Four ways you can boost your salary by 10k a year
With the cost-of-living crisis currently in full force around the globe it is important to make your money go further and find opportunities to increase your salary as possible.
According to Google Trend data shows that searches for ‘how to increase salary’ have risen by 276% since January 2022.
It is important to learn skills that align with your interests, career goals, and industry demand to maximize your earning potential. To help you, Tayo Ademolu at Translayte reveals four ways to boost your salary by up to 10k.
1) Salary negotiation – Average salary increase of £5,233 in the UK when a pay rise is given
Learning how to negotiate a higher salary might seem daunting but it can be a skill that can get you a quick win. Find areas of your work where you bring real value and highlight them.
While you are preparing learning to negotiate find the areas where you think you can improve and makes changes. When it comes to meeting with your employer bring not only confidence but examples of how you bring value to the company and set realistic expectations for the role you are in.
Watch videos online on how to approach your employer and negotiate the delicate subject of money. Joining a negotiation course or workshop often provide theoretical knowledge, practical exercises, and feedback from instructors. Participating in interactive sessions with other learners allows you to practice negotiation techniques and learn from different perspectives.
What not to do
Here are some quick things to avoid when negotiating your salary:
- Don’t give an ultimatum unless you are prepared to see it through and have something lined up
- Don’t compare the salaries of other employees, concentrate on you and your worth
- Don’t make it personal (for example my rent has gone up so I need a rise)
- Don’t see it as a loss if you fail to secure a pay rise. A dialogue has started and can be something you continue throughout the year
2) Learn a new language – Boost your salary by as much as £4,653
Being bilingual or multilingual allows you to connect with a wider range of people and break down language barriers.
You don’t have to be fluent in a chosen language but learning the basics with will give you a foundation to build from. Proficiency in foreign languages, especially those in high demand such as Mandarin, Spanish, or Arabic, can provide you with unique opportunities and increase your marketability globally.
Job markets that can benefit from multilingual speakers include marketing, sales, translation, customer service, travel operators and hospitality.
How to learn
There are many ways to learn a new language, with an array of phone apps available it’s easy to learn on the go. Evening courses provide a structured regimen to learning. Travel and get hands on experience with the language you are trying to grasp.
3) Public speaking for leadership roles – Boost your salary by an average of £10,854
With the average salary for non-leadership roles at £32,000 compared to the average salary of leadership roles at £56,060 there can be big raises in roles that require to handle teams which includes public speaking in the role.
Public speaking may seem daunting, but not only is it a skill that can improve your chances to increase your salary but also build your confidence overall. It can lead to leadership roles in many different industries and in turn to higher levels of salary.
How to learn
Finding out what your verbal tics are, things like ‘erm’ ‘errs’ and ‘like’ and removing them from your public speaking will make you sound more confident and ready for higher paid positions in the future. It can also help you in your salary negotiation.
Free and paid public speaking courses can give you the initial skills to off start from. Try sparking up conversations with people you come across at work, shops, and restaurants. Practice makes perfect.
4) Side hustle – Boost your salary by an average of £10,920 a year
Two in five Brits work a side hustle bringing in an average extra income of £210 a week. And copywriting is one side hustle that can benefit your salary.
Learn how to write clear and concise pieces of content. Strong writing skills, especially in digital content creation, can be highly sought after in marketing, sales, and advertising, potentially leading to higher paying opportunities.
How to learn
Read and review copywriting content to get an idea of good written word. Rewrite examples you find online to find your style and voice of writing.
Start writing about subjects that interest you and read more as this can expand your vernacular leading you to write more professionally and bolsters your skill set. Build a portfolio of your content and start looking for work on job boards.