How To Increase Your Current Salary with Your Current Job

Increasing your salary is a great way to add to your income. Last week we talked about how to get a raise even if your boss doesn’t like you.

If you have worked hard, improved the business, demonstrated value and helped your coworkers then you are ready to ask for a raise. But what happens when your boss says no? I recommend that you keep asking but eventually you will recognize that you won’t get promoted. It might be time to move on. If you can’t get a raise at your current job then the next best way to increase your salary is to find a new job.

Before you look for a new job it’s important to factor in all of your current benefits. Opportunity and experience are two non monetary factors you should consider. Also consider your current health benefits, tuition/training reimbursement, 401k matching, revenue sharing and stock purchase programs. If any of those benefits are above average at your current job you need to keep them in mind when you start thinking about how much more you want to make at your new job.

For example if your current job has a 6% 401k match program and your new job has a 2% match program and offers you a 4% raise then you aren’t gaining much by changing jobs.

The best time to find a new job is when you already have one so relax, you are in a great position. You have less stress and more leverage than those that are unemployed. You also have access to a large network of resources.

How To Find A Higher Paying Job You’ll Love

  • Know the Market: Before you head off to your first interview you need to know what you’re worth. If you only have 2 years of experience you won’t be first in line for the job paying $100k a year. Use a salary estimator tool to help you get your expectations in line. You can use refer to online magazines and surveys to help you get a solid picture of the market.
  • Use your network: Everyone knows its not what you know but who you know. Start putting the word out that you are looking for a new job. You don’t have to tell everyone that you are looking to make more money. If you are underpaid then you won’t have a hard time negotiating a higher salary at a new company.
  • Do the basics: Search and apply. Use every tool you can to find job openings. Put together a solid cover letter than is unique to the job you are applying for. Have someone in your field review your resume.
  • Negotiate hard: Be ready to talk about your salary at your first interview. It may not come up, but if it does you want to set the tone with a range. Be careful not to make it sound like the only reason you are looking for a new job is to get a raise.