Would you like to know how to dramatically increase your salary? For most of us “regular people” our salary is the key driver to our financial future.
Expenses can only be reduced to a certain extent. Salaries are unlimited.
It will take diligence and sacrifice, though.
Are you willing to pay the price to increase your salary?
I’m talking about a dramatic increase in your salary! Do you even think that it is possible? Increasing your salary is not only possible but highly probable.
My salary has doubled five times over my working life. I didn’t think much of it because it happened incrementally and often unintentionally.
An increase in salary was chalked up to luck and positive circumstances. Plus, I didn’t consider doubling minimum wage as much of a reason to shout from the rooftops.
Increase Your Salary By Double?
I was wrong, though. Double is double, baby!
The last time my salary doubled was different. That increase in salary was a concentrated effort and each step was intentional. It was also more difficult to accomplish.
My salary in 2013 was adequate to own a home, take small (okay, tiny) vacations, and pay down debt. We were doing okay financially but there was a ton of room for salary increases. I adjusted my thoughts and got busy increasing my value.
And it worked! By 2019 my salary had doubled again.
Now I would like to share with you twelve of the strategies that helped me dramatically increase my salary.
If you’re interested in consistent salary bumps continue reading.
What Does It Really Take
Large salaries aren’t tossed around like SWAG at a trade show. In order for a company to pay a larger salary, the employee must generate much more value for the company than the salary being paid.
Employers pay more for an employee than just the annual salary. In order for a business to stay in business, employees must generate positive value compared to salary and salary-related expenses.
One of my employment stops demanded about sixty-five hours of intense work per week. I was often on calls at 9 pm with a team in Singapore and Sunday evening calls with a team in New Zealand.
It was brutal. That was the job though.
The extra mile can be a lonely stretch of road.
Are you willing to work nights and weekends when required? Will you trade time away from your hobbies to increase your value at work?
There is a price to pay for a larger salary. If you want to punch in at 7 am and leave at 3 pm every day don’t bother. Lunches and regular breaks are typically a luxury in the world of six-figure salaries.
Count the cost. There are trade-offs involved.
We’re owed nothing.
Change Your Thoughts
Henry Ford once said, “Whether you think you can or think you can’t, you’re right.” There is enough truth in this statement for us to dig a bit deeper.
It doesn’t take long to determine if a person is on the financial fast track. Listen to their words. Failure-filled words are a reflection of what is going on between their ears.
“The rich get rich and the poor stay poor” is one such phrase that activates my Spidey senses. When I hear a person say this self-defeating phrase, I know that they are either living in failure, headed towards failure, or a politician pandering for votes.
What we think about is often what we talk about. Our behavior typically follows our words.
Let’s imagine that you’re currently earning about $25,000 per year. Is it possible to increase your salary from $25,000 per year to $50,000 per year? That’s a hefty jump! Is it possible?
Yes, but not for everyone. If you think you can, you probably will. Those who think they can’t will fail.
Start by asking yourself this question: Does anyone at this company earn $50,000 in a year?
The CEO of McDonald’s Corp. earned $10.8 million in 2020. The CFO of American Express had a salary of $11.6 million in 2020. Most truck drivers and nurses exceed $50,000 per year.
My point? The money is available in many places.
Excuses as to why it’s impossible are plentiful. While you’re whining about “why it can’t be done” someone else is hustling and making it happen.
What would it take to get you to that salary? Are you willing to put in the requisite time, effort, and work? Or do you just want a larger salary?
Give PIECE A Chance And Increase Your Salary
When I worked at GE Capital we had what was known as the PIE principle: Performance, Image, and Exposure. The PIE principle was drilled into our heads.
I’ve added two other components: Cooperation and Excellence.
Performance. When we are hired, we agree to work for a specific set wage. We are expected to do what we are paid to do. Pretty simple, right? Just do what is expected and do it well.
Image. How do your peers see you? What is said about you when you’re not around? This is where we can build equity with our co-workers. Are you viewed as a complainer, a gossip, and a troublemaker? Or are you perceived as someone who is dependable and goes the extra mile?
Exposure. Swing for the fences, baby! On occasion, we need to step outside of the normal job and go above and beyond our normal performance. If you’re not performing at 100% then stepping out in this manner can be risky. It’s important for senior leaders to know your name for the right reasons.
Cooperation. Confrontation is needed in some work situations. Cooperation is required pretty much every single day. Those with a cooperative reputation typically have a longer shelf life than those who are in constant confront mode.
Excellence. Becoming an expert in a specific area pays dividends. Take the time to perfect your craft.
Those who master these five skills regularly increase their salary.
Increased Education Can Increase Your Salary
Degrees and certificates typically lead to increases in salary. I am a proponent of formal education. However, I also know that it doesn’t always translate into a larger salary.
There are dozens of ways for us to learn and formal education is just one of them. There are thousands of valuable YouTube channels and podcasts available — for FREE!
The University of Michigan, Stanford, Georgia Tech, and even Yale offer free online courses, now. I am currently attending this free course through Duke.
Books are free through your local library. Embrace increased education. Each course and skill will eventually pay dividends.
Resist the urge to binge on Netflix. Instead, pick up a book, read it and implement what you’ve learned.
Social Media Super Power
I am active on virtually every social media platform. My favorite, by far, is LinkedIn. We seem to behave a bit more classy on that platform than the others. It’s starting to get a bit sketchy lately but I have my fingers crossed.
If you do not have a LinkedIn profile (let’s connect!) I highly recommend that you launch one ASAP. This is my go-to tool to keep in touch with co-workers over the long haul. People will come and they will go throughout your career. LinkedIn is a great way to stay in touch with them.
Remain active on LinkedIn. Keep the conversation professional. Engage with others in a positive manner. This can be a great tool to open doors for future opportunities or to simply make non-awkward introductions.
When social media is used incorrectly it can be career Kryptonite. Resist posting all of your negative experiences on social media. Even when using it to express dissatisfaction with a service or product do so professionally.
If you can’t use social media responsibly, professionally, and graciously you might want to avoid it altogether.
Social media, when used correctly, can be a career differentiator and help you increase your salary.
Resume Recharge
I’ve reviewed hundreds of resumes as a hiring manager and only a few have caught my eye for the right reasons.
Hiring managers are experiencing pain — usually severe pain. If they were not they would not be attempting to hire a new person. Hiring a new person is expensive and disruptive. The pain has grown so great that the only way to eliminate or reduce it is to hire a new person.
Use that to your advantage!
Can you solve the problem with your skills and abilities? Honestly, that is all that is relevant. No one cares that you graduated from Cornell, Andy. Are you able to alleviate my agony? That’s it.
I recommend that you craft a giant slayer letter (GSL) to complement your resume. Some people call these cover letters. Cover letters are typically ineffective and antiquated. Giant slayer letters, when done correctly, provide the hiring manager with additional confidence that you could be the right person.
Here’s an article I specifically wrote about dynamic cover letters.
Your resume should tell a story and not just state boring facts. A good resume is both art and science. I want to know more about you and your exploits (art) and it quantifies your accomplishments (science).
Does your resume and GSL pass the “who cares” test? Have you laid out a specific case as to how you can solve my agony and why I should hire you immediately?
If not, go back and do it again.
Practice Makes Permanent
I am a serial interviewer. Interviewing does not come naturally for most of us and it takes practice. You are going to bomb some interviews and that’s okay. I’ve committed pretty much every interview faux pas known to man. I am much better now but still experience challenges.
The best way to improve your interview skills is to interview. Once an interview is done complete a post-game review. What questions were asked? How did you respond? Keep a record of these things. Interview questions seem to have a common theme across many businesses.
Practice answering questions, out loud, before each interview. Work on perfecting your answers so that it is concise, precise, and doesn’t sound rehearsed.
Google “common interview questions” and pick out a few and create standard answers.
Think through specific scenarios over the past five to ten years. Have answers for the greatest thing you have ever done and for the biggest mistake that you’ve ever made.
Practice and then practice some more.
Always Ask For More $$
Hiring managers rarely make their best and final offer at the beginning. It’s wise to ask for more money than is initially offered.
Most fail to ask for more because they don’t want to seem greedy. Stop! When someone asks me for more money I give them the opportunity to state their case as to why. Plus, I know that this employee will not shy away from difficult conversations.
Ask for more and back it up with a solid reason why. Here is an example.
“Jordan, we would love for you to join us here at Pizza Palace. The starting wage for new employees is $x per hour. Are you ready to join our team?”
“Thank you! I believe that I am a good fit for Pizza Palace and I am confident that my value is actually $y per hour. This is why. I don’t call off sick when I am not sick. I have never left a company without giving two weeks’ notice. Surely, these are problems that you experience often. Furthermore, I know how to upsell customers. My tickets are generally 20% higher than my peers. If you can meet me at $y per hour I would gladly join your team.”
Ask for more and back it up with quantifiable information.
Increase Your Salary By Leaving Your Comfort Zone
I was raised in a small town just like John Mellencamp. Small towns are not always known for unlimited job opportunities or burgeoning businesses.
If you’re serious about increasing your salary, in a dramatic fashion, a move might be required.
In 2013 I had to make a decision. My employer was great but my office was small and promotions were rare. Do I remain in an office where life was easy but the pay flat? Or do we leave our comfort zone for a greater challenge and more opportunity?
We chose the latter. The move from a small town in Michigan to Chicago was not easy but it turned out to be a great transition for our entire family.
Changing others is impossible. If you have exhausted every possibility in your company, city, or state perhaps a move to potentially greener pastures is required.
Be honest with yourself though. The problem can often be us and not others. If you’re the problem then the same issues will eventually show up again. Do a serious inventory of your life before making such a dramatic upheaval.
Pivot To Increase Your Salary
Most jobs have salary ranges based on performance. Business owners are often as generous as they can be. They don’t have a money tree in their backyard with an unlimited supply of Benjamins.
There is a career, in many instances, that has an unlimited salary trajectory — sales.
Sales has an unfair reputation based on some bad apples. Not every salesperson is a slimeball. I personally know hundreds of sales professionals who are providing complicated solutions for businesses and consumers. Those professionals are paid quite well.
Not all sales careers require higher education, either. They require more. Grit, enthusiasm, and deep concern are things that are often learned outside the classroom.
If you feel financially trapped or stunted and are interested in dramatically increasing your salary, this might be a route for you to consider. I pivoted from risk to sales for a couple of years. It was a great experience for me and it opened up larger salaries as well.
Only those who produce get paid in sales, however. If you’re accustomed to doing just the minimum forget about going into sales. If, however, you’re an overcomer who wants to get paid for production then at least consider pivoting into sales.
Why Not You?
Salary increases should be a regular event in your life. Take an active role to ensure your salary increases dramatically and annually. There is money available in most companies.
When pay raises cease it might be time to move to another company.
Resist the urge in believing that cost-of-living raises are all that you deserve.
Someone is getting a dramatic pay raise today.
Why not you?
I dare you to profit!