How to Make More Money Without Leaving Your Current Job

Does it seem like your salary barely covers your expenses? You are not alone.

More than 5 million people in the UK are earning a salary that is below the living wage. What this means is that many people are struggling to make ends meet. But is there something you can do about it?

The short answer is yes. And it is not always about hunting for a new job. Here’s how to earn a better paycheque.

Take More Responsibilities

If a colleague in your department leaves, there are high chances that your employer will immediately start looking for a replacement. This is your chance to strike. But first, make sure that you are conversant with what the position entails. Then figure out whether you have the skills and the capacity to perform without compromising your own productivity.

The risk here is appearing to bitemore than you can chew. It helps if you have held a similar role before or you are excelling at your position. If you are confident enough, there is nothing that should hold you back from approaching management with a suggestion to be the replacement.

Even if balancing two roles might mean spending a little more time in the office, you are sure to go home with a higher paycheque.

Chase the Bonuses

Most employers give away bonuses to incentivise employees to be more productive. In many places, bonuses are determined by a combination of organisational and individual performance by the end of a specified period.

Follow up with your team leader and discuss your performance on a monthly basis with them. Use this chance to ask for any resources that might help you hit your targets.

If you work in the sales department, you can also take advantage of commissions. Work on becoming a better salesperson to increase your earning potential.

Broach the Subject of an Increment

Getting a raise will obviously put more money in your pocket. But asking for a raise is an uncomfortable experience for many people. First, there is the fear of victimisation then there is self-doubt. To put the record straight, negotiating better pay does not make you a bad employee.

But make sure that you do it professionally and at the right time. Approaching the HR manager after hitting your targets or after getting a major customer is certainly better than asking for a raise when your boss is going through a messy divorce.

It is also important to do some research about the average salaries for similar roles in the industry. If you find that you are being paid less, you will have a better bargaining chip. This also applies if you have a unique skill set.

Ask for a Promotion

It is no secret that the higher up you go the career ladder, the higher you are likely to earn. Unfortunately, many people sit and wait for that promotion that never seems to come. The most effective way of getting a promotion is by letting your bosses know that you are interested in it. Sometimes, enthusiasm and aggression can open doors for you.

Take advantage of internal job postings and highlight your strengths and achievements. But what is likely to make you a better candidate is investing in personal development. Luckily, these days, you can gain valuable skills right from the comfort of your home or office. Take advantage of online CPD courses to cement your position as a professional.

Take up a Freelance Job in your Free Time

The gig economy in the UK is growing at a phenomenal rate and for good reason. You work when you want, and you only take on the jobs that pay what you want. And then, you work from wherever you want to work from.

Be it article writing, translation, transcription or a hundred other things; you are sure to find something that is in line with your skills.

Get Out of Your Comfort Zone

Sometimes, earning more just requires you to get out of your comfort zone. You will also need a bit of strategy and focus. However, you need to be patient if things do not move as quickly as you would want them to be.

Like
Like Love Haha Wow Sad Angry

Comments

Leave a Reply

Your e-mail address will not be published. Required fields are marked *