I Jumped from $29/hour to a $105k Salary in One Year: My Top 5 Lessons About Work and Business
Written by
Martin Dasko
Edited by
Amen Oyiboke
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A Fidelity study in 2022 found that most American job applicants accept their initial salary without negotiating the offer. The study also discovered that 85% of those who countered the original offer got at least something that they asked for in terms of pay or other forms of compensation. ZipRecruiter recently shared that in the second quarter of 2024, 26% of new hires negotiated their offers.
While it can be nerve-wracking to request additional compensation once you’ve landed a job, you want to do your best to ensure that you get paid what you’re worth. This means that you may have to either try to negotiate a higher salary or switch jobs to boost your salary.
Speaking privately, a marketing professional, Jessica, went from earning $60,000 to $105,000 in about a year after earning her bachelor’s in journalism and ending up in the marketing field. If you’re looking to increase your income, here are her top five lessons about work and growing your salary.
Ensure That You’re In the Right Company
According to Jessica, you won’t be able to earn a raise if you’re not working for the right company that doesn’t value what you have to offer. Jessica moved from a non-profit to a for-profit company to ensure she could get the raise she desired. She also left a company known for being cheap and not investing in their top performers or paying them accordingly.
Most career experts will suggest that you switch jobs if you want to increase your salary. Zippia, the career planning website, found that the average salary jump when switching companies is 14.8%. While you may feel a certain loyalty towards your first employer, you have to remember that you want to do what’s best for your situation. If you feel that your employer isn’t paying you what you’re worth and they’re not open to salary negotiations, you’ll want to look into switching jobs.
You Have To Develop The Right Skills
Jessica used her time at the low-paying job to establish her reputation and develop her skills. Even though the company wasn’t willing to pay her what she felt she deserved, she still put in the effort. It was through developing her skills that she was able to land a higher-paying role in a different company eventually.
Research from McKinsey found that skills picked up through work experience were responsible for 60 to 80% of lifetime earnings for those who moved into higher earning groups. These individuals made bolder moves by taking on responsibilities instead of just relying on time in the position for experience. If you want to boost your salary, you may want to focus on trying to learn new skills in your field so that you become more valuable to the company.
Focus On Making Connections
Jessica was able to land her higher-paying role because she worked with an account manager who remembered her when she moved on to a different company. She credited her ability to make connections for helping her land a higher-paying job.
“Even at a less-than-ideal job, people in their 20s need to give it their all to prove themselves and leave good impressions on their colleagues–you never know which connections will pay off,” Jessica added.
The reality is that you want to do your best to make the right connections so that you can expand your network and find more lucrative opportunities in the future.
Find Roles in Different Cities/Locations
“I started working for a Los Angeles-based company while I lived in South Florida,” noted Jessica. “Basically, I was getting paid an LA salary while I lived in a town with a way lower cost of living.” The ability to find a remote job while living in a location with a lower cost of living can be very beneficial when you’re trying to save money and move up in your career.
The rise of remote work has made it easier to find a higher-paying gig without being forced to move. Based on data from the Pew Research Center, roughly 22 million people are currently working from home all of the time, which means that you can try to find a hybrid role or something that’s not in your local area.
You Have To Fight Your Imposter Syndrome
“I had to fight my imposter syndrome and believe I was worth the salary,” shared Jessica. She noted she almost declined the interview opportunity for the new job because the salary range intimidated her, and she was concerned that she didn’t have enough experience. If you’re building your skills up and gaining experience, you must believe in yourself so that you can apply for jobs that will pay you a much higher salary.
Jessica concluded, “Believe you’re worth more and be confident in your skills.”
The subject’s full name was excluded for anonymity.
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