5 Ways To Boost Your Earning Potential This Year
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If you’re anything like us, it’s usually around this time of the year when you start to feel stagnant in certain aspects of your work. Most likely, you were given a bonus and potentially a raise at the end of last year, and you’ve now adjusted and are wondering what’s next. To help you figure out how to keep the numbers in your bank account rising, we’ve put together a short list of techniques that can help boost your earning potential in 2017. Here, five things you need to do now.
Obviously, you'll want to push your salary as high as you possibly can before you sign on with any new job. There are other aspects you should think about in your negotiations, too, that can help you earn more over time. For example, if your company offers annual reviews, negotiate to have yours quarterly and we guarantee you'll be promoted more often.
According to Payscale, 75 percent of those who ask for a raise get it, which is a sentence we had to read twice. If your direct boss says no (they may have been told that "pay is frozen"), you do have the option of going over their heads, which we recommend only if you have a strong case prepared. Read more on how to earn a raise here.
Sometimes your employer just can't give you what you need, though, and you have to look elsewhere. The catch here is that it's usually when you're not looking that the best things find you. So, we suggest updating your LinkedIn with the keywords potential employers might be searching for, hinting to others in your field (outside of your company) that you might be open to a move, posting career achievements to social media and other passive maneuvers that might get you poached away from your current position.
Do you see a need within your company that isn't being met? For example, could they use extra help on the nights or the weekends? Without allowing yourself to be taken advantage of, offering to take on some of the less-savory needs within your organization can help you stand out from the pack. Plus, if you're doing more than you were before, it can be tough for them to argue against paying you more for your efforts.
This is what's known as leverage, and you can use it in your negotiations. There's a reason most employers would prefer you not know what your co-workers make. Again, it can be hard to argue against paying you what someone else at your level is making, and if your employer can't match you, it may be time to actively look for someone who will. (Note: It's important to know what the market rate is for your job before you take this approach.)
If your employer can't give you more money, maybe they can give you greater flexibility, which could enable you to add income on the side. Sometimes, employers know they aren't paying you what you deserve and will work with you to make sure you're happy regardless.