No matter how much you love your job, you don’t want to earn less than you deserve. Hearing that others are earning more for doing the same thing as you can be frustrating, and make it difficult to produce your best work. It is normal to struggle with performing our best if we feel slighted or unappreciated. While compensation is not the only way your company shows its appreciation, it is the most significant. Knowing that you are doing everything in your power to maximize your earnings allows you to focus on your work. If you aren’t adequately compensated, you are in a position to move somewhere where you will be.
Never Stop Learning
You only increase your value to both yourself and your employer when you continue your education. Whether it is through continuing education, post-graduate certificates, or an undergraduate degree, expanding your base of knowledge makes you worth more, whether you intend to stay with your existing company or are considering looking somewhere else. If finances are a concern, consider taking out private student loans to pay for your education. They are readily available and have favorable repayment terms. You can use them to cover any expenses related to your education.
Ask for a Raise
The first step in ensuring you are earning what you should is to ask for a raise. It sounds like a simple step, and it is, but a surprising number of people do not do this. They may discuss the idea of a raise during a review with their supervisor, but too few people take the initiative to strike first when it comes to talking money. If you are doing good work, and genuinely feel that you deserve better pay, there is no reason to worry about asking for a raise. Whether you get it or not will not affect your standing with the company. To boost your odds of success, prepare to discuss several projects you have recently taken on, and how they benefited the company. Be prepared to explain why you are worth the raise.
Own Your Projects
It can be hard to speak up and take credit for your projects. If something is truly a group effort, you, of course, do not want to grab the glory. However, if you are directly responsible for something that worked out well for your company, make sure the people in a position to make decisions about promotions and raises are aware.
Switch Jobs
Sometimes, for whatever reason, you max out with your company. The raises stop coming, whether or not your workload increases. If you believe you have reached the ceiling with the company you work for, it may be time to jump into the job market. Moving from job to job is a tried and true way of boosting your earning power. Maybe you have felt a sting of resentment when a new hire comes into your company earning the same as you. Nothing is stopping you from doing the same. Update your resume and start looking around for new positions.
