In 2023, 96% of companies increased salaries, according to WTW. And average pay raises amounted to 5.4% last year.
Still, you may be unhappy with your current salary. And if you didn’t get a raise at the start of 2024, then you may not be ready to give up that fight. After all, earning higher wages could work wonders for your budget and help you meet your financial goals. With that in mind, here are a few tactics that could help you snag a pay boost.
1. Find out what you’re worth
It’s one thing to want a higher paycheck because it’ll help you pay your bills and build your savings account balance. But your employer probably needs a better reason than that to give you a raise.
Take the time to find out how much money your job is worth. First, research salary data to see what people in your geographic region with your job title typically make. That should give you a baseline to work with. Sites like Glassdoor and Salary.com are great resources in that regard.
Next, sit down with a recruiter and ask them to give you a number. If you’re currently earning $80,000 a year but a seasoned recruiter who focuses on your industry tells you they could most likely find you a job paying $90,000, that should help give you the confidence you need to negotiate on your own behalf.
2. Build skills no one else on your team has
If you work as an accountant, there may be other people in your department who know how to crunch numbers like you do. But what if you were to put in the time to become proficient in the new accounting software your company has announced it will be switching to in a few months? Suddenly, you’re bringing skills to the table that other people on your team may not have since your peers’ plan may be to wait for that software to roll out and go through in-house training.
This is just one example, but the point is that knowing things most people in your company don’t could go a long way toward earning a boost in pay. So think about the skills you can build that will bring more value to the table.
Keep in mind that you may have to spend some money to build certain skills. But consider that an investment in a higher paycheck. If you spend $500 on an online course that raises your pay by $2,000 this year, from that point on, any raise you get on top of that will be calculated on a higher base salary. In time, your $500 outlay could more than pay off.
3. Look beyond compensation alone
Many people approach pay negotiations with a fixation on raising their salaries. But it’s in your best interest to take a more flexible approach to compensation and be willing to look at the big picture.
Let’s say you’re having a hard time paying your bills on your $65,000 salary, so you’re trying to push your employer to raise your pay to $68,000. If the company doesn’t seem to want to budge, think about other ways you could possibly gain $3,000 in a year with your company’s help.
If you were allowed to work from home, for example, you might save $250 a month on commuting costs. Or if you’re able to work from the office until, say, 3:00 in the afternoon but do your last couple of hours of work remotely each day, it might save you the money you’re currently paying an after-school babysitter to collect your kids from the bus stop and look after them until you return. That could be worth $3,000 over the course of a year.
Even though we’re already well into 2024, it’s not too late to score yourself a raise. But remember, the labor market is strong today. So if your employer really won’t budge on your salary, it may be time to dust off your resume and explore your options elsewhere.
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