First, let me apologize for the title of this post. We are going to talk about ways to increase your salary or hourly rate at work, but it will not necessarily be fast or easy. When I read a headline like this one, my mind always expects the answer to be a “quick” fix and I end up disappointed. If quick and easy are what you are looking for in order to increase your pay, you have my permission to stop reading because the rest will likely disappoint. The ideas below are also not necessarily new. I have just never seen anything written on the subject like this post lays out.
There are four main points I want to touch on but they fall into two different groups. The first group is called “The Prerequisites”. If these two prerequisites are not met, the latter two points are not going to matter, so here they are:
- Consistently do work above your level of pay/position.
- Practice excellent soft skills/leadership with the correct attitude.
As I already stated, these aren’t ground-breaking ideas, but there are a couple of key things to point out about them which seem to be missed or looked over. The first is that both must be practiced together. It is folly to consistently do work above your pay but have the wrong attitude or use poor soft skills. I am sure you have seen it like I have where a person is excellent at their job function, but they never seem to get promoted, get pay increases, or move on because they are terrible with people and/or have a bad attitude. The attitude and soft skills are just as important, if not more important, than completing job functions.
I am sure you have heard a coworker or friend say something like, “I am not paid to do that,” or “I am not going to do extra work for free”. Leaving out extreme examples, we should be willing to go above and beyond our normal responsibilities. This is a great way to show what we are capable of and that we are worth the extra dollars. I can honestly say this one idea (coupled with soft skills) is what has taken my career so far. Step into the gaps, ask questions, and provide value outside your normal responsibilities – consistently. I promise if you do this consistently with a good attitude, the money will follow (either earning top pay for your position or moving into a new role). In addition, if you also apply the next two points the money will follow faster.
The last two points fall into a group called “Pursue”. These are the action steps needed to move forward to get a raise. You can’t wait around hoping your boss or HR department notices all the good you do and just offers up rewards automatically. That rarely happens and, when it does, it is still less than if you do the next two things as well. Remember, they have a budget to manage; they need a compelling reason to dive deeper into the budget for you. Here are the two things:
- Research and understand the market value for your position
- Ask for it!!!
There are two things to consider when looking at market value. The first is you should understand it so you can be prepared to talk about it and know what to shoot for. The second one is no company will be willing to pay you much over market rate for the position you hold. After doing your research, the goal will be to get to the top pay level for your position or, if you are already at the top, the goal becomes to see what other opportunities or positions you can move into with higher pay. This is why doing work above your current level is so important in either case. Most of the time, only top performers get the top end of the pay scale or move into be positions with higher pay. It is important to understand the market so you know what you are shooting for.
Outside of rare occasions, companies are not just going to give you top pay or better positions. You will have to put your case together and ASK FOR IT!. This is the biggest hold up I see and hear from people. They do all three of the other points but never just go ask for it. This is a scary step and I get it. If you are rejected, it hurts and can be frustrating. It also leaves you with the feeling of “what next?”, which is a very healthy question and, honestly, a very important one. Because we know rejection is a possibility, make sure you mentally prepare for it, but more importantly you should be prepared with the next logical question for your HR or leadership team: “If not now, when?” Be prepared to game plan with them on how to get what you are asking for. Maybe they can’t because of a budgeting issue in the middle of the year, but at review time or next budget cycle they could plan it in. This has personally happened to me. In my case, they gave me half of what I was asking for mid-year and the remaining half at the start of the next budgeting cycle. One last thought on this before I wrap up. If you have followed the first three points and your HR or leadership team is just not willing to work with you (A.K.A. “Plan to achieve it”), it might a be good indication you are not working for the right company.
Like this post started with, these are not ground breaking ideas, but they are effective when applied all at once. If you take any one of them out, the chances of successfully getting a significant pay raise is just not likely. I have personally used these principles over the last nine years with three different companies to increase my salary by 3.3 times, or 233%. Note the amount of time it took me. These principles are applied over time. This is not a short term thing or a one time thing; it is action over an extended period of time. We wish you all the success as you use these principles to increase your salary.
Leave No Doubt – Think. Love. Share
Bonus Thought: To help with courage and posture in asking for a pay increase, think about how hard it is for companies to find and train good employees. Speaking as someone who has done some hiring, it is hard and expensive. It is often cheaper and WAY WAY more effective operationally to give a high performer (which you are if you following the first two points) a pay increase than to find someone else to replace them. I don’t say this for you to use as a threat, but as an idea for you to help you have courage and posture when asking. It is almost always mutually beneficial for them to give you a reasonable high market-based salary. This idea is just a feather in your hat or an arrow in your quiver to know they don’t hold all the cards. It allows you to keep posture. They stand to lose something as well, both financially and operationally.
