If you’re not happy with your salary, there are ways to increase your compensation at work. Many people wish to earn more money. For some, earning more can be the answer to saving for a house, paying off debt or even planning for retirement. But unfortunately, getting a higher salary isn’t a walk in the park. You have to demonstrate that you're worthy of more money. Here are seven ways to increase your compensation at work.
1. Gain More Experience
Gaining more work experience is one of the best ways to increase your compensation at work. You might be a hard worker, but if your boss feels that you don't have the skills or experience justifying a higher salary, prove him or her wrong. You might not qualify for more money today, but if you stick with the company and take on additional responsibilities, your boss may offer a higher salary in the future.
2. Get Advanced Education
Even if you improve your skills, you might not have enough education to move up. With a bachelor’s degree, you might only be eligible for certain positions in the company. But if you went back to school and received your master’s degree, you might be eligible for a different position earning a higher salary — it all depends on the job. If you want to earn more and move up, ask your boss about requirements for stepping into new positions. You may not need an advanced degree, but you may need to take a few classes to gain additional knowledge.
3. Take Your Supervisor’s Advice
If you receive a so-so performance review, don’t shrug off your manager’s observations. If you want to earn more at work and potentially move up the corporate ladder, take his advice to heart. Remember, your boss wants you to succeed. And if your performance review wasn't the best, take steps to demonstrate that you're a competent worker and commit to improving in these areas.
4. Go the Extra Mile
When the time comes to offer raises, employers typically compare all employees. They take more than work performance into consideration. Sometimes, raises go to those who go the extra mile and take the initiative. For example, if your boss needs people to work on the holidays or overtime, can you volunteer?
Bosses take everything into consideration when determining who to promote. Therefore, make sure you’re an active participant. During meetings, don't sit silently or hide in the background — speak up. Brainstorm ideas on how to increase productivity and share these ideas with the group. If your boss notices your strong desire to succeed, this can open the door to additional opportunities.
6. Share Desire to Grow within the Company
During your performance review or a meeting with your boss, express your desire to grow within the company. If your boss knows that you’re planning on staying with the company, he might assign additional tasks to prepare you for new opportunities. And once you move up the corporate ladder, you’ll enjoy higher compensation.
After researching average salaries with your experience and education, you may feel that you're not earning your worth. Schedule a meeting with your boss or human resources to discuss your salary. There are no guarantees that your company will give you a raise, but your chances of getting a raise are higher if you open your mouth and ask. Be prepared to sell yourself. Mention your education, years of experience, and bring attention to any recent accomplishments or achievements.
Many companies struggle financial, and unfortunately, they can't afford to give raises. However, if your employer isn’t hurting financially and you feel that your salary doesn't keep pace with the cost-of-living or reflect your worth, the above steps can help you receive higher compensation. What are other ways to increase your salary at work?