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Planning on Doubling Your Salary in the New Year? Use these Methods to Reach Your Goals Faster

When starting a new year, we all look at our finances and plans and try to find more money to go on that dream vacation, finally remodel the kitchen, or get a new car. Getting a pay rise is challenging for many people who have been in the same position for a long time, and we are all afraid of a change. If you would like to secure that pay rise and double the take-home salary each month in a few years’ time, use the below methods.

Get More Experience

If you have started on a low salary with the promise that you will be rewarded for your work you should get your employer keep their word. You might offer to help out in other departments or take on a new role, cover holidays, or simply get a part time job at another company. This way you can improve your skills, gain experience, and start thinking outside of the box. At the end of the day, you might even get another position offered by the new company for much more money.

Volunteer for New Projects

Another way of showing your value to your current employer is to volunteer for new projects. If your department is not particularly busy, take on a project, learn specific skills, train colleagues, or take part in the testing of a new software. If you can improve your value, you can justify your request for a pay rise easier. Offer overtime and extra work, take on an additional role that helps your company out.

Get an Extra Qualification

To become more valuable to your current and future employer, you will need to update your skills and knowledge. In case you have your eyes on a management position, you could apply for an online mba and show how you can improve productivity and management at the workplace. You need to come up with new ideas and get your supervisor to notice your professional development in order to get recognized through a pay rise.

Change Your Career

In some cases, you will realize that you are in a dead-end job. Some companies have limited career progression opportunities, and you might not want your manager’s job. This, however, doesn’t mean that you should put off your plans. You can double your salary if you move from the public sector to a private company, or if you relocate. It is up to you which sacrifices you are willing to make to get a healthier paycheck. If your current employer is not willing to give you an opportunity to progress your career, it might be time for a change.

Simply Ask for It

Sometimes, we assume that just because we are doing the same job as years ago, we cannot get a payrise. While companies provide pay increases annually, they rarely review individual performance reports. If you can schedule an appointment with your boss, show them how much more your work is worth.

If you set yourself career goals for the new year and would like to increase your salary, make sure you have a detailed plan and career progression schedule.