It may feel like a strange time to think about increasing your salary, given the state of the world, but as career experts remind us, it takes strategy and thought to advance in your field. A sizeable yet achievable goal is to have 10 percent more income by the end of the year.
As reported by Joy Altimare, EHE Health’s chief marketing officer, the data suggests that pre-pandemic compensation has increased 1.9 percent and will hopefully rise again when the economy recovers in 2021. However, your takeaway payment doesn’t have to be linear as there are many ways to add more zeros to your account. This could be through a promotion and salary shift, adding a new sideline or changing jobs and / or industries. Here’s a guide to doing this effectively and strategically:
1. Decide if it’s time to change jobs
There are many reasons why people file their two week notice and try their luck in a new business. Sometimes it’s burnout and a toxic work environment; In other cases, it’s stagnation and the inability to continue to excel. If you are constantly browsing job boards, it could be a clear sign that it is time to seriously apply.
Remember, according to Steven Starks, senior manager of career counseling programs and operations at the University of Phoenix, the most significant salary increases came from job changes. As with any important decision, roll up your sleeves and investigate. “Before you change jobs, research the market to understand which companies are growing and align with your preferred corporate culture,” he suggests. “Talk to people at companies of interest and find out what it’s really like to work there instead of relying solely on internet research.”
2. Take a critical look at your performance
As you have likely witnessed in your recent appearance, the pandemic has forced many of us to think differently about the organization and to contribute to it. And as Altimare says, most of us switched to more visible roles that highlighted our achievements. If you haven’t taken the time to quantify and catalog your performance, now is the time to use that information to set your intentions and goals for 2021.
Altimare then tells you to set up a meeting to discuss with your manager. “Now is the time to showcase the good work you’ve done to your executive team and use it for today’s raise – and prepare for one in 12 months,” she continues. “The 10 percent range can be aggressive depending on any vacation, layoffs, or pay rise your company may experience. So include a range that makes sense for you and the company.”
3. Take a side appearance
If you spend more hours at home, you might be recording far more Netflix, Hulu, HBO, and Disney + than you want to admit. Those idle hours could be better used if you took up a sideline that brings in the dough. As defined by Jenay Sellers, GigSmart.com’s director of marketing, a sideline is a flexible, temporary assignment that you can do in addition to your full-time employment to increase your salary potential. “It’s a quick and easy way to grow your income by using skills you already need to meet the needs of other companies – or you can try a new passion or industry,” she continues. “Gig work is becoming increasingly popular with both employees and employers.”
Think about the types of tasks and skills you can easily do that others may find difficult to do. This can be web development, simple marketing campaigns, accounting services, etc.
4. Build a network outside of your department
In trying to get a raise and promotion in your company, you need to be known, popular, and trustworthy. Your teammates and managers may testify to your excellence, but according to Lucy Garcia, a client attorney for G&A Partners, expanding your network beyond your department is critical.
“Talking to people other than your team will give you a better understanding of what is going on in the company and how you can contribute to the larger mission of your company,” she continues. “The more you know, the more you can contribute. And the more you contribute, the more you need to provide a business case to your manager when asking for a raise and explaining why you deserve it. “
It’s also easier than ever to set up a coffee appointment from home with Slack, Zoom, and other digital communication methods.
5. Never assume that your work speaks for itself
You’ll be the first to arrive with a zoom, the first to volunteer to do extra work. You come to the rescue when an employee feels overworked and you never miss a deadline. With all your attention to detail and enthusiasm, you know your manager’s advice.
The reality, says Garcia, is unfortunately just as busy, if not more engaged, than you are. “Since most employers base their salary decisions, at least in part, on individual performance, this is an important variable when considering them for a raise or promotion,” she explains. To illustrate your dedication and worthiness, you will need evidence to support your request.
Because of this, career expert Joe Mullings recommends speaking to your manager about what needs to be completed quarterly to justify your raise. If you feel like you already got the job done and now you deserve a bump, bring performance data to back it up. “For the next year, keep a rolling 30-day record of what you’ve accomplished and how your line manager and the company have benefited from what you’ve delivered,” he said. “Having evidence in the hands of your manager enables him to take over the powers that determine performance improvements.”
6. Choose the right time to access it
Being deaf on timing isn’t ideal when it comes to a raise, Altimare warns. This requires a sense of self-awareness as well as time to study and understand your manager’s ticks and triggers. “If you’ve worked in the organization for a year, you know how he or she likes to be approached,” continues Altimare. “If your boss is straightforward, set up a meeting with a clear goal: ‘I want to schedule a time to review my salary. ‘“However, if your manager prefers a more nuanced approach, maybe add it to your next one-on-one agenda. And if your organization has just gone through a major exodus and laid off employees, you will likely have to wait a few months before bringing up the issue.
7. Learn in-demand skills
Another way to see your income increase is to learn a sought-after skill that will help you market yourself in a competitive environment. Currently, Starks says, skills like blockchain, cloud computing and analytical thinking round out the top 3 for 2020. According to Starks, the company Burning Glass, which operates in the labor market, has also released research showing that unusual skills in shared roles can have a salary premium in the EU market. “The key is understanding what skills can set you apart from the competition,” he shares. “Talk to hiring managers and HR managers to better understand what talents they need and what skills are on their wish-list.”
You can then enroll for courses or courses through Coursera, Udemy, LinkedIn Learning, or an individual course at a local college or university.