When your income doesn’t mean your needs, it can be stressful and frustrating. However, many professionals aren’t powerless when it comes to their earnings. Often, you do have options that can help you boost your income, some of which can work surprisingly quickly.
If you want to make more money next year, here are some paths you can take to make it happen.
Negotiate for Better Pay
It’s important to realize pay rates aren’t always set in stone. Many companies have fairly broad salary ranges for every position they have and, if you aren’t at the top of that range currently, that means you could have room to request a raise.
Generally, negotiating for better pay isn’t something you do on a whim. You need to craft a strong case regarding why you deserve more in the way of compensation.
Begin by collecting information about your recent work-related achievements. Your goal is to create a standout value proposition by showcasing how your efforts help the company thrive. This can include anything from project success to identifying cost-cutting opportunities that boosted the bottom line and nearly everything in between.
However, you don’t want to stop there. You also want to show that the salary increase you’re requesting is in line with industry and position standards. Do a little research to find out what competitors offer in the way of pay to people working in your role. If you discover that your employer is behind the norm, that makes your point more compelling.
With your supporting evidence in hand, schedule a meeting with your manager. Discuss what you bring to the table, the positive impact you’ve had on the company, and your desire for higher pay. This will get the conversation moving and could be enough to secure yourself a raise.
If it isn’t, you can ask your manager what it takes to get a pay bump. Ideally, they can give you specific milestones you need to achieve, making the path clear. However, if they can’t or simply say that raises are off the table for the foreseeable future, then that could be a signal of something different; that it’s time to find a new job.
Find a Higher-Paying Job
If higher pay is a must, and your current employer isn’t willing to negotiate or create a clear pathway to a salary increase, looking for a new opportunity could be your best bet. This is especially true if competitors offer more for compensation, and you have in-demand skills, as your odds of being able to secure a lucrative role could be higher.
Just make sure that you don’t threaten your current employer with your intention to find a new job. Doing that could put you at risk, as your manager is aware you aren’t intending on staying. For example, if layoffs become necessary, you could be a prime target.
Instead, launch a discreet job search that lets you find your ideal role. That way, you can keep your activities private until it comes time to give notice.
If you’ve decided that a new job is just what you need, the staff at CPS Recruitment can help you explore your options discreetly, ensuring you can find a new position on your terms. Contact us today and see how our services can make finding a better paying role easier than ever before.