You will hardly come across any employee who is content with his salary. It is generally accepted that never earning enough is a risk which comes with choosing to work for others instead of working for yourself.
The fact is that your employer may not know the expenses you have to incur in order to be an effective employee (the truth is that they are not interested in knowing).
A salary that looks good today will soon wane in the course of time simply because your expenses will always increase faster than the rate at which your salary is increased. This makes life nearly impossible without falling in debts for most of your corporate life.
So the question is “How then do you increase your earning power as an employee?
GET AN EXTRA JOB
An extra job, whether formal or informal, will always guarantee extra income. The easiest options are to do something in line with the company you work for. For example if you work for an FMCG, starting a wholesale or retail business that deals in your products will not be out of place. If you are in the services industry, you can tailor your own services, targeting start ups and small & medium scale businesses. An extra two hours a day you will invest will go a long way to help sharpen your skills and make you better understand the needs of these clients. Above all you will be surprised how your earning power will take shape and provide you with financial freedom you never envisaged.
You can also sell home consumables to your colleagues at work. If you work for a corporation which has over 500 employees, you are sitting on a goldmine! There are basic amenities everyone needs in their homes- e.g. soap, diapers, dressed, perfumes etc.. Just invest your salary in purchasing them bulk and sell to your colleagues. There are a lot of applications like Whatsapp and Facebook you can employ to create awareness without being too overt and offending your employer.
If you can also secure an extra job over the weekends or in the nights, why not?
So start raking in the extra income now.
Promotion at work usually comes with increased earnings. You need to be clear with your boss if you work in a structured organization on what it takes for you to earn your next promotion. Once you are clear, work tirelessly with the support of your line manager, coaches and mentors and the promotion will come quicker than you envisaged.
Never assume that once you work hard, the promotion will come. Let your employers know that you have hunger and drive to take on bigger challenges and do well to back it up with diligence, stakeholder management and building the right relationships and I can assure you that the extra bucks will flow!
GET A NEW JOB
Gone were the days when loyalty was such a big deal to the corporate world. Sticking with one corporation till retirement came with huge incentives and guaranteed progression. Today it means very little, if any. Employees who change jobs are likely to earn way more than those who stick to one job. This is because; the new employers are always willing to pay a premium, above the market average in order to attract experienced talents. The new enhanced salary now serves as the basis for negotiation if another employer comes knocking on your doors.
On the other hand if you choose to stay in your current job, you will receive those minimal increments, normally at par with inflation, therefore producing a zero sum game. You can be the best employee, but your colleague whom you may describe as only average will end up earning far more than you by just changing a couple of jobs. The sad thing is that even if your colleague chooses to come back to his former employer, he will be paid a higher salary than what he was previously earning, Meaning that he will still earn far more than you do.
Lastly those who change jobs are viewed by employers as having a wider breadth of experiences which should always come in handy when the dynamics of the business changes. They are also regarded as bold, confident and risk takers. These are leadership traits employers will pay more for.
So look sharp and weigh your options. But if you are happy with your nokofio, please don’t bother. Enjoy your monthly peanuts and wait for that glorious retirement, if only your employers will deem you useful enough to accommodate you for over thirty years!
ASK FOR A SALARY INCREASE
The good book admonishes us to ask and it shall be given to us. Sometimes the only thing that stands in your way to earning more is just asking.
Be confident and engage your employer in a polite way if you feel your salary is woefully inadequate. The worse that can happen is for your employer to say no. But trust me, if you are very good at what you do, they will think of it and meet you at least halfway. During the annual salary review, you are likely to be given the upper range of increase.
Always go into such “ASK” conversations with facts about colleagues doing similar work within the company or even outside that earn considerably higher amounts than you. Be polite, don’t be confrontational, ask the right questions and enjoy watching the discomfort and guilt of your employer.
Also note that once you start asking for your fair share of the pie, you are seen as someone who the corporation is at risk of losing. Trust me; corporations don’t like to lose their top employees to others, especially to their competition. It casts a snare on their image especially when they are market leaders and tout themselves as the employer of choice.
So why don’t you take advantage of the corporate world’s basic instincts of pride and jealousy and get what you want?
So you now know. Do well to let me know your personal experiences as you apply the above.
From the desk of ROL