We’d all like to get paid more for the work we do. It’s not just about the money, but the freedom and opportunities that it creates. The more cash you have in your bank account, the more financially secure you become and the more you’re able to enjoy your life.
While most people imagine that “side hustles” is where they stand the best chance of making more money, it’s not the only place you should look. In fact, your current job is a potential gold mine.
In this article, we’re going to take a look at all the ways that you can milk your current job for all its worth. Take a look at the following methods to build your cash pile.
Put Forward A Proposal For A Spot Bonus
A spot bonus is an extra payment that your employer makes as a kind of “thank you” for those times that you went the extra mile.
Some companies don’t offer employee bonus incentive programs. The reason for this is often because there’s not the budget to do so. It’s just not a piece of HR’s toolset. This, of course, is a problem if you want regular bonuses. But the great thing about spot bonuses is that you don’t need a company-wide bonus policy. Most companies will be able to subsume it into their overtime payment budgets.
If you feel that you’re owed money for all the hard work you’ve put in, nothing is stopping you from approaching your employer and asking them for a one-off bonus in your pay packet. Explain to them how much it would mean to you and how it would incentivize you to continue going out of your way for them in the future. Tell them that it’s a tool that they can use to show you that they appreciate your services – something that they’re unlikely to be able to get if you leave because of better opportunities elsewhere.
Make An Injury Claim
Workplace environments are rarely safe. Personal injury lawyers have to deal with claims from people injured on building sites, factories, and offices every day. It’s a common occurrence. What’s more, it’s something that most sensible employers plan for with insurance.
If you’re injured on the job, then it reduces your capacity to work. You may also be in significant pain. It’s only right, therefore, that your employer compensates you. They have a duty to protect you at work, and if they neglected you, then you have a case for compensation. Clearly, the possibility for a windfall here is significant.
Get A Job Offer Elsewhere
A lot of employers will try it on with you. While they know that you’re worth much more to them than what they pay, they’ll nevertheless attempt to keep your salary pegged back to save them money. It’s a dirty tactic.
There’s a way around it though. All you need to do is show them that you’ve got a job offer elsewhere and they’ll soon perk up and listen to your demands. The great thing about a genuine job offer from another firm is that it gives you real leverage. You can either go to the new firm which is paying you more money, or you can wait for your existing employer to make a counteroffer. The ball is entirely within your court.
Work From Home
Sometimes the answer to having more money isn’t to get paid more by your boss, but to spend less money getting to work.
The average worker spends around $4,000 per year traveling to and from work. It’s a significant drag on their overall income and represents an enormous missed opportunity. Remember, if you’re earning $40,000 per year, $4,000 extra is a ten percent pay rise. Not bad at all.
Find Out If You Qualify For Perks
Perhaps your employer isn’t willing to hand out extra cash and dump it directly into your paycheck. That might not be a problem. You could also gain a pay rise in the form of benefits.
Check your company perks policies. Have a look to see if they offer things like company cars or a share scheme. You often find that you can make substantial savings using company perks without having to dip into your finances, giving you more money overall.
Find Out If They Have A Referral Bonus Policy
Finally, check to see whether your company will give you bonus money if you help them to recruit. Businesses want to avoid costly agency fees and so are always headhunting for new talent.