The Fastest Ways To Get a Raise and Increase Your Paycheck
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Waiting for your next annual review isn’t the only way to boost your paycheck. Whether you want a raise now or need to increase your income fast, there are proven strategies to make it happen.
From negotiating smarter to leveraging in-demand skills, small moves can lead to big pay bumps. If you’re looking to grow your earnings quickly, here are the fastest ways to get a raise and put more money in your pocket.
You Won’t Get One If You Don’t Ask
Sam Wright, head of operations and partnerships at Huntr, stated the obvious: If you don’t ask, you’re not guaranteed to get a raise.
“It sounds silly, but so many folks are intimidated and worried about negative repercussions that they don’t even ask for a raise. But if you go to your employer after a reasonable amount of time and come prepared with logical reasons why you deserve a raise, and they respond negatively, then you’d be best off looking for another job.”
Look At the Data To Back You Up
One of the most efficient ways to try and increase your paycheck is to research your current market value and ask for a raise with the data to back it up, according to Erika Kullberg, an attorney, personal finance expert and founder of Erika.com.
While this can often require having “connections in the right places to really get a handle on the facts and figures,” she said sites like Payscale can help you out and build a case that you can present with confidence.
Consider Timing
You’ve also got to consider timing, Kullberg stressed. The best time to request a raise is probably after a major accomplishment. However, she said, “Rather than simply asking for more money, frame the conversation around the value you’ve already added to the company, and what you could continue to bring.”
It’s even better if you can quantify how your work has increased revenue, improved efficiency or saved costs.
Switch Jobs
If an internal raise doesn’t seem to be in the cards, then switching jobs might just be the fastest way to start earning more, Kullberg suggested.
“Studies often show that employees who change companies tend to see higher salary jumps compared to those who stay put, even with promotions and raises considered.”
If your current employer isn’t offering competitive raises, exploring new opportunities can lead to a much better financial payoff.
When it comes down to it, getting a raise requires you to be proactive, she stressed.
“Whether you negotiate with your current employer or seek a higher-paying role elsewhere, the key is to advocate for your worth, do your research and be ready to back yourself in negotiations. “
Don’t Wait To Be Told
If you’re looking to make yourself more valuable at work so as to fast-track any likely raise, don’t wait to be told what to do, said Taylor Kovar, founder and CEO at 11 Financial.
“Look for areas where you can help out. Whether it’s volunteering to take on extra tasks or jumping in to solve a problem, showing that you’re committed to the team’s success is key.”
Similarly, if you feel like you’re ready, ask for more responsibilities or to take on a leadership role, Kovar said. “Showing that you’re ready to grow into a higher position can make you a more obvious choice for a raise.”
Keep a List of Accomplishments
To make it easier when you’re ready to negotiate that raise, Kovar recommended keeping a list of your accomplishments, big or small.
“If you led a successful project, helped increase sales or solved a major issue, make sure you note it. When it comes time to discuss a raise, you’ll have a clear list of your contributions to present,” he said.
Do Compensation Research
You can conduct “compensation research” to find out if you are being paid comparably to your peers with the same jobs/skillsets, according to Brandon Bramley, founder of The Salary Negotiator.
“If you believe you are being underpaid I highly recommend that you don’t wait too long to have these discussions. Employees who feel underpaid often become dissatisfied with their roles which I’ve seen impact their performance and even lead them to seek other opportunities.”
You don’t need another offer to have these discussions, either, Bramley said. If you’re performing well and the compensation data shows your role pays more, then it’s worth having the conversation.
“I’ve found that by avoiding a salary negotiation people jeopardize their future earnings. If someone avoids a salary negotiation they risk being underpaid — not only in their current role but also in their future positions,” Bramley said.
By showing value, choosing your timing carefully and doing your research, you might be poised for an income bump sooner than you think.
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