Improved compensation is one of the most important benefits of career advancement for many professionals. To get the most out of your work, it’s important to take a strategic approach to seek out higher-paying opportunities. By developing the skills and track record that merits improved compensation and seeking out jobs that offer it, you can find better-paying work. In this article, we discuss when to consider seeking more pay and how to earn an improved position or pay raise.
When is it time to look for a higher paying job?
Although money is not everything when it comes to finding the best job for you, it’s usually a crucial aspect of finding a job that leaves you happy and satisfied. Even when working in a field that you love, if you are not being fairly compensated for your time and effort, you may begin looking for new opportunities either in the form of a raise at your current position or by seeking out a new job. Some reasons to consider looking for a higher paying job include:
When you haven’t received a raise
Any time you have been working at the same company for an extended period of time, it is common to receive regular raises. The most common types of raises are cost of living raises, designed to match inflation, and performance raises, given to reward your achievement in the job. If you have been working for more than a year since your last raise, you may feel that it is time to seek out a new opportunity where you are better-compensated.
When your performance has improved
As you get more familiar with your job, you are likely to develop and refine the skills that it requires. This leads to improved performance the longer you hold the position. As your performance goes up and generates more productivity for your company, it’s reasonable to expect a corresponding increase in compensation. When your improved performance is not recognized with performance-based pay increases, it can lead you to seek out a new opportunity.
When your responsibilities have increased
Often when working at a company, you will begin to take on new roles and responsibilities, either due to an evolution of the business model or a change in staffing. This provides a valuable opportunity to leverage these new responsibilities into a promotion or raise. If you have been taking on more work than before but have not seen a corresponding boost in pay, then it might be time to consider seeking out a different job that more adequately compensates you for the work you are doing.
When your skills are not being fully utilized
This occurs when the skills you have are not being taken advantage of at your current position and you are doing less than you are capable of. By finding a position that better matches your enhanced skill set, you create the opportunity to move on to a higher-paying position that is also more professionally fulfilling.
