Seven Strategies to Increase Your Salary

Personal finance articles often focus on expense reduction ideas to save money. This is understandable because expenses are generally easier to control than income. Individuals, themselves, can decide to spend less on variable expenses whereas decisions about how much people are paid are generally made by employers or clients (if you are self-employed).

Nevertheless, there are time-tested ways for people to improve their cash flow (i.e., income minus expenses) by increasing their income. Below are seven small steps to boost your salary:

Be Valuable and Visible– Develop areas of expertise that your employer or clients (if self-employed) value and make sure that they are aware of your talents, skills, and past performance (e.g., through formal reports and social media posts).

 

Have One or More Mentors-Mentoring is a process of transferring knowledge and expertise between workers.

 

Plan Ahead- Think about where you want to be in your career 5, 10, and 20 years and develop an action plan to get there.

 

Keep Your Resume Updated– Develop a process to revise your resume; highlight skills and results that employers value.

 

Develop Good Writing Skills– Writing everything from reports to blogs to company marketing materials is required in most job settings. This skill can be developed through self-study, mentoring and feedback from coworkers, and practice.

 

Develop Good Public Speaking Skills- Like writing, this skill is valued by employers and can be developed through self-study (e.g., joining a Toastmasters group), mentoring and feedback from coworkers, and practice.

 

Live a Healthy Lifestyle-Employees who are healthy get things done and are not a drag on an employer’s productivity. Specific steps to take include eating healthy meals, getting daily physical activity, and getting adequate sleep.