How to Get A Raise: 5 Immediate Actions
If you’ve been at your current job more than a few years, and you suspect you’re being underpaid, you probably are.
Studies show that wages for existing employees do not usually keep pace with the job market. Employers typically offer raises of 2.5%, on average, for existing employees. Compare that number with the average inflation rate of 3%. If you’ve been with your current employer for longer than 4- 5 years, getting the standard 2.5% bump, you’re actually LOSING money.
Companies often try to increase productivity without raising costs by increasing the workload of current employees. If you’ve been there a few years, you’ve likely taken on additional responsibilities on top of ones you were hired to do, such as training new hires. Not only are you making less money, but you’re doing more work on top of it.
Riled up? Good, keep reading.
So you’re working more for less money. However, there are plenty of reasons you might want to stay at your current place of employment. Awesome benefits, a supportive boss, you might even be one of those lucky people who loves their profession. In my case, my current workplace is an easy 35 minute bicycle commute from my house, (15 in a car!), and there’s a huge climbing gym under construction just a few blocks away.
If you don’t want to jump ship in search of a few extra bucks, here are 5 ways to take immediate action to increase your pay:
Set your goal. If you don’t set a target, you won’t ever when you’ve hit it. Use resources like salary.com and industry specific job websites to calculate how much top performers in your your field earning. Take your education level, geographic area, and experience into account.
10X your production. Whatever you have been hired to do, take steps to get measurably better at it. A mediocre performer will get laughed out of the corner office if he asks for a raise; the sales superstar, most knowledgeable technician, or most efficient carpenter on the crew has leverage.
Identify the three most important tasks in your role. Direct your energy to achieving those goals faster, better, with higher profit margins. Quantify the results of your efforts.
Most people who have been at a job for a while get lazy. By simply doing the job you were hired to do, and doing it well, you will already stand out from the pack.
Hone in on your weaknesses. If other employers are requiring certifications, trainings, or responsibilities that you don’t have on your resume, make a plan for getting these skills under your belt.
This can be something as simple as a Udemy course to learn a specific skill, or planning to get an MBA. If you want to compete for the highest salaries in your field, either your dad needs to own the company, or your resume has to be killer.
Learn the art of negotiation. Take notes from the highest rated YouTube videos on the subject. Read the most recommended book on salary negotiation on Amazon. These are simple steps, but hardly anyone cares enough to prepare for this important conversation. A minimum of 2- 3 hours of research, and an evening of practice on the skill of negotiating a raise will put you in the top 20% other employees.
Discreetly schedule interviews with other employers. I recommend this just for the sake of boosting your swagger. You’re a rock star producer with the skills, track record, and negotiation chops to match. Going on a handful of interviews will give you the added confidence of knowing you have options, and give you practice talking numbers. Once you know for sure that other organizations want what you have to offer, you will be even more confident about getting what you deserve at your current job.
Good luck.
For this post, I adapted productivity advice from Eat That Frog by Brian Tracy. Click the link below for more information.