How to Make More Money from Employment Opportunities
Have you tried entrepreneurship or building a side hustle, but none seem like your cup of tea?
Entrepreneurship is not for everyone, nor can everyone have a side hustle. Both demand a lot of added responsibility and time. This usually comes at a cost to personal life and could lead to stress and other health issues. I have been here, and sometimes I wonder how I managed to pull it off.
But the excessive recommendation of having a side hustle or business on the side doesn’t always mean it is your only way to earn more. On the contrary, employment can provide you with the extra income you seek when carefully planned.
How to Make More Money from Employment Opportunities
1. Ask for a Pay Rise
Of course, asking for a pay rise is the best way to get more from your current employer. Some employers find it easier to retain talent than hire new employees because the new hires are likely to ask for more money. Asking for a salary increase might, therefore, work in your favour.
First, do thorough research. How much are professionals in your industry earning, given the level of experience and education? It gives you a feel of how much you should at least be making. If you are not making anything close to the industry average, you have a course for your request. Then, what are your colleagues earning? Is the employer undercutting some of the employees? However, these reasons are hardly enough for most employers to grant one a pay rise.
So, when it comes to requesting more money, you must also consider your achievements in the company. Are you a stellar employee? Does the employer see you as an asset? Have you been handling more than your JD and can prove you are good at it? Have an updated list of everything you do, even those tasks outside your scope. Document your achievements as well. Don’t walk into your boss’s office expecting to remember everything in your head. It is good to have documented proof. If you can prove your value, there is a possibility of getting a raise.
Sadly, this strategy doesn’t always work. First, ensure you have your emotions in check. Then, keep it professional regardless of the outcome. Some employers already know they are not paying you well. They know the cost of living is higher, and you could use a salary increase to meet some of life’s basics. But it is not stopping them from undercutting you.
If this is the case, despite trying to negotiate for a rise, the ball is in your court. However, if they are open to negotiations, try to get as close as possible to your desired figure.
2. Negotiate for Better Benefits
If an increment is not possible, try to negotiate for more benefits. These include:
- Working from home (WFH) – many companies are trying to get employees back to the office. But a few employers are willing to have a hybrid system. Or open to the idea of one. Working from home will save you time and money you’d otherwise waste on transit, food and clothing.
- More time off frees more time to pursue other things, like studies to enhance your career.
- Better medical cover – we all know how medical costs can wipe you clean and possibly lead you to a cycle of debt. Some people have health benefits from employers, but it is not enough, leaving you exposed. Others do not even have any employer coverage. Perhaps it is time you negotiated for better medical coverage if salary increment is not possible. It reduces the burden of chipping more from your pay to meet medical emergencies.
- Do not forget pension contributions – I remember when I was pissed because the employer was deducting a portion of my money for pension purposes. Of course, it was matched contribution, so extra benefit. But the young me wanted the money for other things. Fun things, really. I realise now how foolish I was. And I am glad the employer had made this mandatory. I have raised a significant amount for retirement from employer contributions. The best thing is that I can merge it with my individual pension account even if this money is not accessible until retirement. So, if your employer has a pension scheme with matching contributions, take advantage of it. That’s free money if you think about it. It will help you build your retirement fund. Also, is there a possibility of increasing their portion of the contribution if you cannot get a salary increment? If your employer doesn’t offer this, consider requesting contributions through your individual pension account. After all, it is a tax-deductible expense for them. So, why not kill two birds with this stone?
- Education benefits – could range between tuition reimbursements, tuition assistance and student loan repayments. Confirm whether your employer has these benefits, what the policy is and how you can take advantage. If there is none, try exploring the possibilities of this option.
3. Get Paid for Overtime
Labour laws vary between countries and industries. Your employment contract will also play a key role in this. Depending on your line of work and employer, your employment contract might state whether you qualify for overtime pay or not.
Anything outside of your employment agreement and union rules, if you are lucky enough to have a union, is probably overtime. So, do you get compensation for working more hours? Does your employer pay for overtime, or do you get more time off? Whatever the case, ensure you are well compensated for working more hours than agreed.
Remember that overworking also causes health issues, both physical and mental. Your health must always come first. If there is no hope for any form of compensation despite continued overworking, you are probably in a very toxic workplace. Again, the ball is in your court.
4. Bonuses and Commissions
If your contract is commission-based, is there more you can do to improve your performance for more commission? Or, perhaps, a higher commission rate? On bonuses, does your employer pay bonuses for stellar performances? Are there referral bonuses for onboarding new clients or employees? If yes, find ways to get a piece of this cake.
5. Get More Skills
Once you have decided to stay employed, you must continue gaining more skills to give yourself a competitive edge. You do not have to cough thousands of money for higher education if you cannot afford it.
There is no shortage of learning platforms in this digital era. Some provide free courses, while others are paid. These offer a selection of courses, some short courses you can get certification for within a few months.
In addition, you can gain additional skills by reading more, listening to podcasts and webinars, and attending workshops and training events. Regardless of the skill you want to learn, there is someone out there who is teaching it.
Remember, you are aiming for better employment opportunities. So, go for courses that align with your career goals.
6. Find Another Job
So you have tried every possible tactic, and your employer is not bulging? Maybe you are still not satisfied with the counteroffers you get. Perhaps it is time to change camp. Usually, changing employers comes with an increase in salary and better benefits if you know how to negotiate. Your employer might also offer a counteroffer to keep you in the team when you have no offers. You have to be ready to say either yes or no.
Related read: What to Consider Before Making Investment Decisions
Remember, you should always have several income streams. Now that side hustles and entrepreneurship might not be your avenue to more money, you must ensure the extra income you make or save from your employment cushions you against future hardships as much as possible and generates more money.
That’s where having a savings and investment strategy will come in handy:
- Ensure you have savings account for emergencies and short and long-term goals
- What assets can you invest in to generate passive income and secure financial success? Invest in assets like shares, real estate, and treasury bonds. Whatever investments you decide to take, ensure they align with your financial goals.