Saving money is not always the best way to get out of debt. Though it’s not a bad thing to develop frugal habits, pinching pennies won’t lead to big changes in your life or financial situation –– at least not in the short term. Instead, the fastest way to get out of debt and reach your financial goals is to make more money than you currently are. Unfortunately, this is much easier said than done. Still, even a 2-5% increase in your annual salary can make it much easier to budget and save effectively. With that in mind, today we’re going to explore how employees can boost their income directly by securing a lucrative promotion. Check out our top four tips on this subject here:
Take on New Responsibilities
Business leaders love to see employees who take initiative and who demonstrate a willingness to learn. In many instances, managers will reward professionals who go above and beyond their job description with a higher position and higher pay. You may also consider enrolling in your business’s employee training and development program to gain deeper insights into your company culture and industry at large. Quality training will prepare you to take the next step in your career.
Lend a Helping Hand
There’s a saying that no good deed goes unpunished. In reality, though, one of the best ways to ensure career success is to always be willing to lend a helping hand to your coworkers. By assisting others with tasks around the office, you can increase the productivity (and indirectly, the profitability) of your business. What’s more, people don’t forget acts of kindness –– at work or otherwise. And you never know when a recommendation from a coworker will come in handy!
Negotiating a pay raise is not easy. In fact, many pros feel reticent to negotiate with their bosses and don’t enjoy having to angle for a higher salary. Yet the stark reality is that if you don’t ask for a salary boost, you’re unlikely to get it. As such, it’s a good policy to be open and honest with your employers about your career goals and ambitions. There’s nothing wrong with letting your bosses know that your salary is a big priority for you, and that you desire a promotion. Honesty is a good policy here.
Don’t be Afraid of Change
Not every company affords their team members with the potential for great upward mobility. In other words, despite your best efforts, your employers may simply be unwilling or unable to give you a promotion. In such a situation, ambitious pros can’t be afraid to make a big change. True, switching jobs presents a challenge in its own right, but you shouldn’t feel bad about asking for a pay raise that you’ve earned. At the end of the day, your own financial security should supersede loyalty to a corporation.