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It is worthwhile to do what you can to increase your salary.
Key points
- Inflation has made life more expensive for many people.
- Boosting your income could help you better manage your expenses.
- Researching salary data, reworking your resume, and networking are all ways to potentially score a higher salary.
If you’ve spent much of 2022 dipping into your savings and carrying credit card balances to deal with inflation, you may be at a point where you can’t afford another financial hit. And if you can’t cut back on expenses, boosting your income could be a great solution.
In many cases, however, increasing your salary will require you to find a new job. And a recent survey by the American Staffing Association found that 28% of workers plan to look for a new job with a higher salary to fight inflation.
And if your goal is to enjoy an increase in salary, then you will need to approach the process of finding a new job strategically. Here’s what to do.
1. Do your research
Maybe you earn $60,000 a year now and really want a $5,000 raise to better manage your expenses. That’s all well and good. But before you enter a job search, you will need to make sure that a salary offer of $ 65,000 is realistic for what you do.
Spend some time digging through salary data online to see what people in your role often make. Also, try to limit your search by your geographic region, as salaries can vary from one part of the country to another.
If you find that the salary you are looking for is out of reach, you will know to strengthen your skills so that you can position yourself for a different role that pays what you want. And who knows? During your search, you might also find that you could ask for an even bigger increase in salary than you were initially looking for – for example, a salary of $70,000 instead of $65,000.
2. Load your resume with numbers
A good way to convince a new employer to extend a job offer – and a generous one at that – is to give them a reason to believe that they will get their money back and then some by hiring you. To do this, include numbers in your resume where appropriate that show how much value you bring to the table.
Let’s say you’re looking for a role as a staff accountant. Noting on your resume that you saved your company $52,000 last year through cost-cutting measures might catch the eye of a new employer.
3. Network a lot
The more contacts you get in your industry, the better chance you have of learning about new job opportunities, some of which may come with a higher salary than what you are currently making. But don’t just limit yourself to those in your industry. Instead, contact anyone You might think of helping you find a job, whether it’s an old college classmate or your neighbor.
A higher salary could make inflation easier to deal with. Use these tips to snag yourself a pay raise — and more breathing room.
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