Invested Wallet published an article by founder Todd Konsman in which he offered 7 tips that he said help increase salary and get appropriate compensation for skills, and they include everything he applied in his quest to make more money in his career.
Kunsman began his article that it is not easy for everyone to get a raise, and that it varies from one profession to another.
However, the writer believes that most of the tips below can still be applied and used to help get more money.
He explained that he loved working for startups (a full-time job), but he also loved working for himself and set up his own business, such as Invested Wallet.
He noted that the seven tips below helped him get:
16% salary increase from 2014 to 2015
57% increase from 2016 to 2017
14% increase from 2017 to 2018
25% increase from 2019 to 2020.
The tips are:
1. Ask yourself if you are in the right career path
Before investing any time in increasing your salary it is important to be honest with yourself, increasing your salary is not always easy.
2. Track your business achievements
Here's the first tip: Be proactive in keeping track of your work accomplishments, and while your boss may be great and can see your work ethic, they probably aren't keeping track of all the good work you're doing. Write down major accomplishments or milestones in your work and stay organized.
When you have these items up and running you have an arsenal of items to share during performance reviews, or you can send them to management as weekly updates of highlights from the past week.
In addition, if you do end up looking for a new job, you will get some highlights on your resume.
3. Learn from your peers
If you are looking to rise and upgrade to earn more money then learning from others is a great move.
Ask some colleagues to show you what they do and how they do it when they are not too busy.
Even if you don't become an expert in something they explain to you, you will have a good understanding of how something works and can talk about it.
Not only does this show your initiative in your current job, but it also helps you learn new skills that can be applied to a salary increase or future salary negotiations.
For me in digital marketing I had some specific job duties, but I knew if I wanted to make more money or take it to the next level I would have to learn a lot.
For example, I didn't know much about paid advertising but one of my colleagues did, so I'd sit with him in the morning for 15-20 minutes and learn, I'm now running a 6-figure advertising budget in addition to my other job duties.
4. Learn new skills outside of work
You have to learn additional skills outside of your job, in this aspect you can do things on your own or get certificates, or pay for some lessons online (there are a lot, and of course you don't get into big debts because of this).
Yes, that means you can't binge watching your favorite shows online every night.
Many of you have busy family lives, so the time can be tough, but find ways to learn, read or take a course to improve your knowledge.
For digital marketing there are a few free online testimonials that have boosted my knowledge, and they are from respected names.
Also look at what you need to learn for next-level jobs, see where you're missing some skills or experience, and again, in many occupations it's easier to identify new skills to master than others.
5. Find market value in your career
The mistake many people make is not keeping up with the latest market research for current job title, occupation and salary information.
It's easy not to think about this, I ignored my life for the first five years of my career, but keeping tabs on different payrolls and job positions can give you a good idea of the current demand, and can help you assess your career in several great ways:
Evaluate your current salary compared to others with this job title.
· Salaries based on worldwide locations.
What are the other job titles in your field (your potential earnings).
Salary and company reviews of past or current employees.
While the data is not 100% complete proof, it does give you a great idea of where things stand.
But including this in performance evaluations or a new job can help you benefit from a better salary, and by not doing my research I was definitely not getting the money I deserve.
6. Ask for a well-deserved raise
The average wage increase in 2019 is expected to be around 3.1%, the highest level since 2008, which is some good news, but not everyone gets that and 3% doesn't add much to your salary to make a big financial difference.
But when it's time for an annual raise or a review, ask for a higher rate directly. If you have your achievements and salary research and you're ready, it wouldn't hurt to just ask and show some of your information.
Many managers will work with you to compensate if you prove your worth and cause, which will be easier than the tips above.
7. Find a new job in your field
If you don't get the raise you want or you don't get a raise at all then start looking elsewhere, you may be afraid of being labeled as a hobbyist, but moving to companies in search of better opportunities is not a bad thing.
Improving your skills, researching, demonstrating your accomplishments, and claiming what you deserve may not be enough to get a raise at your current job.
If this is the case then it is time to look elsewhere and find a job that will pay you better and hopefully make you happier as well.
However, make sure that your requests or salary increases are realistic, for example if you know that your market value is currently $80,000 annually - which is a lot of value - do not ask for $150,000.
I know my generation (Millennials) has a poor job-housing mentality and always accepts a new job offer, but sometimes this is absolutely necessary if you aren't evaluated.
Final thoughts: While you can apply these tips above, just be aware that you may need to be patient, it took 5 years to go from a very low salary to now approaching 6 figures.
Go with the course and be patient and if you need to make more money sooner look into some part time jobs or simple side business, these can help you earn more money as you work on your career path.