Do you dream of a higher salary and expect it to increase without your participation? In vain. You salary amount won’t increase by itself. You should strive for your pay raise yourself. Do you want to know how? Read on.
Way 1. Ask your employer
Yes. To start, just ask your manager about the conditions of your pay increase. Learn, whether you can expand your duty list, upgrade your skills, perform additional work part-time or perform piece-rate work. Let the employer know, that you are willing to self-develop professionally. Ask an open-ended question, like, “What else can I do for the company to get a higher pay?”. Wait for your manager to answer. If his/her answer is vague, like “I don’t know”, try the next way.
Way 2. Describe your suggestions to your employer
There are few employees, who can make suggestions and take the initiative. So, don’t be shy to describe your plans and objectives to your boss. Any initiative is good. The employer will especially appreciate the suggestions of how you can help to increase the corporate income or reduce the costs. As a result, you can get a deserved financial encouragement, your pay increase. For example, offer your boss.
Michael is a “cold” call manager, more skilled employees meet with clients, they get a higher salary. He is willing to take professional training courses to meet with clients by himself, and so increase the number of deals per month. That is, Michael wants get a higher pay due to the increase in commission fees.
You can suggest taking a part of the of other employees’ responsibilities, which are badly performed:
Joanna writes articles to promote the company brand. The materials are published in the blog and media by PR manager Ann, who gets a small pay, isn’t always attentive and often delays the publication. Joanna is willing to take Ann’s duties and publish the articles in the blog and media by herself. Besides, she ensures that she will cope with the increased workload and do it with high quality and in time.So, Joanna’s salary will increase due to Ann’s retainer. Any employer is always more willing to pay for the job, which has the obvious output. Think of how to link your work output directly to your pay.
George is a sales manager, whose salary is $1000 and commission is 10%. He gets about 3000 per month. He suggests his employer reduce his salary to 600 and raise the commission to 15%. So, George, with the same sales volume, will get $3600 a month, and be motivated to increase the sales volume. This George’s offer will bring him more profit and cut the company’s fixed costs.
Think of what benefit you can offer to your employer, develop a clear scheme and describe it, “I can apply a clever approach to increase your sales by so-and so and within so-and-so period. This will increase the company’s profits by so-and so. As an encouragement, I want have my salary increased by so-and-so”.
If the boss doesn’t approve your suggestion, try the next variant.
Advice. How to increase your monthly income without asking for a pay raise
If you don’t spend all your salary during a month, you can invest the rest of money in social trading. You will get an additional monthly income, besides, interest, earned on deposits, which you don’t use on the broker account, is a good opportunity to start saving up or make a safety cushion. If you have enough spare time, you can start earning in the Forex market on your own, making profits from the price changes of currency pairs and other trading instruments.
Way 3. Make an alternative suggestion
For example, your employer hasn’t approved the plan you proposed or you couldn’t think of any additional benefit for the company, then think how to benefit from your work more, without extra money.
- company pays for the fuel and service for your personal car, which you use as an office car,
- company pays for your mobile,
- company pays for your gym, your health insurance and business lunches.
Many companies so attract and keep valuable staff in such, because the employees don’t want to lose the fringe benefits in case they leave.
Charles has been a chief engineer in a large company for three years. The management values him and pays him $3000 a month. Charles wants to take a mortgage for an apartment, but he needs $50,000 more to afford it. Together with the company management he has developed such alternative scheme:
The company reduces Charles’s salary to $850 a month for five-year period. Due to that reduction, the company gives Charles an interest-free loan of $50, 000 for 5 years. When five-year term ends, the company undertakes to raise Charles’s salary up to $3000 a month. If Charles decides to leave before the pays the loan back, he must repay the rest of the debt at once.
The advantages for the company are obvious. They are both savings on taxes and getting a valuable employee.
However, this variant can be afforded only by large companies, having a big financial inventory.
If the previous ways of your pay raise don’t work, than you have to take more serious measures.
Way 4. Look for a new job
If your employers is not to be moved on the matters of your pay increase, your promotion or providing you with other benefits, it’s time to look for a new job.
Take an official leave and spend it to find a new job with a higher salary.
Having found something better, inform your company managers about your intention to change your work. Perhaps, they will change their mind, won’t want to lose you, as a valuable employee, and will at last offer you pay raise. If there is no response from your employer, resign and start a new life with a light heart.
By the way, the new job need not always be better-paying:
For example, Sam received $2000, and it took him to hours to get to work. He found a new job, with a lower salary, but close to his home, 10-minute work. Besides, added advantages of benefits package and health insurance, free gym membership and business lunches. Sam thought the benefits to be rather significant and changed his job. Employees are often afraid to leave their comfort zone, thinking that they won’t find a better job. Even if you are among such people, try to search, among numerous job offers there can be quite interesting ones.
Way 5. Start your own business
If at present work your responsibilities include, in fact, 90% of all work, but you receive 20%, in terms of money, than try to start your own business. Start your own company and manage its development. You can engage a couple of skilled colleagues from your previous company and share your duties with them.
Summary
- Ask your employer to raise your salary.
- Make a reasonable suggestion and describe your work scheme how to make additional profits for your company.
- Think of an alternative way to increase your monthly income, for example, join social trading service and make profits from exchange market by copying processionals’ trades.
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