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Today is payday and instead of being excited, you are feeling discouraged about the amount that was directly deposited into your checking account. You work really hard at your job and your boss has said she is pleased with your work, but your paycheck is not as high as you want it to be.
Here is some great news: you don’t have to work tons of overtime or take on a side gig to get more money in your pocket. There are a number of effective ways to increase your pay in your current job.
Research What You Do
A great first step to take, Social-Hire.com notes, is to take some time to research average salaries and skill requirements for the work that you do. You can use online salary survey tools, job board searches or other info to find out this important information. If you find that other companies are paying their employees more money for the exact same work and skill set, you can use this data to negotiate a higher salary. You might also find that you have an exceptional amount of skills; if this is the case, you may be able to score an even higher rate of pay.You don’t have to work tons of overtime or take on a side gig to get more money in your pocket. There are a number of effective ways to increase your pay in your current job.Click To Tweet
Ask to Stay Working Remotely
If you have been working from home due to the COVID-19 global pandemic, you are probably already keeping more of your hard-earned money in your bank account. You are not paying for gas to commute or buying subway or bus tickets, and you are probably not spending as much on clothing or eating lunches out. To continue to get the financial perks of telecommuting, CNBC suggests that you make a strong case to continue your remote work situation set up. You can discuss the great job you did meeting your deadlines and how efficient and productive you have been working from home; be ready to show examples of outstanding projects you were part of.
Consider Going Back to School
As you research your current job, you might find that an advanced degree would bring a significant jump in your salary. If you have been thinking about going back to school, this may be the ideal time to do it. For instance, the average MBA starting salary is an impressive $105,000; this is compared to $65,000 a year for candidates with a bachelor’s degree. Yes, you will spend money to earn that MBA, but the increase in salary will be well worth it in the not-so-long run. In fact, the median cumulative base salary for online MBA holders three years after graduating is $301,000.
Add to Your Many Skills
In order to set yourself apart at work and earn those plump bonuses and raises, you may need to add to or sharpen the skills you already have. Speak with your boss and explain how you want to advance in the company, and ask what types of training you can take part in to learn more skills. This will not only let your boss know that you are serious about moving up in the company, it will also impress her with your commitment to your work. Attend local seminars that pertain to your work and if there is a lunch-and-learn or other opportunity in your office, by all means, attend.
A Higher Salary Can Be Yours
It is good to know that you can stay with the job that you like and not have to work crazy hours or do some moonlighting to see an increase in your bank account. Start by gathering some facts about how much your job is truly worth, try to work remotely to continue to reap those savings, consider going back to school for an MBA and look for opportunities to increase your skills whenever possible. This combination of approaches should result in a tangible boost in your annual salary.