Everybody wants to make more money at work. As careers progress, there’s typically an upward movement in salaries. But how do you accelerate this pathway to maximize your earning potential? Here are a few ways to increase increase your pay as quickly as possible.
Ask for a Raise
If you are quietly doing your job and waiting for a raise, you’re limiting your potential.
According to PayScale surveys, only 37% of workers have actually asked their current employer for an increase. Yet, those who do ask are often rewarded. Out of 160,000 workers who requested a raise, 70% received more money. Nearly half of those received the amount they requested.
When you ask for a salary increase, back it up with specific reasons. Don’t think of it as a casual conversation—treat it like a formal business meeting in which you need to articulate the concrete reasons you deserve higher compensation.
Track your accomplishments with hard data that demonstrates the value you add to the company. Start by making sure you have a firm grasp of what’s expected in your current position. A Gallup poll reported that half of employees don’t understand what is really expected of them in their job. Routinely meet with your supervisor to ensure you address their priorities.
Consider Changing Jobs
Let’s face it: Some careers pay better than others. If you feel like you are topped out in the position you’re in, consider changing departments or employers. Even if you are getting regular raises, you may do better elsewhere. Research from ADP shows job switchers received a nearly 20% larger salary increase than those staying in their current jobs.
Within a company, even the top performers often get standard percentage raises. You may be able to negotiate a better compensation package with a new employer. Now that you have more experience in your field, your value on the job market may be greater.
If you decide to switch, don’t jump at the first offer. A survey of newly hired employees showed than 52% of the first offers candidates received were less than the final salary they negotiated.
Raise Your Profile
Make sure your current employer knows you have career ambitions. If you want to advance to a higher management position, communicate what you want. Many people get passed over for promotions simply because their managers don’t know they want to advance. Companies have formal or informal lists of the people they think have advancement potential. Make sure your name is on that list.
Social media and online platforms like LinkedIn offer opportunities to showcase your knowledge and position you as a leader. Consider authoring guest posts on industry issues. Learn about trends in your industry and discuss ways to leverage them with the higher-ups.
Offer to represent your company at industry events or attend them on your own. Up to 85% of jobs are filled from networking. You might find opportunities to spend time with company owners or higher-level Executives whom you might not connect with in your day-to-day job.
Meet with the people who currently work in your target positions. Learn from them what it takes to fill those roles. If you don’t have the skills you need, go get them.
Learn New Skills
Developing new skills can increase your value to the company. It may also allow you to take on new projects outside your normal job duties. This both raises your profile and increases your value.
If your company works internationally, consider becoming fluent in another language. Learn how to code. Improve your technical expertise. Master better selling skills.
Take advanced business classes. There are literally thousands of online business courses you can take. Most are free or low-cost and are associated with major institutions, such as Wharton Business, Duke, the University of Michigan, and Johns Hopkins.
Get Your Executive MBA
If you’re looking to advance your career, make a big move into upper management, and increase your earning potential, one of the best ways you can do that is by getting an Executive MBA. You’ll learn the skills they aren’t teaching you on the job that will allow you to move up the corporate ladder or start your own business.
There’s a significant difference between someone’s earnings with an undergraduate degree versus a Master’s degree. Over a career, the Master’s degree can equate to an increase in lifetime earnings between $1.1 million and $1.5 million.
Executive MBA programs, or EMBAs, are designed for mid-career professionals. Ivy Exec publishes a list of the best executive EMBA programs by region, country, and career advancement potential. You can also check out Ivy Exec’s mentorship program for Executives and an exclusive members-only job board for high earners.
Remember, It’s Not All About the Money
There are certainly other things to consider besides money in a job. Work/life balance, job satisfaction, benefits, respect, and other intangible qualities all play pivotal roles. If you want to improve your financial situation, however, you’ll need to decide what’s most important to you. Once you know what you want, you need to go for it.
Don’t wait for someone to hand you the keys to a better life for you and your family. Make a plan and make it happen!
To boost your earning potential, learn what qualities are most important to employers.