Would you like to be paid more? Getting a pay raise in today’s economy can be difficult. Not only do you need the confidence to approach your boss and negotiate a fair rate, but you also need to be able to create a business case for your desired salary. Luckily, you can boost your earning potential without even leaving your home if you’re motivated enough.
Start Creating a Business Case
Wherever you work, the most effective way to get a pay raise is to present a business case of why you are worth more than your current salary. Depending on your industry, this business case will be compiled of different things. However, usually it will include your best achievements, similar positions paying close to your target wage, and tangible evidence of what you bring to the table.
Identify Your Weaknesses
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The easiest way to see what you could improve on is to look at the resumes or LinkedIn profiles of other people in your industry. What experience and qualifications do they have that you don’t? Create a list of things that other candidates can offer, and use this to direct your own efforts to earn more.
Get Official Documentation
While you can negotiate for a pay raise based on increased experience, it is generally much easier if you can show that you have new skills. This could be anything from an online MBA to online textbooks or webinars. A masters is likely to result in a bigger pay increase than a webinar, but it will also take longer. Therefore, make sure that you focus on long-term benefits.
Know Your Worth
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Look at job listings and websites such as Salary.com and Glassdoor to identify a fair salary. If you’re unsure about what a realistic salary would be, try sitting down with your boss to discuss areas that you could improve to be considered for a salary increase or promotion. Don’t be afraid to be upfront about looking for a raise — if you don’t ask, you rarely get. Don’t be discouraged if your boss doesn’t think a pay increase is appropriate yet. Simply set a specific time in the future, perhaps six months, to review again. You can use that time to build up your worth.
Fake It Until You Make It
Confidence is key to negotiating a pay raise and to showing your true worth. Develop your confidence by telling yourself daily affirmations about your worth, watching online videos, and putting yourself outside your comfort zone.
While you’re practicing being confident and self-assured, act the part, too. Dress smartly, and improve your organization. Make sure that you are well informed on what is happening within your industry. Be ready to step in and help when colleagues need it. Join industry social media conversations and build connections. You can be sure that it will be noticed.
You don’t need to wait until you’ve done all of the above to approach your boss. Once you’ve got a few good grades in your MBA courses and you’ve practiced being confident, set up a meeting to talk through what you’ve achieved so far and what you are working toward. You’ll be in an excellent position to negotiate your wage.