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3 Ways To Earn More Money From Your Current Job
Too many people are not receiving the appropriate amount of monetary compensation from their employers. The New York Times reports that the federal minimum wage was changed to $7.25 in 2009, and has not changed since then. Taking into account inflation and the rise of prices, this is no longer enough to make a decent living. This is why several have taken on several jobs at a time just to make ends meet.
Moreover, many people lost their jobs during the pandemic and have resorted to finding alternative sources of income. An example of this is the rise in mining cryptocurrencies like Bitcoin. For those who are employed, there are ways to bump up your income. Here are just some of the ways you can do this:
Be a go-to person in your company
Businesses often reward employees who excel in their line of work. It makes them more valuable because employers believe that the individual is indispensable.
It is important to try and be that person to ensure that you are on your bosses’ radars when it comes to promotions and better benefits. All you’ll have to do is be a stellar and model employee within your company.
Insider lists the different ways you can do this. One of them is to learn to be a guiding pillar for your team. Many companies rely on their employees to be able to function together like a well-oiled machine so if you can exhibit leadership skills, your bosses will see that you’re a good fit for a leadership or management role. It also makes you a “go-to” person in terms of work-related needs.
If many people rely on you, you become a more valuable member of the organization and one who deserves a raise. The added responsibility may also encourage your employers to see that you have greater potential and may offer you a promotion.
Try negotiating for better pay
For some, negotiating your pay may seem like a difficult task or one that can have negative consequences, but if you want to earn more than what you are receiving right now, it is one of the most direct ways to do so. It is easier said than done but it will have a good payoff when executed correctly.
LHH’s guide to negotiating the best salary highlights how before proceeding with the process, you should know your value as a person and employee.
If you know your skills are worth more than what they are offering, make it known. Aside from this, they explain the importance of choosing the right moment to bring up the topic.
If you pick a bad time, you might be denied and your employers might think you are asking for too much.
Try to build rapport with upper management first and choose an appropriate time to discuss the matter.
Remember that negotiating is an integral part of business and if your company doesn’t want to participate despite you being a valuable employee, then it might not be the right environment for you.
Take advantage of your benefits
One common mistake employees often make is overlooking the benefits their companies offer. Employers often offer their workers different types of benefits, ranging from things like health and transportation.
If you are unsure what benefits come with your employment, it might be time to check your contract or talk to an HR officer who is more informed about the policies of the company.
A CNBC article found that one of the commonly overlooked benefits are clauses regarding mental health support. The cost of therapy varies among states but there is no denying that it is steep for many middle-class people. Because of this some companies offer free counseling sessions. This way you won’t have to spend hundreds on outside therapists.
In case of hospitalization, some employers also offer indemnity, meaning they shoulder some of the cost of your stay. This is a big bonus because medical expenses in America are notoriously high. Knowing and making the most out of your company’s benefits and perks will help you save more for the future.
It is important to try and make the best out of the situation you are in. These are just some of the ways you can make it known that you deserve to earn more in your current place of employment.
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