Every month, you have enough money to pay your bills, but not a whole lot leftover. You want to start saving money for a down payment, a vacation, a new car, some investments and/or home improvement projects, but on your current salary, you’re not feeling confident about these goals.
Here’s the thing: you like your career and your place of employment. You also are not wild about taking on some moonlighting gig to earn extra cash, and you know your chances of winning the lottery are slim.
Fortunately, there are ways that you can start earning more money at your current job. Here’s how.
When you check out job listings at your current company for positions that pay much more than your current salary, do they all require an advanced degree? If this is the case, you might want to apply to graduate school. The average MBA starting salary for new graduates is $105,000, with an average sign-on bonus of $10,500. Working and going to school will require a level of dedication on your part, but the boost in salary plus the other knowledge and skills you learn along the way will make it all worthwhile.
As Money Crashers notes, an effective way to get a nice promotion at work is to be eager to learn new things. From taking some online classes and attending conferences to shadowing supervisors in departments that interest you, these will all help you be better at your job and possibly more likely to be considered for a promotion.
Company owners tend to be really busy people, and sometimes they get behind in monitoring the work of the clearly competent members of their team. In other words, your supervisor might not realize how hard you work and how often you volunteer for overtime and new projects.
Schedule a time for a friendly meeting and let your boss know that you are devoted to doing what you can to qualify for an increase in pay. Go into the meeting with a confident attitude, and while you are speaking with your supervisor, bring up all that you have learned and the many ways you help keep the company running smoothly. To help the meeting go as smoothly as possible, do some research to learn what your job is truly worth. The U.S. Bureau of Labor Statistics lists salary data for over 800 occupations by hourly and annual pay. Knowing the range of pay for your job can help you to know how much of a raise you can reasonably request.
In addition to going the extra mile, learning new skills and doing what you can to be a promotion-worthy candidate, you have to have a keen sense of timing. As The Penny Hoarder notes, the best time to ask for a promotion or a raise is right after you completed a major project ahead of the deadline or trained a new group of employees. If your boss is right in the middle of a stressful project of her own, wait until it is completed and she is feeling less stressed.
You are a devoted and dedicated employee who works hard. Now it is time to get the salary to match. From going back to school for an advanced degree and showing your eagerness to learn all you can at the office, to setting up a well-timed meeting with you boss and truly knowing what you could potentially earn, you should start earning more money at work and be able to start achieving your financial goals.