It is no secret that more employees are looking for ways to increase their income. Although there are a variety of ways to make more money, the first place you should start is with maximizing the income of your current job. Typically, your salary is the largest and most consistent income you get every month. Thus, increasing it gives you consistent earnings that you can use to reach your financial goals faster. Getting a raise could be just thing you need to put you in a financially healthier position. Though it can seem like tricky business, if you apply the following tips, you may just get the extra income you have been needing.
Check Your W-4
It is quite possible that the extra money you need you may already be getting, it’s just not coming to you every month. Depending on what you put on your W-4 when you started your job, you may be allowing the government to withdraw more money than needed from your paycheck. Check to see if you getting the maximum amount of income possible with the number of exemptions you currently claim on your W-4. The less exemptions you claim, the more income the government withdraws from your paycheck every month. Ensure that number you have placed on it is true to your current living situation, and if it isn’t, consider correcting it.
Do Your Homework
Before you go blazing into your boss’ office asking for more money, you first need to ensure that A) the company is healthy financially and B) determine if you are already being paid at the top of your salary range. Many companies offer quarterly financial statements of the business earnings that you can review. Other signs of positive financial stability include consistent employee promotions, medium to large company purchases and expansions in services or locations. To view the average salary range in your industry, you can check websites like salary.com and glassdoor.com to see what the industry averages are in your area.
Develop Your Value
Every company has a minimum and maximum range that they plan to invest in every position. That range indicates how valuable of an investment that particular position is to the overall growth of the company. The lower the ranges, the lower the value the company places on that job. It is your responsibility to maximize professional opportunities to increase the value you will ultimately add to the company. In today’s competitive job market, working hard, being on time, and completing your duties as required isn’t enough to get a substantial raise.Find creative ways to add greater value to your company by creatively solving unique problems. The more problems you can solve with quantifiable results, the more value you would have ultimately added to the company. Make an effort to keep copies of positive performance reviews, testimonials, survey results about your area, awards, and special recognitions. Also ask your supervisor throughout the year about things you can take from their responsibilities to make their job easier. At the end of the year during your performance review, all of these things can be used to communicate your overall value to the company and increase your chances of getting a raise.
Ask at the Right Time
Typically the best times to ask for raises are during performance reviews and after excelling at new responsibilities. These situations naturally put your value front and center to your employer and gives you definite talking points for why you are worth more than your current wage.
Asking for a raise doesn’t have to be scary or complicated. It is simply about communicating your value, and gaining additional income based on the added value you are bringing to your employer. Without you, your employer couldn’t generate the revenue they need to provide a sustainable and healthy business. Know your worth and get the value you deserve from the work you do.
What other tips would you suggest for getting a raise? Answer in the comments below.