Getting a pay rise is a great way to augment your income. But the thing with salary increments is that they’re not always guaranteed.
According to a 2018 poll by bankrate.com, 6 in 10 workers didn’t get a pay raise in 2018. These figures are frustratingly annoying considering the rising cost of living.
To many people, finding a side hustle is always the answer to increasing one’s earning potential. But it’s not the only solution. For instance, you can adopt smart strategies for financial success that can help you stabilize your finances and achieve major goals.
But if you dearly love your job and need more cash, there are things you can do to give you a leverage on salary negotiation and command higher earnings. These tips will help you earn the maximum salary in your role.
1. Advance Your Education
In many industries, your academic achievements play a big role in pegging your salary. A candidate with an advanced degree like a Master of Business Administration (MBA) will earn more than a candidate with a Bachelor’s degree in the same role.
Likewise, CPAs earn more than accountants, so if you’re in the accounting department and looking to earn the maximum salary in your role, getting a CPA designation is a great place to start. And there are many online resources to help you pass the CPA exam. For example, this website outlines the best CPA exam review courses.
If you’re in the IT department and looking to augment your income, advancing your education will also get you there. There are many professional IT certifications, such as Certified Information System Security Professional (CISSP) that you can pursue.
Marketing is no exception. Pursuing an advanced marketing certification such as Google Analytics Certification, HootSuite Certification, or getting the AMA Certified Professional Marketer designation will guarantee you a higher salary.
2. Work Overtime
If your employer pays for overtime, take that opportunity and volunteer to earn extra cash.
Clocking out at exactly 5.00 PM and not working on weekends may give you enough time to sleep and hang out with friends, but you’ll be missing an opportunity to earn more in your role.
Some industries, such as IT pay more for overtime hours and you might find yourself even earning more than your supervisors who clock at 5.00 PM. Working odd hours might be hectic, but the rewards are good. After all, it’s the job you love, right?
3. Work Hard to Earn a Bonus
If you work in a department that guarantees a bonus for meeting targets, work hard to get that bonus. For example, salespeople often get a commission or bonus for meeting targets. This is another great way to maximize your earnings.
There are various types of bonuses. For example, IT professionals are more likely to benefit from mission (also known as milestone) bonuses. These are bonuses given to employees for achieving a milestone or completing an important project. These bonuses can significantly increase your earnings and save you from using your savings.
4. Find a Reason to Travel
Do you work in a company that has an international presence, or many branches nationwide? Does your role allow you to travel to different places in the course of your work?
If your answer is ‘Yes’ to both questions, then you have a golden opportunity to earn more in your role through travel rewards.
For example, if you’re an internal auditor, then you’ve got a reason to move from one branch or country to another. Also, if you’re a marketing manager, you can always create opportunities to meet clients outside the office.
IT professionals also have valid reasons to move around to inspect and monitor IT infrastructure in different branches. The good thing about these business trips is that they will always be facilitated by the organization. In most cases, the employer will always give you a generous stipend to go represent the company.
What other means do you use to augment your salary? Share with us in the comments section below.