How to Raise Your Salary by 15% or More
by Kailey Hagen | Published on Aug. 12, 2021
Now's a great time to try this smart, salary-boosting move.
You've probably heard millions of tips on how to earn more money, ranging from working overtime to starting a side hustle. The advice is sound, but it usually involves more work, and that's not something everyone has the time or interest for. Fortunately, there is one way you could potentially increase your income without juggling multiple jobs. And now is a great time to do it.
How much do you like your job?
If you're not satisfied with your current employer or you're not doing what you want to do long term, now's a great time to consider switching jobs. For most people, changing employers is the easiest option. If you have experience in the industry, you'll stand out more than candidates who are new to the business.
But if you are interested in making a bigger change, it doesn't hurt to apply for jobs in a different field to see what happens. Just make sure you hold onto your existing job until you secure a new one.
Why now is a great time to switch jobs
With the country reopening as the COVID-19 pandemic eases, many businesses are hiring new employees to help fill the increased demand for their product or service. Because so many businesses need new employees, companies are getting creative to try to attract the best talent.
Some companies that never offered signing bonuses previously are doing so now. Others are raising their hourly rates. Explore what's out there and see if you can find better opportunities than what your current job offers.
What to look for in a great job
Salary is most people's primary concern, as a boost to your bank account is always nice, but you shouldn't apply for a job based on pay alone. Consider the following factors too:
- Working hours
- Employee benefits
- Opportunities for advancement
- Work-from-home flexibility
Think about which of these factors matter the most to you and skip jobs that don't offer them. If you're unsure whether a company offers a perk you're interested in, you can apply anyway. Then, inquire about whether it offers that benefit if you hear back from the employer.
How to stand out in a sea of job applications
There are a lot of new jobs available right now, but there are also a lot of people seeking them out, so you need to do what you can to stand out from the crowd.
One of the best things you can do is tailor your resume and cover letter to each job you apply to rather than just using the same documents for every application. Read through the job offer and pick out keywords or skills listed there. Try to work these into your application if you can do so while remaining truthful.
Do some research on the company as well. This knowledge will help you stand out in the application and interview processes compared to candidates who are less familiar with the company.
If you get an interview, follow up afterward. This demonstrates your interest in the position and keeps your name fresh in the employer's mind.
When all else fails, just keep trying. You may not get the first job you apply for, but that doesn't mean there aren't other great opportunities out there for you. It does take some time to seek out and apply to new jobs, but once you land one, you might be able to enjoy a nice boost to your personal finances without working any harder than you are right now.
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