Increase Your Salary In 2020 With These Tips
For whatever reason, you don’t earn enough money. Or, in some instances, you don’t earn as much as you think you should. You work damn hard every day, you put in hours of effort, but your job doesn’t pay you as fairly as it should.
What can you do in this situation? The easy answer is to quit your job. In fairness, that’s genuinely a good idea in some cases. If your employer isn’t paying a fair wage – compared to rival businesses – then why stick around?
However, what happens if you’re being paid a fair wage compared to others, but it doesn’t feel enough for you? It sounds greedy, but it’s more a case of knowing your own worth. If you think you’re talented enough to command a better salary, then you should do something about it.
Similarly, you may feel like you could earn more money, but something holds you back. In this case, you also need to do something to improve your salary and make more money!
This brings me nicely onto the topic for today’s blog; increasing your salary in 2020. I have a few suggestions that can help you improve your earnings and get the money you genuinely deserve.
Get More Qualifications
An easy way to earn more money is by improving your qualifications. It’s pretty simple – the more qualified you are, the more capable you are of doing certain jobs. All of a sudden, you could be eligible for a promotion at work. Now, you have the qualifications required for a much better job, and your experience will help you smash the interview. All it takes is a little course to give you a certificate that makes you more valuable to an organization.
Loads of jobs have room for progression. Even if you’re an admin assistant at a business, you can move through the ranks by developing your skills and improving your qualifications. Take an online course to become proficient in digital marketing or finance. Suddenly, you can take on more roles at work, and your job title changes. Alongside this, your salary improves. Then, you may think about studying for a Masters in Business Administration to further enhance your capabilities. As it shows on the Northeastern University website, this degree can make you qualified for a role as a business consultant, taking home over $100,000 a year. You’ve worked your way up from a low-paid job to something like this – all thanks to educational improvements.
Ask For A Raise
Genuinely, it can sometimes be as simple as that. How many people do you know that moan and groan about their job? They complain about how badly they’re paid, and it seems like they never stop talking about it. How many of these people do you think have actually asked for a raise? I’d say it’s somewhere between zero and one.
Nobody even thinks about asking for a raise. It just feels like something you aren’t supposed to do. Maybe it’s because you believe that your employer would give you a raise if they wanted to. So, the fact they haven’t said anything means the answer will automatically be no.
Funnily enough, your employer may see things from a somewhat similar angle. Remember, they don’t really want to pay you any more than necessary. It’s harsh, but that’s the brutal nature of business. If you ran a business, you’d want to keep your expenses as low as possible. It’s only fair that you respect your employer’s right to do the same. As long as they pay you the legal amount – and an amount that fits with the industry average – then you can’t complain. Especially if you don’t actually voice your complaints and ask for a raise.
You see, your employer thinks of it like this; why should they pay someone more money if that person hasn’t expressed any annoyance at their current salary. It’s madness! But, if you step into their office and request a raise, they might consider it. As long as you can display your worth to the business, then they may give you a raise. It’s always worth a shot as you have nothing to lose. Worst-case scenario, your employer says no. Big deal. You’re in the same position you were always in – but slightly better. Now, you’ve sewn the seeds of a raise into their mind. If you continue to work hard and do bits for the company, then they might call you back and say you know what, you were right, here’s your raise.
Interview With Other Companies
I mentioned way back in the beginning that quitting your job can help you earn more money. If you interview with other companies and get offered jobs with a better take-home, then that’s fantastic. You could quit and move, or you could play the role of a negotiator.
Talk to your employer and tell them that you’re thinking of leaving. You have a job offer from a rival company, and they’re willing to pay you way more than what you’ve got here. Make sure you actually have an offer like this as they can easily check if you’re lying or not!
Effectively, you’re asking for a raise – but with leverage. Do you know how much it costs to hire a new employee? According to Hundred5, it’s well over $4,000. Plus, take into account the damage it does to productivity when an employee leaves. It can screw up the balance of the team, and the newbie might not fit in straight away. There’s a lull as the new employee figures out how to do your job – and they still might not perform as well as you.
Employers want to hold onto their employees as much as possible. So, come to yours with this offer and say you’re willing to stay if some conditions are met. They might offer you a better salary or one that’s equal to the new job offer. Now, you’ve got a salary boost and don’t have to go through the stress of switching jobs!
At the end of the day, you don’t have to settle for an unsatisfactory salary. Try these ideas if you want to kickstart 2020 with some extra cash in your bank.