Many people are currently feeling a pinch when it comes to their wallet. Food and gas prices have gone up. If your salary hasn't gone up as well, it may be tough to buy everything you are used to purchasing. Let's look at some ways to potentially supplement your income and hopefully increase your bank account.
Request a Promotion
If you are currently happily employed, you may want to see if you can earn more money at your present place of work. Requesting a promotion may result in a higher salary. With the ongoing "Great Resignation," your employer may be happy to pay you a bit more if that means they won't be looking to hire a new person to fill your role. Depending on your relationship with your current manager, you may choose to make it known you are seeking a promotion. You could ask what is required of someone with the pay grade you desire so you can determine what steps to take.
If the office environment (or relationship with your supervisor) makes a direct approach difficult, you may want to consider the following ideas:
Look for additional ways to help.
This could include assisting a co-worker with their load, covering their responsibilities if they must leave to handle a personal matter, or being a sounding board for others in problem-solving. Being helpful and demonstrating a positive attitude communicates reliability and capability -- and may get you noticed for an upcoming promotion.
Find a company “pain point.”
Is there an issue that isn’t necessarily your responsibility, but that has plagued your department for a long time? Taking the opportunity to fix it shows initiative -- and may make you a hero.
Look around at others who have been promoted.
Do they have anything in common? Looking to others for inspiration can be helpful in ascertaining how your business works and what traits might be especially valued. Then, ask yourself what you could do to set yourself apart. Is there a qualification, badge, skill set or software knowledge you could obtain to stand out from the crowd? Have you mentored more colleagues, made more sales, designed more, built more, managed more than others on your team?
Start compiling these data points – and create a one-page summary of your contributions to your company. Provide this to your boss or office administration showing evidence that you deserve to be awarded with a promotion.
By providing real results, real numbers, and real evidence of your worth to your employer, you not only communicate your value as an employee, you also show YOU are aware of your value. Revision Resume is proud to offer work achievement summaries as a service to our clients.
Add Secondary Income
If a promotion or pay raise doesn’t seem possible in the near future -- but you enjoy your current job -- there are ways to pad your wallet without changing companies. A part-time job may be what you need to bridge the inflation gap.
Think doing odd jobs for money is just for kids? Nope! With the pace of life continually speeding up, there are countless people in need of countless services. What’s more, people within your network, neighborhood, or community will be more willing to hire someone local (or that they personally know), rather than a stranger. Consider:
Dog-walking or pet-sitting
Landscaping/lawn mowing/spring or fall clean-up
Snowblowing/plowing (if you have the equipment already)
Cleaning or household chores, especially for the elderly
Turn a Hobby into a Side-Hustle
Do you love woodworking, painting, sewing, jewelry-making or other types of crafts? Turn what you love to do in your spare time into a side business! Churches, schools, and community centers often host craft fairs, and websites like Etsy make it easy to market your wares…besides, it gives you an excuse to keep creating!
If you would prefer to earn money from the comfort of your own home and you have a talent for writing, design, programming, or another area of expertise that’s in demand, there are infinite advertisements for work online (i.e., “work from home.”) However, there are also countless scams out there too, so be careful what you sign up for. LinkedIn is a widely-used, reputable tool to market your freelance status, and Revision Resume offers services to help you get started on this social media platform.
Sell What You No Longer Need
Here’s a way to kill two birds with one stone! Do you have a lot of clutter? Is there a pile of items you’ve received that you’ve been holding onto to “re-gift?” Instead of letting it sit for another decade in your house, identify items you are willing to part with (of course, these need to be in new or gently used condition in order to actually make money from them). If you have a lot, hosting a garage sale may be the best approach. Try engaging your neighbors to see if they would be willing to host a sale at the same time -- multi-home garage sales tend to draw a crowd. If you have only a few items, you may decide to sell online through a site such as eBay, VarageSale or Handshake.
And of course, there is the good old part-time job. It can be difficult during the summer months, when high school and college students glut the applicant pool, so timing your application may make a difference here. Beginning part-time work during the holiday season, when companies are in true need, may get your foot in the door, and your work performance may win you a permanent spot thereafter.
Join the "Great Resignation"
Millions of workers have decided to leave their current jobs and pursue something new. There are a variety of reasons for making this change, but many report they are seeking higher-paying employment. Some have not had raises or promotions in years and would like to be rewarded for their hard work. If you are considering leaving your position to seek something with a higher salary, we do offer a few suggestions so you can be sure you obtain a new job that pays what you desire.
A recent survey from The Muse and a recent Pew Research Center study both indicate that those who switched jobs during the “Great Resignation” weren’t always satisfied with the outcome. The Muse is terming it “Shift Shock,” and the survey reported that 72% of job seekers were surprised to find -- after starting in their new job -- that the new role was not what they anticipated. Pew reported that 22% of workers indicate their new benefits are worse than what they had at their original job and 36% said the benefits were about the same.
What should job seekers do to avoid becoming one of these statistics?
First, spend time considering what is important to you:
Do you need a certain salary?
What about benefits?
Is work-life balance a consideration?
Do you prefer an in-person or remote work situation?
What about potential for promotion or continuing education?
There are many aspects to consider, and every job seeker will have a different set of priorities. Spend time determining what is important to you, so you know what to look for in a job posting.
Once you have earned an interview for a desired opening, it is imperative that you create a list of your own questions to ask. It is a common misconception that the interview is only for the business to determine if you are the right person to hire. The truth is, it is also for the interviewee to evaluate if the business is the right match for them. Don’t miss out on this valuable opportunity to find out the details of the role and the specifics of the benefits. Not sure what to ask? Check out our blog on this topic.
Finally, after you receive an offer, thoroughly evaluate it. Does this position meet your criteria for work-life balance, potential for promotion, and continuing education? If more than one element of the job offer is seriously lacking, it might be best to walk away. On the other hand, does it seem like a good opportunity, just short on salary? In that case, you may want to continue to pursue the job, but negotiate for better compensation.
Salary Negotiation Tips
Salary negotiation may seem intimidating, but there are things you can do to prepare. Before you start the negotiation, do some salary research. You can use glassdoor.com, payscale.com, salary.com or another reputable site to find salary ranges appropriate for your position and geographic location.
In addition, be sure you understand the full compensation package:
What are the health benefits included in the offer?
How much vacation time will you get?
Do they provide a 401k match?
Is there an opportunity for a bonus or stock options?
Do they provide tuition reimbursement?
If you are moving, are they offering relocation expenses?
All of these factors are part of your compensation and need to be considered so you can determine what you really want to ask for.
Take some time to create a list of your strengths and qualifications. What benefits will they achieve by having you join the company? Can you point out that your education, years of experience, or certifications increase your unique offerings, and therefore should be compensated appropriately?
When you approach salary negotiation, you want to avoid making some common mistakes:
You do not need to disclose your current salary. What you are paid for the new job does not relate to what you were previously paid, since the new role will have new responsibilities and expectations. You should be paid the fair market value for your new position.
Don’t negotiate based on the amount you need in order to pay your bills or your student loans. That won’t motivate the company to increase the offer. Instead, indicate that you are worth what you are asking based on the performance you will provide, not based on your outside lifestyle or expenses. You should be compensated for the value you provide the company.
Be specific. Instead of just generically saying that you would like a higher offer, ask for the amount you desire. Otherwise, Human Resources might come back with something that still doesn’t meet your expectations.
As always, Revision Resume advises you to begin with the end in mind. By evaluating how much of a financial gap you have -- and what skills you have to offer -- you can set in motion a plan to increase your income in no time. Our resume, work summary and LinkedIn services can help you get the ball rolling!
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