A salary increase is often a motivating factor when it comes to why you want to progress in your career.
Talking about money can feel super uncomfortable but if, like most people, you work to earn money to live then it’s time to get comfortable with it.
Asking for more money
Studies show that women are less likely than men to request a pay raise. These figures vary from 15% vs 23%, 26% vs 36% to 37% vs 46%.
Whichever set of numbers you want to go with, the conclusion is the same.
There’s also research out there though which claims that 70% of people who asked for a raise got one. So the old saying of “if you don’t ask, you don’t get” feels like it rings true when it comes to what you’re getting paid.
If earning more money is a career goal of yours, here are 3 tips that will help you get a salary increase:
- Document everything. I’ve used Trello for years to track my tasks and this gives me an easy resource showing what (and how much) I’ve completed. I then turn that information into relevant stats and tangible outcomes which add credence to the work I’ve done and the value I’ve delivered. When most people associate money with value, the more clearly you can show exactly what value you’ve added, the easier it is for you to advocate for your pay to be increased.
- Research. Look at industry standards and salary benchmarks for your role and level of experience. Use resources such as salary surveys, online databases, news articles, and professional networks to gather data on typical compensation ranges. Also, ask your colleagues. Then approach a pay discussion as prepared as you can be with your research and your documents/stats from tip 1.
- Tips 1 and 2 haven’t helped? Then it’s time to look outside your current company. The estimated salary increase from changing company can be anywhere from 15% upwards, even if you move laterally into a similar role / level. So if you want to earn more money and it’s just not happening where you are, then it’s probably time to move on.