How to make more money at your job
Your job provides you the best and quickest way to earn a secure income every month. It does not matter whether you are passionate about your work or not.
Unless you have inherited millions from a rich aunt, staying in a job, maximising your income, saving and investing a large part of it is the most reliable formula to create wealth. Here is how you can increase your income from your career.
Earn that bonus
Do you know what will earn you a bonus/ incentive this year? Ask your manager and understand the breakup. It is probably a combination of division/company performance and individual contribution. Focus on the part that you control and plan intermediate outcomes to hit the quarterly or annual target in time. Discuss your achievements and shortfalls weekly or monthly with your team leader so that you can get the resources or inputs required to reach your target. Know that hitting your bonus is good news for both your boss and the firm.
Discuss your increment
Getting a raise is the fastest way to earn more. Don't wait for increment time to know how you have performed with respect to expectations and what kind of increments are given by your firm. Discuss work expectations with your boss regularly. When you meet or exceed them, share an email to keep track of the work. Three months prior to increment time, sit down with your manager to talk about performance and negotiate on expectations.
Even a 2% additional increase puts more money in your pocket and has a compounding effect on future salary. Choose a good time for the meeting—like when you have exceeded your sales target. Finally, understand the company's perspective and speak about the future. Employers prefer to give high bonuses as a reward for past achievements and high increments as a retention for future contributions.
Work your benefits
Your total income is much more than your base salary. While negotiating your compensation, don't ignore other components in the package. Every firm has a host of benefits that it is willing to negotiate on that will save you money and increase disposable cash in hand. Even simple benefits like conveyance or telephone reimbursements add up to thousands of rupees.
Get promoted
The fastest way to get a large hike is a promotion. And the shortest path to a promotion is to live the role before you are promoted into it. As a team member in a new project, demonstrate ownership by taking the lead to see the project to completion. Make sure that your manager knows that you are working towards a promotion. Next, keep an eye out for internal job postings (IJP). When you find a suitable opening, highlight your achievements while applying for the role. Regular promotions make for a predictable path to financial freedom.
Be the replacement
Is the firm hiring a replacement for someone who left your team? Do you think you can handle responsibility in addition to your own? Showcase your suitability, how you will balance multiple roles and deliver outcomes. Request for an increase in compensation that is a fraction of what a new hire would cost the firm.
Lead the tech
Is your employer introducing new technology or data related processes? Dive in with enthusiasm and be a champion for the new technology. As an early adopter of change, you will find yourself dispensing advice and helping people figure it out. Not only do you learn new skills that earn higher pay in job interviews, but you also make yourself indispensable and eligible for higher increments.
Friends make money
Why not make money when your firm employs your qualified friends? It is an allround win—for your firm, friend and you. Check out the company's referral policy and the regular referral emails received from your HR. Unlike your colleagues, actively work on the requirement, reach out to people you know to discuss their interest and refer them onwards. If there is no one in your immediate circle then reach out to second degree connections. Do this regularly in 2018 and build a second source of income within your own office while you bring cheer to the people you refer and your firm.
Overtime and travel pay
Does your firm offer overtime benefits like pay for extra hours, free dinner or a chauffeured drop back home? Similarly, if you are travelling abroad or within the country on office work, do you get a per diem allowance to meet expenses? In most firms, the overtime and travel benefits can be lucrative, and you can add a few thousands to your monthly take home.
Switch jobs
If you have completed a reasonable amount of time with the firm—say 2-3 years—and your increments aren't exciting, consider switching jobs. A change of job usually earns you 10% to 30% hike in salary and gets you closer to your wealth goals. However, if you switch jobs every six months to a year, you get branded as a wanderer and potential employers will avoid you.
Put money at work
All your efforts will be in vain if you are working alone towards your wealth goals. Multiply your outcomes by putting your money to work alongside you! Wealth creation does not stop when the salary hits your bank. To be wealthy faster, put aside the biggest chunk of your income as savings and thereafter reinvest it into assets like equity to grow it over time.
Also Read: 5 ways to save money at work
The writer is Director at HeadHonchos.com and QuezX.com
Disclaimer: The facts and opinions written in this column are those of the author and do not reflect the views of economictimes.com
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