The Most Underrated Strategies for Earning a Salary Increase

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Want a pay raise to improve your finances? Read on for ways to get it. [[{“value”:”

The salary you earn can impact all aspects of your personal finances. A raise could spell the difference between being able to rent a larger place to live, affording a car, and other such things that can lend to a better quality of life.

In a recent Monster.com survey, 81% of workers say their current wage has not kept up with the rising cost of ​living. So if you’re eager to see your salary go up, that’s understandable.

You may be aware that often, jumping ship and moving to a new company is a good way to snag a pay boost. But there’s a downside to going this route, and it’s having to adjust to a new work environment. Plus, if your company offers good benefits, you may not want to give them up, despite being less than happy with your pay. In this type of situation, a good bet is to do what you can to earn a raise. Here are some strategies you can employ.

1. Prove your case with data

Your employer might think they’re paying you a decent wage given your skill set and role. But if you were to present data showing that’s not the case, it might get your company to change its tune.

To that end, spend some time digging up salary data. You can look at websites like Salary.com and Glassdoor to pull up information on what people earn based on their respective titles and geographic regions.

Then, do some analysis. If the typical person with your job title earns 5% to 10% more than you do, that alone could make the case for a raise. It’s hard for an employer to argue that $52,000 a year is an equitable wage when the typical person in your role, and in your area, earns $55,000 to $57,000.

2. Boost your skills on the sly and then show them off

There are several steps you can take to quietly but effectively boost your job skills. These include taking online courses (some of which may be free) and shadowing more seasoned employees within your company.

From there, find a time to wow your boss with your newfound knowledge. That could mean taking over a big presentation or troubleshooting a tech issue no one else at your company can deal with.

Once you’ve done that a few times, call a meeting with your boss and state that you wish to discuss pay. You can point to your newly developed skills as a reason for a boost.

3. Get on another manager’s good side

Kissing up to your manager may not be the most effective way to get a raise. Believe it or not, developing a relationship with another manager at your company might serve you even better.

If another manager decides they want you on their team, your manager might try to entice you to stay by offering higher pay. At that point, that second manager might make you an even better offer. All told, you may be looking at a full-fledged bidding war — over you.

A salary increase could do a lot of great things for your finances. It could help you build savings, pay off debt, and sock money away for major goals. If you’re not happy with your current salary, try these tactics to snag a raise. You have nothing to lose — and a lot to potentially gain.

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