13 Ways to Score a Bigger Salary in 2022
13 Ways to Score a Bigger Salary in 2022
A bigger salary is within reach
Currently, the labor market is very competitive, and demand for skilled workers is high amid a labor shortage. That provides ample opportunity for workers to boost their income in 2022.
So how can you end next year with a larger salary than you started with? These 13 simple steps should help you make it happen.
5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.
Previous
Next
1. Look for a new job
Around 20% of workers changed jobs since the start of the pandemic, and 46% are planning to make a career switch soon. Perhaps you should be one of them.
Changing jobs could be the simplest way to raise your salary next year. If you can find a better opportunity with a company that pays more than you're currently earning, you'll guarantee that you'll end the year with a higher paycheck.
Previous
Next
2. Negotiate your salary at your performance review
Many employees receive periodic performance reviews from their employers. When you go to your review next year, ask for a raise. Or, if your employer offers one, negotiate to see if you can get an extra boost.
Inflation is high right now, so workers need a raise just so their paychecks keep pace with buying power. Companies know this and should be amenable to raising your rate if you're a good worker and you come prepared with a specific request and justification for it.
Previous
Next
3. Take on some overtime
Putting in extra hours could result in a salary increase -- especially if you're paid an hourly wage. Many employers who have struggled to find skilled workers are eager for qualified staff members to work overtime, so ask about opportunities to take on extra hours.
If you're a salaried employee and don't get a direct income boost from overtime, your company is still likely to notice your extra efforts, and this may prompt management to increase your compensation.
Previous
Next
4. Take part in workplace training initiatives
If your company offers workplace training, sign up for it. Employers offer this type of training to equip workers with the skills they are looking for.
If you develop your talents, you could move into a better-paying role within your company -- or simply become more indispensable to your bosses, so they'll be more willing to give you a raise in your current position.
Previous
Next
5. Volunteer for extra responsibilities at work
If your boss is looking for someone to take on extra tasks, volunteer your time. As you come to be counted on for an increasing number of things, your employer will be more eager to up your compensation due to the additional work you're doing.
Taking on extra tasks at work can also help you qualify for a promotion, or can enhance your resume so finding a new and better-paying job is easier.
5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.
Previous
Next
6. Keep track of your workplace accomplishments
When you accomplish something impressive at work, be sure to take note of it. By tracking your successes, you'll be better able to show your employer all that you've done to help the company. This can bolster your request for a raise.
Tracking your accomplishments also gives you some specific wins you can share at job interviews if you decide to branch out and look for a new position.
ALSO READ: Want a New Job in 2022? Here's Why You Should Start Looking Now
Previous
Next
7. Take full advantage of workplace benefits
Be sure to look into all of the benefits your employer offers, such as flexible spending accounts or corporate discounts. While these won't increase your paycheck directly, if they help you to save money on other expenses such as commuting or childcare, that will still have the effect of raising the income you get to use for other things.
Previous
Next
8. Ask about remote work
As a result of COVID-19, a growing number of companies now allow workers to do their jobs from home. If you can work remotely, this can often have the effect of increasing your salary by substantially reducing commuting costs.
ALSO READ: Working Remotely: Is this the Future of the Workforce?
Previous
Next
9. Learn about bonus or incentive opportunities
Companies sometimes provide bonuses for performance. If your company does, talk with your boss about exactly what your options are for earning the maximum bonus.
If your employer doesn't currently offer incentives for performance, suggesting it institute this type of program could help you to earn a further salary boost if it gets on board.
Previous
Next
10. Claim your full employer match
If your company matches retirement account contributions, be sure you are earning the full amount of your employer match.
When your employer gives you free money to save for retirement by making contributions to your 401(k) or other qualified retirement plan on your behalf, this has the effect of increasing your income by the amount the company invested on your behalf.
5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.
Previous
Next
11. Earn a new credential
If you're hoping to boost your salary, consider taking some courses to expand your credentials.
Earning a new degree or certification could allow you to negotiate for a higher salary at your current job or qualify for a new position at a better rate.
Previous
Next
12. Pick up a side gig
You can also increase your income by taking on an additional job in your spare time. A huge number of side hustles are available, and putting in even a few extra hours could help you to significantly increase the amount of income you earn in 2022.
ALSO READ: 4 Perfect Side Hustles When You Need a Small Income Boost
Previous
Next
13. Start your own business
If you have an idea for making money on your own, consider making 2022 the year that you start your own business.
Running your own company gives you virtually unlimited earning potential if you have a solid plan and can make a success of it. You can start in your spare time and slowly transition to earning a full-time living from your company if things work out.
Previous
Next
Get started ASAP on boosting your income for next year
Workers have an unprecedented opportunity right now to take control of their own destiny and find ways to earn more money in 2022.
The sooner you develop a plan for boosting your income, the sooner you can start enjoying the benefits that a higher salary provides. So, get to work on implementing any or all of these ideas ASAP to maximize the chances you'll end 2022 earning more money than when you started.
The Motley Fool has a disclosure policy.
Previous
Next
Invest Smarter with The Motley Fool
Join Over Half a Million Premium Members Receiving…
- New Stock Picks Each Month
- Detailed Analysis of Companies
- Model Portfolios
- Live Streaming During Market Hours
- And Much More
READ MORE
HOW THE MOTLEY FOOL CAN HELP YOU
-
Premium Investing Guidance
Market beating stocks from our award-winning service
-
The Daily Upside Newsletter
Investment news and high-quality insights delivered straight to your inbox
-
Get Started Investing
You can do it. Successful investing in just a few steps
-
Win at Retirement
Secrets and strategies for the post-work life you want.
-
Find a Broker
Find the right brokerage account for you.
-
Listen to our Podcasts
Hear our experts take on stocks, the market, and how to invest.
Premium Investing Services
Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.