How to Increase Your Salary

Learning how to increase your salary is vital for not only your financial success but quality of life.

Right after college I chose the path of working in the non-profit industry. Working in non-profit is no where near as glamorous as working in corporate but I thoroughly enjoyed my work and loved that it allowed me to make a difference.

Unfortunately, one of the stark difference between working in non-profit is the salary. Because the industry isn’t based on profitability (hence the name), salaries for employees in this field reflected that.

I started my career with a more than modest income. But I never stressed about it because I knew that I would one day get my payday. I knew that if I worked hard and remained strategic and intentional, I would continue to get promoted and make more money as I progressed and I did.

Eight years later, I am making four times what I started out making in my first professional career.

Below are my top tips for how to increase your salary.

Set your intentions

I know a lot of people who limit their potential for earnings and promotion just by not trying. It’s one thing to be content with your personal and professional life, but it’s another to settle for it. I always knew I would do well financially because I set it in my mind to do so.

I remember once speaking to a colleague discussing our futures. When I asked her what she wanted for her future, she told me she was fine with just one more promotion in her life and coasting after that. I spoke of how I wanted to climb the ladder and make it as far as I could.

We both fulfilled our prophecies. At that time there was not much that separated us. We both had the same level of education, the same career, and the same work ethic. We just wanted different things in life, which is OK.

But if you truly want more, it takes not only the belief that you can achieve more but the intention to live to that potential. The world has so much to offer. You don’t have to play small. You can claim everything you want in life and go for it.

Decide who you want to be

The best piece of advice I received was to study who I wanted to be and obtain what I needed to obtain to achieve it. It helped create direction behind my intentions. I would look at the job descriptions I desired to have one day and study the job requirements. I quickly realized I needed to go back to school to get my masters if I wanted to achieve success in my career trajectory, so I did.

Luck is what happens when preparation meets opportunity. If there is a certification that you need to get, obtain it. If there is a certain number of years of job experience you need to have, be patient then go for it. Companies will tell you exactly what they are looking for, its your job to prepare for the opportunity.

Always Negotiate

My second job out of college offered me a promotion and $16,000 additional income. I was so grateful for the increase and opportunity that I didn’t negotiate my salary. Now, some may think that’s being greedy and that I should have been satisfied with what I got, but here’s the thing, jobs give you what you negotiate not what you deserve.

If a company has an opportunity to get you for cheaper, they will. Negotiating early and increasing your income sets up the trajectory of your earning potential. You should always negotiate your salary. You owe it to yourself to be your own advocate. I’ve walked into job positions with less experience and a higher salary purely because I negotiated.

According to a study conducted by staffing firm Robert Half, 61% of people did not negotiate their salary during their last offer. A lot of people are leaving money on the table, especially women. You don’t lose anything by asking especially when you are already the desired candidate.

Research salary for your market

It is vital to be informed when it comes to the market and your industry. Research salary potential within your organization and in your industry. This will justify your ask for equitable pay.

At one point in my career, I lowballed myself during the application process by a range of $17,000 to $27,000. When I was offered the position, H.R was happy to underpay me. Luckily, by that time I had done my research and was able to communicate an informed justification for more pay that more adequately aligned with the market.

Be flexible and open to new opportunities

I know this is going to sound extremely millennial of me but gone are the days where you retire from your job after 15 plus years. Not many companies are offering pensions anymore and loyalty to employees is a thing of the past. Additionally, benefits continue to get worse and worse.

I once made the mistake of turning down an offer for what was my dream job at the time simply because I had recently already started a new job. It’s a decision that I regret and one that I will never make again. Companies will replace you or let you go without much thought.

I have never been afraid to leave a job for a better and more fulfilling opportunity. If anything, I’ve remained open and flexible to opportunities, affording myself a wide range of options and salary increases. I have moved twice and have left three companies. Every circumstance was different (I once moved to be with my now hubby) but keeping an open mind has allowed me to increase my salary along the way.

Operate in Excellence

At the very end of the day, you want to make sure you put your best foot forward. Adding value is the best predictor for potential earnings. Figure out where your strengths lie and capitalize on it.

Become known for your hard work and establish good relationships. Your efforts will pay off in the end. I’ve seen people put lackluster effort into their jobs and complain about being in the same position for years. Your life is a result of the decisions you make. Decide on excellence. It will take you further.

I’d love to hear from you! Share your thoughts on these tips on how to increase your salary.

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