ensure you are in the appropriate range. Remember that salaries are cumulative and should be increasing at least every 3-5 years.
It can be difficult to identify what behaviors and actions will get you a raise. This can make it hard to know what exactly to do to get that raise. My advice: focus on excellence and other companies and individuals will notice and seek out your employment. Why? Because very few individuals exemplify excellence—it is a hot commodity.
More effort, excellence and top performance does not always end up with a higher salary increase. This could be out of your control due to the organizations budget or your boss’s discretion.
Take a good look at your earning potential. (I am forewarning you this can be painful). What does your earning potential look like in 20 years? If you make 40,000 dollars a year in your current job, how much will you be making in 20 years with a raise of 1,000 per year? Do you need to think of switching companies or industries to increase your earning potential?
Gather your courage by listening to the Career Revolution Podcast episode 172
For guidance on how to ask for a raise go listen to my Career Revolution Podcast episode 167