7 ways to get a pay rise in the new year

If you've done your goal setting for 2022, then chances are "pay rise" is on that list. 

It's normal to want to want keep growing and increasing your salary or pay rate. Trust me - I tripled my salary in the space of 3 years to $200,000 and increase my rates year-on-year.

Salary is like the fund of your dreams. Money doesn't make you happy, but it does give you more choices and the ability to choose and do what is important to you - financial security for your family, travelling (pending COVID), buying an amazing home in the area you love, maybe even move part-time, start a business, or retire early. All of these things require a resource - and that resource is money. Money smooths the way and opens up choice. And since we're living longer, earning more now means you may have more to retire on and see you through the golden years you deserve. Thank you compounding interest!

But the real question is... how? How do you do get a pay rise, and how do you do it consistently?

It's about getting creative and getting courageous - thinking outside the box of what you believe is possible.

So here's 7 ways to get a pay rise in the year ahead:

1. Work on your confidence
2. Write down your dream salary / rate
3. Go for a promotion internally
4. Change jobs or careers
5. Change the way you work
6. Wait until your pay review
7. Negotiate in your current role

Let's look at each one in more detail.

1. Work on your confidence 

Did you know - you are earning exactly the  amount you truly believe you are worth?  You are - because if you truly believed you were worth more, you wouldn't accept or put up with your current salary or pay rate. But the key word here is "believe". That doesn't mean it IS what you're worth, and in fact the market, recruiters or employers may value you higher than you value yourself. Value and worth doesn't come from what's on your job offer or payslip. It works the other way around. So by boosting and building your confidence, you can grow your sense of value and self-worth, release any fears or confidence blocks, and attract (and ACCEPT) the pay rise you think you deserve (but don't believe... yet!).

2. Write down your dream salary / rate

It seems sooo simple but there's actually some magic that happens when you actually write down your goal income. It's not rocket science - I just ask my clients and students what salary or pay rate they want and get them to trust their unconscious mind (they might see, hear or feel a number). Then I make sure they write down the first figure that comes up ASAP, even if it sounds pie in the sky! Writing it down gives the goal a 3D reality, instead of being airy-fairy up in your head. It also creates a clear symbol for your unconscious mind to track to. And clear filters for your job search. Don't overthink it, just write it down and sit on it for a few days. Birth it into the world - we can do the rest later.

3. Go for a promotion internally

An easy way to get a pay rise is to go for a promotion internally. Roles at the next level up are usually better paid, you're already working in the company and if you're reading this, I already know you're a high achiever. Check out your internal job board and see what's available, keep your ear to the ground of new opportunities (that maybe haven't even been advertised yet!), and see where the team may be struggling - a new role you create at a higher level and pay could solve the problems!

4. Change jobs or careers

Now we're getting to the good stuff. This is where I love helping my students and clients shine. Changing jobs - working in the same field but a different role in a different company - has been very lucrative for me. Multiple times, I've gotten pay rises of $15,000-$20,000. Sometimes choosing a new career that is higher-paid has done it, like when I moved from Marketing to Change Management. The important thing here is that you're finding the new role externally. Why? Because you'll recalibrate against the market, instead of what you're currently being paid internally. Remember - you might be worth more than you believe, and maybe even more than your current employer believes. 

5. Change the way you work

The #1 biggest factor in my pay increasing so quickly was to change my employment type. I went from being a "Permanent" (full-time/part-time) to being a "Contractor". And in doing so, I doubled my income. IN ONE MOVE! Now, contracting isn't for everyone and it isn't available in every industry (so you might want to change careers to one that does, like Change Management). There are other considerations and benefits you might lose, but for me personally, the pay, freedom and flexibility of contracting has been the biggest game-changer in growing my overall income and net worth.

6. Wait until your pay review

This is what most people do. Chances are, you will have a pay review in 2022 and you may well get a pay rise. Sometimes salaries in bands/levels are capped... so you actually may not be eligible for one, or you'll get a nominal percentage increase for CPI increase (the cost of living / inflation). Waiting until your pay review is arguably the worst option, because the power is completely taken out of your hands and can be affected by market or environmental forces, financial performance, changes in leadership, and more. It's safe, slow and could be costing you more than you realise.

7. Negotiate in your current role

One of the hardest things to do is negotiate in your current role - but it is possible. You can absolutely say - "I'd like a pay rise." And if you're a high performer and willing to walk out the door if your request is rejected, you may well get it. But often it is super hard to convince your current boss to pay you more for doing the same thing, and you'll find yourself trying hard to justify why you deserve it. I know you deserve it, you know you deserve it, they may need convincing. So are you ready?

Whether you're thinking of asking for a pay rise, going for a promotion, or courageously shooting for a full career change, my simple 5-step Career Change Formula can help you grow your confidence and earn your worth. I share the formula in my free "Underpaid & Overlooked Coaching Action Guide".

Click here to get my 5-step Career Change Formula download

And whatever you're going for, I wish you the best of luck and biggest of pay rises!

Lata xx