Inflation costs are rising so much that even the White House is pushing for a 4.6% increase for federal employees. And the DoD is making provisions for inflation in firm-fixed-price contracts. Miracles do happen. So, how do you increase your salary this year?
3 Ways to Increase Your Salary This Year
While your employer ultimately holds the keys to the compensation kingdom, there are things that you can do this year to get a higher salary.
1. Ask for it.
If you feel like you deserve a raise, and you have been going above and beyond what you were hired to do, ask for a raise. Sometimes, you have not because you ask not. Assess your resume and compare your salary with others in your region and your position. If your salary is not up to par, it’s okay to bring this up to your boss and/or human resources. It’s possible that it could make life awkward, but it’s all about your approach that will make a difference. Don’t explain why your personal life needs a cash infusion – that’s rarely a good approach. But instead, outline why your work deserves higher compensation.
2. Go for additional skills.
If you can get additional compensation for earning a certification or learning a new skill, go for it. There are a lot of free trainings, as well as certification programs that you can pursue that can be completed in less than 12 weeks. You may need to point out your additional qualifications to your employer. But also, take a moment to explain the benefit of these skills to your boss. Do the work for them, instead of expecting them to translate the value of your skills.
3. Get a new job.
This change will give you the biggest raise available – especially if you are currently underpaid. In national security, sometimes having a Top Secret clearance, along with key skill sets (hey DevSecOps, looking at you!), can get you a large sign-on bonus or a higher annual salary with another contractor. Job-hopping isn’t for everyone, and you have to discern which moves are going to move your career in the right direction. Too much salary chasing can mean that at some point, you’ll have to take a lower-paying gig to make-up for some missing skills. The best approach is to keep your resume updated and ready to send.
Don’t Be Greedy
While everyone would agree that more money is helpful, you don’t want to get a bad reputation for being all about the Benjamins. No one wants an overly demanding employer. But employers won’t want to keep you on their team if you nickel and dime them every time they ask you to do something that’s outside your job description. There’s a lot of give and take in the relationship.
