You don’t necessarily need to change jobs or obtain an expensive degree to get more money for what you do. Many people believe their paycheck is fixed with no room for improvement, but securing a better salary or hourly rate may be easier than you think. There are tons of ways to add to your income stream without a career change. While these strategies may not be feasible for every industry or lifestyle, you can use them to improve your skills in the workforce, which is always a benefit.
Ask for a Raise or Promotion
Want more money? Ask for it! It may be intimidating to consider asking your leaders for more pay, but you’ll be able to meet more financial goals and put yourself closer to financial freedom with more money in your pocket. Your chances of success will depend on a few factors, including how long you’ve worked there, your experience, and what you bring to the table. To show the management team your value, you may need to make a case for yourself. What have you done for the company that has brought about positive change? If you feel underpaid for your job or experience level, bring research on average pay or salaries to their attention. List your accomplishments and improvements during your time there. If you have specific examples, like improving sales by 5%, be sure to mention them! Specific numbers or feats can be more effective when presenting your case. Try to avoid catching your management team in a bad mood or at a bad time. The best time would be after a significant career achievement or a stellar performance review. Compliments about your work can be redirected into a conversation about your raise.
Consider a New Company or Employer
You don’t need to change your industry, but you may want to change who you work for. If your management won’t budge to increase your wages, you may need to consider a change. Bringing your consideration for an alternative employment venue in a polite way may even provide the incentive they need to give you the raise. Alternatively, you can keep your current role but start interviewing for other, better-paying roles. Your current job will likely serve as valuable experience on your resume, so be certain you don’t burn bridges.
Continue Your Education
There is always room for new knowledge and education in any line of work. If you only have a high school diploma, consider taking some industry-relevant classes or certifications to improve your skills and job opportunities. You can also add more degrees to your education history, but this will take years. Many employees obtain an associate’s degree (two-year degree) and later return for a bachelor’s degree (four-year degree). If you already have a bachelor’s degree, you can even go on to get a graduate school degree, which can unlock a lot of high-paying opportunities. Not all education is obtained through degrees, however. You can take many workforce training classes or seminars to keep your skills sharp. Learning about industry trends can also increase your skills and open up new job opportunities. For trade skills like plumbing or electrical, continuing education is even required for license renewal in states like Hawaii and North Carolina. Even if it isn’t required, consider getting some training classes or additional seminars whenever possible. Not only does continuing education help you learn more about your trade for more skilled work, but it also looks great to recruiters and clients on your resume or CV.
Start Your Own Business
While being employed by a company has its conveniences, you may be limited to how far you can upwardly move in the shadow of another business. It can take a lot of time, money, and hard work, but starting your own business, especially when it comes to trade or creative skills, can allow you to take charge of your income and client base. If you want more freedom in your schedule, income, and workload, consider a startup.
Take on Additional Opportunities
Many jobs can offer you additional roles or schedules to increase your pay, especially if you only work part-time. You can transition to full-time, take advantage of overtime, or add another role to your title to increase your pay. Ask your management team what may be available for you.
Optimize Your Schedule
You may work five days a week without reaching a full 40 hours. You may only work a few hours a week, which does not allow you to receive full-time or overtime pay. You may not be able to receive job benefits if you work under 36 to 40 hours. Adjust your schedule to get more work hours in. More hours means more pay!
Take Advantage of Bonuses
Many jobs offer bonuses for working a certain day or week (holidays, for example). Other companies offer quarterly or annual bonuses to help their employees feel appreciated. Make sure you receive them! If there is an optional bonus opportunity for you, consider taking it to maximize your paycheck.
Conclusion
You may not work in a role that allows overtime or wage increases. You can still do what you can to increase your workload or accept bonus pay. If your options are completely limited, it may be time to get more experience or training under your belt so you can find better roles and opportunities. A job that doesn’t want to see you grow should be a temporary one.
