Lately here on Earn More and Save, we’ve been delving into unusual (and fun) ways to earn more money on the side. Of course, side hustles are not the only way to earn more money. You can do it right at your primary workplace… you just need to work up the nerve to ask.
Remember, for government jobs and some other industries, pay scales are predetermined and include incremental pay bumps, so these methods won’t work if you have such a career yourself. However, if you work for a private company that is open to a little persuasion; a company that rewards employees for working hard, then you can use the following tips to your advantage.
Tip #1: Go Over and Beyond
When you fashion yourself into a “right hand” for you immediate superior, something funny happens. More and more tasks will be delegated to you as you prove your capability, and the result will be a dependence on you. The idea here is to become indispensable by relieving you bosses of things they’d normally do themselves, which will put you in a fantastic bargaining position when it finally comes time to ask for more money.
Tip #2: Make a Presentation
Yeah, we’re talking PowerPoint style. Prepare a short presentation outlining the reasons you think you deserve more money. Include concrete things you’ve accomplished for your company in your speech, and have the evidence to back up your claims readily accessible. For bonus points, create a small (and impressive) package to leave with your boss once you’re through – it will give him or her something to peruse while deciding whether to up your pay.
Tip #3: Leave Your Personal Life Out of It
Most people are tempted to use their family or other financial obligations as a basis when asking for more money. This is a big mistake – your employer doesn’t owe you anything. You are providing your time and expertise in exchange for your paycheck, and that’s your greatest commodity. Instead, focus on ways in which you’ve become an indispensable asset to the company, and let your track record speak for you instead of your personal needs.
Tip #4: Capitalize on Performance Reviews
Most companies perform annual or quarterly reviews to assess their employees’ performance on the job. If you’ve done particularly well during a period and you know you’re going to hit your review out of the park, then it may be a perfect opportunity to ask for more. You can begin the discussion by inquiring about your future with the company and potential for promotion to a position with more income-generating power.
If you find that your reviewer is receptive to your questions, then you may be able to work in a conversation about a pay raise in addition to the potential for increased responsibility. Together, you may be able to chart a path to promotion within your company – and you’ll get the extra money to go with it.
Tip #5: Find Other Offers
This last tip is one to engage in at your own risk. You’ll need to make sure you’re not violating any signed agreements in your employment contract before you proceed. If you’re able, secretly search out comparable companies that may accept you as an employee and pay you more. Do this if you’re having trouble working up the nerve to ask for a raise, but you’re good at your job and you need the raise badly. Secure other opportunities, then ask for the raise.
The idea here is not to threaten – or even inform – you boss of your options – it’s more a private mental security blanket that will give you the guts you need to ask for more money in your current role. Moreover, if you’re shot down, you’ll still have some options.