How to Make More Money at Your Job

When was the last time you looked at your paycheck closely? No, this isn’t about finding mistakes or checking for changes but more centered on the actual gross (and net) income staring back at you.

Are you happy with that number?

The average worker in the United States as of 2017 makes approximately $44,564 per year, roughly $857 per week.^[1]

That number is influenced by age, gender, and an increase in minimum wage in certain states, among other contributing factors. Chances are, if you’re like most, you’re not content on what you make, and always are looking to earn more, whether that be through performance boosts in the form of raises or finding a way to hook a promotion through success from one day to the next.

Sometimes, earning more money isn’t quite that easy, however.

For the average person, you often aren’t met with raises on a yearly basis and promotions can be just out of reach or perhaps few and far between. That’s what makes those job opportunities that much more lucrative when they do arise, and, as far as raises go, even more paramount to put your name and credentials out there to be noticed and thus compensated for how well you’ve done this year.

Looking elsewhere is always an option, but if you’re someone who has put the time and effort into a position you enjoy and a company you appreciate, your loyalty can’t go unnoticed, nor are you interested in “starting over” somewhere else.

That means the onus falls squarely on to your shoulders, whether that means standing out in a crowd of other worthy contenders for raises and promotions, or creating a sense of urgency to your employer that you’re multi-faceted, valuable and the organization depends on you solely for any element of their bottom line.

Far too often, the average worker is content, complacent and feels as though asking for a raise is a sign of insubordination or malcontent toward their employer. While some have that aforementioned luxury of raises based on company policy, the old adage of you won’t know the answer unless you ask the question is absolutely in play most of the time.

Consider a 2015 study that showed, when 30,000 workers were polled, that 43 percent of that total asked for a raise, with 44 percent of those who asked getting one (nearly half). Only 25 percent didn’t get anything at all.^[2]

Making more money at your job is a possibility, but if you’re not looking to earn more, you may be leaving additional money on the table. And that money means more than just additional dollars in your paycheck.

You have to consider retirement (more money and a raise means an increase in contributions), savings accounts or nest eggs, college funds for the kids and other long term financial planning that may fall by the wayside if you’re not willing to take the necessary steps to earn more and ultimately save more.

Here are tips to make more money at your job:

Please, and Thank You: Ask for a Raise, then Explain Why

Asking for a raise might be right up there as far as fear goes with public speaking and death, easily the two most feared things by the general public.

One of the main reasons individuals don’t ask for a raise is they’re afraid that they’ll get fired.

Roughly 21 percent of the population say they’re afraid to ask for a raise because of a concern of being fired.^[3]

That’s quite a few dollars left on the table out of a fear of being fired, when in actuality that is the last thing an employer has on their mind if you go down that road. More often than not, an employer begins to think about life without you, and truthfully most companies budget anywhere from 5 to 7 percent of their budget on salary increases.

The key to getting a raise really is about context, preparation and being assertive, but flexible.

You’re always better to ask for what you want first, and then explain why that is.

Leading with a dollar figure that is a range, rather than a set amount is key, because it allows your manager to take those numbers to payroll, the president of the company or whoever is making the call that you’re not set on a fixed amount or else.

After the numerical figure is out there, you should then start listing why you deserve the raise.

But, be specific.

You don’t have to be a “good worker” or “nice person” to get a raise, because that is vanilla rhetoric in the eyes of a decision maker. If you increased sales by a certain percent or decreasing cost but profit was up, etc., things like that make or break the decision to give you more money.

When you’re throwing out dollar amounts, too, it doesn’t hurt to know what the average salary is for your specific job title, either. Granted, the size of the company and other factors contribute to the salary piece (i.e. small business manager versus Fortune 500 company) but at least you can work with a range before throwing out a number that is too far gone.

The average salary, for instance, for a marketing manager is $62,650.^[4] If you’re somewhere in the mid to high 30s, you’re underpaid and that should be part of how you come up with a raise amount you’re seeking.

Scenery Change: Earning More isn’t Just Raise Specific

Without sounding outdated or antiquated with your reasoning, you might want to consider the capacity of your job, the description and responsibilities and see if you can maneuver earning more money without actually making more money through a raise or promotion.

Often times, employers are perfectly fine if you throw out suggestions to change the job in a way that is more flexible than you’d think, as long as the work gets done.

Perhaps your job is one that can be done from home thus eliminating the need to travel to the office. This simple way to save on expenses might sound far-fetched, particularly if you’ve been driving to and from the office for 10 years, for example.

And this isn’t just about working from home, either. Working remotely and not in an office makes sense if the job allows for it, and being at a desk really isn’t a necessity.

On average, you can save more than $4,172 per year by working remotely.^[5] That figure takes into consideration things like travel or something smaller that adds up, like having to buy lunch on the go consistently rather than opening your fridge and eating if you’re working from home.

Of course, working from home is a privilege that comes with credibility and reliance that autonomy at work isn’t going to be met with you becoming lazy with work if you’re not in a suit, tie or business attire.

Working remotely has seen an uptick in recent years, with 43 percent of Americans working remotely in 2017.^[6]

This suggests that this trend is more of a movement than a niche, and thus could lead to continued success of employers following this trend.

Much like a raise, however, you won’t know if it’s acceptable unless you ask if it’s a possibility. An extra $4,000 a year gives you more than enough incentive to at least broach the subject.

Timing is Everything: Earning Tied to Appropriate Asking Point

Asking for a raise isn’t always easy, but you can make it easier on yourself if you do it with timing in mind.

How you structure the raise as detailed is key, asking for what you want and then selling yourself to the employer or manager specifically but also making sure you time it just right.

If you’ve recently scored a huge sale, wooed a client and won their business or came up with an idea that knocked the proverbial socks off the rest of your peers and supervisors alike, you should capitalize on that good will and the buzz surrounding your most recent accomplishment.

Most agree that not only are your achievements an important aspect of timing, but so to is the day of the week, with Thursday and Friday being the best times to bring up the notion of getting more money.^[7]

In addition, if you’re going to be asking for a raise, make sure you give ample notice that a meeting is necessary to talk through your performance and compensation. The word “raise” often is considered taboo or in bad taste. If your intention is to talk money, make it about what’s best for business and ensure that the manager or the person representing the employer knows that going in; don’t come in and let them walk into this unprepared while you clearly are.

The other piece of timing really centers on not going into grave personal detail or downright begging for a raise. Timing in your personal life and asking for more money go hand in hand, and that’s not the best approach. If you recently had to spring for a new roof or braces for the kids, that shouldn’t play into your “sales pitch” for better compensation.

Sticking to the business end of why you deserve a raise should be the only driving factor in the discussion, not the “timing” of something financially that just set you back a few hundred dollars.

The final piece regarding timing centers on the overall prosperity and health of the company. If your place of employment had a good year, is on strong ground or had a record-breaking profitability performance, that is a green light to bring up the topic of a raise.

Again, though, it falls back on performance and how capable and competent you’ve shown yourself to be in the time you’ve been with said employer.

If you don’t believe timing is everything, consider that, in 2017 over a 12 month period dating back to November 2016 through 2017, 52 percent of the population did not receive a raise.^[8]

If you polled 10 people or 1,000 and asked them if they wanted to make more money, the answer undoubtedly comes back as a firm “yes.”

In the history of civilization, few have turned down raises, unless you’re talking about a professional athlete taking a pay cut to join a winning team, for example. In that case, more often than not, they’ve already made enough money to last a lifetime for not only themselves but their kids and grandchildren.

This is more about asserting yourself as a major player in your organization so that what you do for the company doesn’t go unnoticed. Asking for a raise, trying to earn more doesn’t mean you’re upset or ungrateful at your current position or market rate as far as salary goes.

This centers more on a need to grow within the department or company and be compensated properly for it.

The economy is doing well, but American workers aren’t happy at their jobs. Of the 100 million full-time workers in the United States, a little over half (51 percent) are enjoying what they do day in and day out.^[9]

Does this mean they dislike the job, the people, the organization?

Maybe.

Is this a product of a younger job force, those in their 20s, who actively want to find a new career, to the tune of about 80 percent of those in that age group? Perhaps.

You can bet that money plays a part in those polled who resent, dislike or feel as though their job and what they get paid aren’t running parallel with one another.

They may have asked for a raise, but if not, you have to wonder if that morale misstep and overall uneasiness they’re experiencing could be quelled easily if they saw a few more dollars in their paycheck.

The same one they look at weekly or bi-weekly and wonder why they haven’t said anything to elicit the kind of change that might smooth things over without fail.