Get the Highest Raise Possible - 3 Ways to Maximize Compensation at Your Job

Let’s face it. We all want to get paid the highest amount possible for doing our jobs. The jobs we do help our companies make a lot of money and without employees many of the great products wouldn’t come to market. How many of you feel like you’re adequately paid for the value you provide to your company? I didn’t think so. How then can you earn more money for doing what you’re doing?


1. Get in a hot industry - easier said than done right? Well you know what the hot industries are , and if you don’t there are websites than can tell you. How do you get into that industry? We all have transferable skills. Map out your experience in what I call an "experience matrix". Want a surefire way to know if you’re in a slow industry? Figure out if your raise was lower than the national rate of inflation. If you’re an above average employee and your raise was that low, then you’re in a slow industry.

2. Work smarter and harder -when you work smarter at your job you become highly productive at doing what you have to do….but this frees up time…for pet projects that are risk free and may actually bring value. Doing things differently is what makes you stand out above your peers and bring more value to the company. Most companies actually do reward creativity and dedication.

3. Know your market value - keeping an eye on what your peers make can let you know if you’re underpaid for your job. The best way to do this is to ask your peers. True, most managers don’t like their employees comparing salary notes, but that’s self serving. It’s a manager’s job to keep payroll as low as possible. It’s your job to get paid as much as possible, and knowing how much people make around you can help you. At my first job out of college after I’d been there a year, I learned that newly hired undergrads were getting paid more than I was-and that’s with the promotion I had just received! I used that knowledge to go to my manager to request more money. And I got it-a 16% raise.

These methods not only work separately, but also in combination. Think about if you’re in a hot industry, you’re outperforming your peers, and you know you could get paid more, then all of those things can work for you to get extraordinary salary increases. I was a management consultant in the mid 90s heyday and had worked smarter and harder than my peers. I also knew that I joined my company making slightly less than the average person at my level. Therefore, I got an 18% raise since I was seen as a top performer. Those kinds of raises only occur in hot industries where profits are strong and companies have to reward top talent in order to keep them happy and not look to jump ship.

To get those high raises, follow these techniques, and combine them when possible. You’ll find your compensation will explode and you’ll attain all of your career goals.

Written by David S Williams