Inflation is on the rise, making it harder for people to stretch their paychecks. While some are looking for ways to save money, others are considering switching jobs for a higher salary. In the past few months, Americans who accepted new jobs earned a 6.4% raise. Are you thinking about switching jobs to get a higher salary?
We understand these salary concerns. We work with people like you every day to help them feel good about their jobs and their long-term careers. While getting a pay raise can make a new job seem attractive, it isn’t necessarily the only way to enhance your paycheck. Unless you are really dissatisfied with your current job, here are some alternate options to boost your salary while staying in your current role.
Consider a side gig. With the “Gig Economy” on the rise, you may consider finding a small side gig for some extra cash. Try offering your services for a hobby that you enjoy or some sort of need in the community. It could be anything from baking, dog walking, tutoring, or graphic design services. This would allow you to keep the benefits and security of your current job while earning some extra money to help offset inflation.
Ask for a raise. If you haven’t had a raise for a while, we recommend asking your boss for one directly. Companies prefer to retain their talent as opposed to hiring and training someone new. Since many companies are working on their budgets for the new year, this is a great moment to make the ask. Be mindful of recession worries, but show your boss your worth by creating a presentation with any projects, kudos, and other accomplishments over the past year.
Invest in yourself. This is a great time to invest in your career. Get a needed certification, take a few courses on LinkedIn Learning, work with a career coach, and update your marketing materials. While you work out what decision is best for you personally, between changing jobs or finding a side gig, investing in yourself will make you more valuable in the long run. It will make you a more valuable asset for any company or client.
If you do decide it’s time for you to switch jobs, keep in mind that salary should not be the only factor in your decision. You will also want to consider if the job matches your values, has opportunities for growth, and has a healthy work environment.
Need more help? We are here for you. Schedule a free consult today.