5 Ways To Make More Money In Your Current Job
Published Sunday, March 3, 2024
If you love what you do for a living, but wish you could add some more cash to your paycheck, this guide is perfect for you. We will show you different ways to increase your paycheck without leaving your job.
People often take their paycheck as a constant number without realizing that it’s not only negotiable, but also there are more ways to increase the payout in their invoice, so let’s start
1. Ask for a rise based on research
Know your worth. There are many websites that openly share employees’ salaries that they provide voluntarily. For example, Glassdoor.com will show you how much money people in your position in different companies (and sometimes even the same one as yours) make based on parameters such as years of experience, added value you bring to the company, and more. That way, you give legitimacy to your request for a raise and increase your chances to get a “yes” from your superior.
2. Bring-A-Friend referral program
Growing companies are in a constant recruiting process. Because finding the right people can be a tough mission for HR, the majority of these companies offer compensation to their employees when they refer a friend or an acquaintance to join the company. Each referral can add a couple thousands of dollars to your paycheck (depending on the level of the position that needs to be occupied). This way you are winning twice, first, you’re helping a friend getting a job, and second, you’re getting a nice bonus.
3. Negotiate benefits
Chances are you may not be maximizing your workplace benefits. Often, when negotiating or aiming to earn more, many people only focus on their base salary and completely forget that benefits and perks from their job is part of their overall compensation package. Many organizations have bonuses and perks that you might not be aware of, or that you haven’t considered negotiating. For example, paid-vacation-days, equity, shares, etc. Look them up and look at the possibility of negotiating them. Effectively negotiating your benefits and perks can result in extra thousands of dollars.
4. Overtime & Overload
Asking to work overtime is, of course, one of the most obvious ways to get a higher paycheck. But depending on your position, you may not qualify for overtime, or it may not even exist in your company. In that case, see if your employer offers another variation. Ask about ‘overload’ payments, which are different from overtime, used to describe extra pay for work that falls outside your full-time job description. There could be compensation for taking on additional work—which, hopefully, will also help you grow into another higher-paying role at the company.
5. Get promoted
Many employees think that getting a promotion is a randomly spontaneous event that is completely out of their reach. However, you can influence your promotion just as equally as your company is able to, and with every promotion comes a proportionate salary increase which contributes to your goal of earning more from your current job. If your job has a new senior-level opening that you believe you are qualified for, highlight your accomplishments and send in your resume to show that you are qualified. If you have a track record of quality at your organization, and if you have a good relationship with people in your organization, you could just get that promotion and the proportionate increase in income.
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