You really like your job and don’t want to leave. You’re intelligent, motivated, good with people, and have a lot of job skills most employers covet. Problem is, your current position does not pay what you could be making with your skill set.
Over the years, you’ve watched many of your friends switch companies, and even careers. All of them are now making more money, and some have been promoted to new and exciting positions. You wonder if you’re going to have to move jobs to make more.
There are times it makes sense to leave jobs. My first real job out of college was an entry level position in San Diego. I really liked it and did well in it. I got promoted within my first four months of working there, and then again a couple years later.
After a few years working there, I decided I wanted to go to law school. Unfortunately, it wasn’t feasible to stay at the job I liked and go to law school at the same time. So I had to choose between the two, and I chose law school.
Related: Zero Regrets: My Failed Attempt at Law School
There are others in a position where they’ve hit a glass ceiling. Maybe they’ve been promoted a few times and there’s nowhere higher to go. Or maybe it’s just not a great company, and it’s time to leave for a new opportunity.
Others may receive an exceptional offer from another employer that can’t be matched. There may be a situation where someone needs to move closer to an aging parent and their current company doesn’t have a branch out of state. Sometimes it really does make sense to move jobs, whether it’s out of necessity, or for new opportunities.
But for those who want to stay in their current job, there are ways to make more money without having to move jobs. Read through these five ways and see if you can find a way to make one or more work for you.
Education
There are many jobs where you can go back to school and make more money. Going back to school can look a variety of ways. Sometimes that comes in the form of a college degree, masters, or PhD. Other times it can simply mean getting more college units or professional certifications, without even having to get an advanced degree.
If your employer has a website that includes salary information, look through it to see what you need to do to make more. Then talk with your supervisor, HR, or a combination of all three to see what opportunities are available.
As an example, there are many public school districts that offer higher compensation to teachers with a master’s degree or more units. It might be as simple as taking a few college classes to move over on the pay scale. A lot of teachers find out they’re only a few units away from making more, without having to get an advanced degree.
If a teacher is 7 or 8 units away from moving over on the pay scale, it’s probably worth the time and effort to take a couple college classes to get those units as quickly as possible. Calculate the cost of the units versus the pay increase and make a decision from there.
As an example, if 8 unit’s costs $1,900 and the pay increase is $1,200 per year, then it makes sense to get those units as quickly as possible. Although there are some upfront costs, in less than two years you’ve already made $500 more ($2,400-$1,900) than the cost of the units. Over a five-year period, that’s $6,000. Over ten years: $12,000. And over a 20-year period: $24,000. That’s a really good return on investment if you ask me.
As another example, a nurse with a master’s degree makes a median of $55.80 per hour versus $38.28 per hour with a bachelors according to Nurse.org. Although getting an advanced degree is a substantial time and financial commitment, that is significantly more money for doing the same job. For a nurse working an average of 40 hours per week over the course of a year, that comes out to $701 each week and $36,452 for the year!
Ask For a Pay or Commission Increase
Asking for a pay or commission increase is one of the fastest ways you can make more money at your job. The math is simple. If you’re currently making $70,000 per year and get a 3 percent raise, you’d make $2,100 more per year for a total of $72,100. $2,100 more each year to do the same job. So it’s worth pursuing.
Just because you want a raise doesn’t mean your employer is going to give you a pay increase. It’s all about the value you bring to the organization and industry standards for your type of work. Make sure to do your research first in those two areas.
If you brought in a sale last year that earned the company an additional $350,000, that’s valuable. Or maybe you volunteered to head a workgroup that developed a successful training program for new employees. That also adds a lot of value.
But if you look back and realize that you didn’t bring in a lot of value and you’re already being paid industry standard, you probably don’t have a great case for a pay increase. See this article in Forbes for tips on how to ask for a raise and get it.
Promotion
This section is related to the last section on asking for a pay increase. If you’re good enough at your job to deserve a raise, is it possible that you’re also good enough for a promotion? The answer is probably yes. Many of the same qualities you brought to the table to earn a raise are going to be the same qualities it takes to get promoted.
There are many great resources online about how to earn a promotion. A few I recommend are Your 30-step plan for getting the promotion you want and deserve in Business Insider and 9 Tips on How to Get Promoted at Work on Indeed.com.
Overtime
This is a category that requires more time in your actual work. But if you really like your job and want to make more money without switching careers, it’s worth exploring the option.
Someone making $25 per hour working 40 hours a week makes $1,000 for the week. If this same person worked 8 hours of overtime each week at time and a half wage, they would make $1,300 for the week ($1,000+$300). Even working 4 hours per week of overtime would net $150 extra for the week. That’s not an insignificant amount of money.
Overtime can look a variety of ways. Some people may want to work an extra hour or two a day. Others may want to come in an extra day. Or you might decide to work a normal schedule three to four days a week, and one to two 12-hour days.
When I worked at a non-profit to start my career, I would work two to three hours of overtime on Sundays (which was my start to the workweek), and one to two hours overtime each day the rest of the week. I would almost always get eight hours of overtime each week without having to come in an extra day. Being young and single at the time, those couple hours every day didn’t impact my daily life much and I really enjoyed consistently having two days off.
Talk with your employer to see what overtime options are available to you. If you’re good at your job, your supervisor will probably be willing to work with you on overtime opportunities. Worst case scenario is you don’t get the overtime—so there’s really no harm in asking.
Side Hustle
The last tip is to get a side hustle. If earning a few hundred dollars extra during the month is all you need to stay in a job you like, a side hustle can be a great option.
Your side hustle doesn’t even have to be related to your current job or skillset. It can be something totally different. Pick something fun that you would enjoy doing for a few hours each month.
For example, if your full time job is working with toddlers, maybe you want to try something like driving for a rideshare company like Uber and Lyft or a food delivery app like DoorDash. Something that allows you to meet new people and gives you a chance to see different areas of town while getting paid. You get to make your own schedule and can work as much or as little as you want.
If you don’t want to leave the house, you can make extra money providing services like editing, graphic design, illustration, and much more on Fiverr or Upwork. I’ve used Fiverr on several occasions to get help on my website, and have always had a great experience.
If you have a skill or passion, you can be hired to do almost anything. There are apps for dog walking, pet sitting, tutoring, baby sitting, house sitting, being a personal chef, and many more. There are even apps to rent out your car or bicycle.
Summary
If you like your job and want to stay, there are many ways to make that work. It may be as simple as taking a few extra units to move up on the pay scale, asking your supervisor for a raise, or working a few hours a month at a side hustle. Think about what will work for you in your current situation and take the necessary steps.
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