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Top 10 Things You Can Do Right Now to Increase Your Salary

While hard work is essential, earning more requires more than just hoping for a raise. You need to implement smart, strategic actions.

Top 10 Things You Can Do Right Now to Increase Your Salary

Increasing your income doesn't have to be a waiting game. 

While hard work is essential, earning more requires more than just hoping for a raise. You need to implement smart, strategic actions.

In this article, we'll look into 10 evidence-based actionable steps you can take to increase your salary.

Drawing from insights published in reputable sources such as the Harvard Business Review and recommendations from peer-reviewed studies, these actionable steps will help you position yourself for financial growth and ensure your salary reflects the true value you bring to your organization.

Let’s dive in!

How We Researched These Strategies

To compile these 10 actionable steps, we followed a straightforward process. Here’s how we did it:

Collected data from authoritative sources: We gathered information from reputable organizations that focus on career advancement, salary trends, and professional development. For example:

  • To verify the relationship between income and educational attainment, we probed the data published by the National Center of Education Statistics

  • For key statistics on the impact of negotiation, we pulled data from the Pew Research Center.

  • The US Bureau of Labor Statistics served as our key source for high-paying, fast-growing industries.

Focused on proven strategies: We concentrated on actionable strategies widely recommended by career experts and validated by user experiences. These include methods like salary negotiation and skill development.

Verified information: To ensure accuracy, we cross-checked the strategies across multiple sources. This helped us confirm their effectiveness and relevance in today's job market.

Recent information: Lastly, we made sure the strategies we included are based on the most recent data available, ensuring they are relevant to the current economic climate and job market trends.

Here are the top 10 things you can do right now to increase your salary:

1. Pursue higher education

What do 88% of millionaires have in common? According to the largest study of millionaires ever, they have a college degree.

The same survey reports that the majority (62%) of millionaires who went to college went to public state schools, and most (79%) of millionaires in the study did not come from a large inheritance.

That means pursuing higher education can put you on a similar path, even if you don't attend an elite school or come from wealth since birth.

This pattern of higher education attainment leading to higher income is consistent across all backgrounds.

The National Center for Education Statistics states those with an associate’s degree earn 13% more than high school graduates. Those with a bachelor's degree make 37% more than associate's degree completers, and master's or higher degree completers make 21% more income on average than college graduates.

Higher education offers opportunities to acquire valuable skills, build a professional network, and enter more specialized high-paying fields.

Want to know which degrees could yield the highest return on investment? Check out our article, 10 Best Undergraduate Degrees to Land a Big Salary Job.

2. Earn a career-building certificate or certification 

A certificate indicates that you've completed a specific course or training and possess a level of knowledge in a field, while a certification is a professional credential granted by an accredited organization that validates your expertise.

According to a joint study by Amazon and Gallup, people who have completed an upskilling program experienced the following gains:

  • An 8.6% increase in annual wages, or an additional $8,000—more than twice the average.

  • Career progress for 75% of participants.

  • 30% reported starting a new, better-paying, or higher-skilled job.

Employees who invest in their skill development have an even stronger advantage: 15.3% of those who funded their training saw a salary increase, compared to only 5.2% of those whose skill development was financed by their employer.

For instance, the latest salary survey by Certification Magazine (CertMag) shows that IT certification led to a salary increase for 64% of US respondents, ranging between 3 to 20%.

The Project Management Institute also reports that PMP Certification holders earn 32% more than their non-certified counterparts.

To pursue a certificate or certification, start by researching programs that align with your career goals and interests. Choose a reputable institution or professional organization offering accredited courses or exams. Enroll in the program, complete the required coursework or training, and prepare thoroughly for any exams.

Upon successful completion, you'll receive your certificate or certification, which can enhance your qualifications and open doors to new career opportunities.

3. Gain experience or expertise in high-demand fields

Another effective strategy to boost earning potential is acquiring skills and expertise in high-demand fields. Industries like green technology and AI are experiencing rapid growth. For example:

Some of these roles offer salaries up to $650K a year. If you’re considering a career pivot or aiming to maximize your earning potential, exploring these emerging fields could lead you to significant opportunities.

Want to know more about high-paying emerging roles? Check out our article The 10 Highest Paying Emerging New Jobs In 2024.

4. Enhance your soft skills

Hard skills aren't the only path to a bigger paycheck. While technical expertise is valuable, employers increasingly prioritize soft skills - those interpersonal strengths that make you a great teammate, communicator, and problem-solver.

A survey of 2,000 Harvard Business School (HBS) Online learners revealed that 42% experienced an average salary increase of $17,000, and 20% saw bonuses rise by an average of $14,000. 

The most sought-after soft skills for employers? Analytical and creative thinking according to the latest World Economic Forum's Future of Jobs Report.

To hone your soft skills, focus on practicing and developing key interpersonal abilities. Engage in activities that require teamwork and seek feedback from colleagues and mentors to identify areas for improvement. Consider taking courses or workshops on topics like leadership, conflict resolution, and emotional intelligence.

Regularly practicing these skills in real-world scenarios will help you enhance your effectiveness and make you a more attractive candidate for higher-paying roles.

5. Negotiate your salary

It can feel daunting, but the statistics are clear on why you shouldn't shy away from asking what you're worth.

66% of people who negotiate their salary receive a higher starting offer. 28% get exactly what they asked for and 38% receive a salary increase, though less than their target (Pew Research Center, 2023).

Fidelity Investments reports an even more impressive outcome: 87% of people who negotiate receive additional compensation and increase their starting salaries by an average of $5,000. 

While negotiation might not always yield the exact amount you desire, it often results in a better offer. Negotiation is a skill you can develop and there are tons of resources available to help you approach that conversation with confidence.

Even a modest increase early in your career can substantially affect your lifetime earnings, making it worth the effort.

For detailed strategies and tips on salary negotiation, check out our article How (And When) To Negotiate For A Raise.

6. Consider a career change or job switch

“Job switching is one of the best ways to get a raise”, says Nick Bunker, Director of North American Economic Research at Indeed.

If you're feeling stagnant in your current role and your salary isn't keeping up, exploring new opportunities could be a lucrative decision.

According to research, job switchers often see significantly higher salary increases compared to those who stay put.

For instance, Federal Reserve data shows that while employees who remained in their roles received average raises of 5.4%, those who switched jobs enjoyed a boost of 7.3%.

Simply put, it pays to quit your job.

But it's important to view switching jobs not as a random move but as a proactive career strategy. Changing roles can be a smart way to gain new skills, expand your professional network, and advance your career more rapidly. 

Prioritize roles that offer growth, skill development, and career advancement, and clearly communicate how your previous experiences make you a strong candidate. Embracing job changes can lead to more satisfying work experiences and higher earnings. 

7. Offer your services as a freelancer or a consultant

Freelancing offers a compelling alternative to traditional employment. You can set your own hours and earn significantly more by charging rates according to your skill, experience, and clientele.

According to Upwork’s research, 60% of freelancers work remotely, compared to just 32% of non-freelance professionals.

77% have consistent work, and they work according to schedules that align with their lifestyles.

Research firm shows that there is an increased demand for skilled freelancers as companies are increasingly hiring freelancers for specialized roles in high-demand fields

Some of the highest-paying freelance jobs, according to Upwork, include public relations managers ($50-$100 per hour), business consultants ($28-$98 per hour), and media buyers ($50-$200 per hour).

Rising demand for niche skills enables freelancers, especially in AI, programming, and data analysis, to secure higher rates and more projects.

However, it's essential to be prepared for the challenges of self-employment, including managing finances, finding consistent work, and building a strong professional network.

Despite the challenges in freelancing, 64 million Americans freelancing in the past year have contributed $1.27 trillion to the US economy, a number that’s only expected to grow.

8. Consistently meet or exceed expectations at work

According to Mercer, US employers are raising their compensation budgets by 3.5% for merit increases and 3.9% for total salary increases for non-unionized employees.

Because merit-based raises are on the table, maximize your earning potential by going the extra mile, taking on new challenges, and demonstrating your value to the company.

Additionally, actively seeking feedback and aligning your performance with company goals can further strengthen your case for higher compensation.

Make sure to document your accomplishments, so if your company holds performance reviews, you have a track record of the value you bring to your company and build a strong case for salary increases.

9. Seek out promotions

Pursuing promotions is one of the most direct ways to increase your salary. While taking on additional responsibilities can be a step toward demonstrating your readiness for a higher role, the ultimate goal should be to secure a promotion that comes with a pay raise.

Taking on additional responsibilities at work can indeed lead to higher compensation over time, although the relationship is nuanced and varies by context.

A recent study by Robert Half found that 79% of employers have increased employee workloads to maintain business operations.

While 34% of these companies offered financial incentives, 45% did not.

This highlights the importance of being strategic when seeking promotions—simply taking on more work doesn’t always lead to higher pay.

To increase your chances of a promotion, focus on actively seeking out leadership opportunities, excelling in your current role, and communicating your career goals with your manager.

By positioning yourself as an essential asset to your company, you’re more likely to be considered for a promotion, which will have a more significant impact on your salary than additional responsibilities alone.

10. Cultivate and invest in your professional network

Never overlook your professional network.

Research shows a strong link between network size and salary. A study of 6,000 executives across 3,000 firms found that a 50% increase in network size correlates with a 3.8% increase in salary.

Depending on various factors, the impact of networking on salary can be even more significant, with some estimates suggesting up to a 26% increase.

Your network isn't just about immediate financial gain. It also plays a role in career advancement. Research shows that 70% of all jobs are not published publicly and up to 80% of jobs are filled through personal and professional connections.

Building a strong network takes effort, but the rewards are worth it.

A strong network can open doors to new opportunities, projects, and collaborations, keeping you relevant and valuable in your field.

Regularly engaging with new contacts and deeply connecting with colleagues can lead to new opportunities, projects, and ideas, helping you stay relevant and add value in your field.

Conclusion

Whether you're seeking a higher salary, advancing your career, or exploring new opportunities, taking strategic actions can impact your professional growth.

Remember, career development is a continuous journey, and implementing these strategies can set you on a path to greater success.

Ready to level up your career? Explore our curation of big salary job openings from leading companies and our resources on career advancement for expert advice and practical tips.

References:

Berardi, N., Lalanne, M., & Seabright, P. (2019). Professional networks and their coevolution with executive careers: evidence from North America and Europe.

Certification Magazine. (2023). Salary Survey 2023: Certification attractive to employers, improves job performance. https://www.certmag.com/articles/salary-survey-2023-certification-attractive-to-employers-improves-job-performance 

CNBC. (2023). The best way to get a big raise, have the 'salary talk' and other tips for earning more in 2023. https://www.cnbc.com/2023/02/16/are-you-getting-a-pay-raise-this-year.html 

CNBC. (2019). How to get a job often comes down to one elite personal asset, and many people still don't realize it. https://www.cnbc.com/2019/12/27/how-to-get-a-job-often-comes-down-to-one-elite-personal-asset.html 

The Conference Board. (2023, October 17). Survey: 2023 US Salary Increase Budgets Reach 22-Year High. https://www.conference-board.org/press/US-salary-increase-budgets-2023#

Gallup. (2021). The American Upskilling Study shows workers want skills training. https://www.aboutamazon.com/news/workplace/the-american-upskilling-study-shows-workers-want-skills-training 

Global Market Insights. (2023). Sustainable Finance Market Size & Share, Growth Outlook 2032 https://www.gminsights.com/industry-analysis/sustainable-finance-market 

Harvard Business School Online. (2024). Certificate Programs Increase Salaries.  https://online.hbs.edu/Documents/salary-infographic.pdf 

National Center for Education Statistics. Digest of Education Statistics, 2021 – Introduction https://nces.ed.gov/programs/digest/d21/ 

Ramsey Solutions. (2023). The National Study of Millionaires. https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research#

Mercer. (2023). Analyzing Q1 2024: Did Employers Meet Their Budget Projections from 2023?. https://www.imercer.com/articleinsights/2024-first-quarter-us-comp-planning#

Pew Research Center. (2023). When negotiating starting salaries, most U.S. women, men don’t ask for higher pay | Pew Research Center. https://www.pewresearch.org/short-reads/2023/04/05/when-negotiating-starting-salaries-most-us-women-and-men-dont-ask-for-higher-pay/ 

Project Management Institute. (2023). PMI Survey Confirms Increased Salary Potential for Project Professionals Who Earn the Project Management Professional (PMP)® Certification. https://www.pmi.org/about/press-media/press-releases/pmi-survey-confirms-increased-salary-potential-for-project-professionals-who--earn-the-pmp 

Robert Half. (2023). Assuming more responsibilities at work can lead to a higher salary and a promotion – what employees need to know. https://www.roberthalf.com/au/en/about/press/assuming-more-responsibilities-work-can-lead-higher-salary-and-promotion-what-employees-need 

Shopify. (2024). ~Mastery: How we’re kicking down the corporate ladder. https://www.shopify.com/news/mastery 

Society for Human Resource Management. (2024). Salary Increase Projections 2024 (and 2023). https://www.shrm.org/topics-tools/tools/express-requests/salary-increase-projections-2024-2023 

Statista. (2024). Gig economy: number of freelancers in the U.S. 2017-2028 | Statista. https://www.statista.com/statistics/921593/gig-economy-number-of-freelancers-us 

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