You put in long hours at work and are happy with the company you work for. However, what are the chances of you getting a raise or earning more than you do now within the next few months, or even a year? If you want to earn more money without leaving your current employer, there are some simple things you can do to boost your income.
Here are seven ways to increase your income at work:
1. Increase the number of allowances on your W-4. If you tend to get a big tax refund check every year, make some adjustments to your tax withholding. You can enjoy that money over the course of each year and boost your paycheck. Talk to the HR department to increase the number of allowances which will decrease the amount of tax taken out of your paycheck each pay period.
2. Request a performance review. If your company does annual or quarterly performance reviews and you aren’t due for one of several months, ask your boss if you can complete one soon. Most employers base their pay decisions on performance and if you have done anything particularly outstanding lately, you could increase your chances of a raise or be in a position to ask for a higher-paying position. This might also be a good time to apply for a higher-paying or more challenging position.
3. Ask for a raise. You don’t always have to wait for performance review time to ask for a raise. Consider setting up a meeting with your boss to discuss your current position, goals and compensation plan. If you can prove to your boss that you are going above and beyond what the position requires of you – and can provide specific examples or proof of recent successes – there’s a good chance that your boss could approve a raise or even a promotion. Do some research on salaries for similar positions so that you have some facts to support your request.
4. Build your skill set. Express interest in taking courses that complement your current job, or ask to attend conferences or educational seminars that will help you perform better at your job. You’ll be increasing your chances of getting a raise or a promotion when you demonstrate that you are fully-invested in your career and determined to work hard for better positions. Build your skill set with the help of your employer and put yourself in a position for more earning opportunities.
5. Explore tuition reimbursement options. While this won’t immediately affect your salary, you may be eligible for a bonus that will pay off in more ways than one. Many employers offer tuition reimbursement to employees who commit to staying with the company for a certain number of years and pursue a degree or courses in a field related to their position. This can be a valuable benefit for furthering your career and making you eligible for higher-paying positions.
6. Apply for a similar position in a different department. If you work for a large corporation, start searching for similar positions in a different department. In some cases, you may be able to earn slightly more while taking on similar responsibilities or moving up in your career. This way, you won’t have to leave your employer altogether but can enjoy the benefits of a new position.
7. Ask for non-salary benefits. If it’s not realistic to ask for a raise if you find your salary a bit low or change jobs within the company, consider asking for some non-monetary benefits that will keep you motivated to stay in the position you are in, and enjoy some extra perks. Some employers may be able to offer you some work-from-home time that would save you on the cost of a commute, or you might be able to earn a bonus based on performance over a specific period.
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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.