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Wondering how to double your salary? Here’s how

Sharika S Nair
24th Apr 2017
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‘I wouldn’t mind getting a few more bucks at the end of the month.’ How many times has this run through your mind? Money can’t buy happiness. True. But it sure can get you several other things and sometimes even peace of mind if you are in financial crisis. A change in your mind-set and eventually your skills can help you to double your salary.

Time, money, skill – all these factors have a direct impact on how much you earn and also how much potential you have to earn more.

Image : shutterstock

Image : shutterstock

Here are five things that may improve your salary growth:

Enhance your knowledge

The key to furthering your knowledge is understanding that learning never ends. Just because you have your degrees in place and are out or college, it doesn’t mean your learning should end. If your company doesn’t have a system of continuously training their employees, then it’s time you check out what skills can further your chances of polishing your area of interest. There are several courses that can be taken online. Enhancing your skills will increase your chances of getting the raise you are about to negotiate for.

Research job offers and salaries

One way to keep researching job offers and salaries is by attending interviews now and then. Not only will you be aware of the jobs that are in the market but also about the salaries. This will give you insights about how much you should be earning right now and how much you could negotiate for. In case you aren’t aware then this could be your starting point.

Move on if needed

If you have done everything possible to get the raise you truly deserve, be it skilling up, negotiating , or working hard, and your organisation still doesn’t budge, then it might be that they cannot afford you or simply don’t want to. In this case, maybe it’s a sign that you should move on and look for other options. Of course it is easier said than done, considering the market options. However, it is good to consider the option lest you should get frustrated and begin to hate your job.

Be proactive

Unless and until you take the initiative no amount of hard work or planning will help. You need to work towards it and simultaneously make your manager aware about your efforts.

Is your functional area practical?

The earlier you ask this to yourself, the better. After scaling up and working for a few years it might be tough to switch your functional area. At such a point, in case you discover that your current area is not the best for you then you should also have a backup plan if you want to switch. Check the salaries and related work in your area and see if it is the most feasible. Is it currently on demand and what is the scope for a promotion or raise? Get clarity regarding this and work your way through it.

Doubling your salary is no child’s play. It might seem like a lot of planning has to be done to get that amount you are looking at. These suggestions could help you to achieve your end goal. But do not forget that hard work, commitment, and perseverance should also be added to it!

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