Significantly increasing your salary to triple its current value within a short timeframe requires a strategic approach and a combination of factors. While it’s challenging to guarantee such a drastic increase, here are some steps you can take to work towards that goal:
Set Clear Career Goals
Define your long-term career goals and the position or industry you aspire to be in. Having a clear vision will help you identify the necessary steps to achieve them. If you struggle with how to start writing career goals use the SMART goal process to help get you there. We are all pretty good about knowing where we don’t want to be in our careers, so where DO you want to be? Do you want to be a CEO or a manager one day? Do you want to own your own business? All of these are absolutely attainable. You just need to set your mind to it and start writing down your goals.
For example, I have a Criminal Justice degree but am now an HR Executive. A path that I never set out to be on but ended up here based on the goals I set for myself. As I moved from one job to the next I knew what I didn’t want to do again in that particular job, so the next one I made sure it didn’t involve that. But then that job had something different I didn’t want to do again, and so on. You continue to learn and grow through your experiences. So even if you don’t really know exactly what you want to do quite yet, you can still set goals for yourself based on what you don’t. It will present itself to you in time.
Assess Your Skills & Qualifications
Evaluate your current skills and qualifications and identify areas for improvement. Consider pursuing additional education, certifications, or training programs that can enhance your expertise and make you more valuable in your field. Don’t short change yourself here. Don’t let your imposter syndrome get the best of you, preventing you from moving forward.
For example, as I was moving through my career I realized that I enjoyed the field of Human Resources and wanted to stand out from others seeking out the same positions I was, so I received my SHRM-CP certification! (Society for Human Resources Management-Certified Professional). This certification was exhausting for me as it took 6 months of continuous studying, 5 different books, and a 4 hour exam at the end of it. But I received more interviews after I accomplished that certification, which opened that many more opportunities to advance!
Seek New Opportunities
Look for opportunities that offer higher salaries and career advancement potential. One way to explore new opportunities is to create one for your self, such as asking for a promotion. I encourage you to check out my article on how to professionally ask for a promotion as a way to create your own path to success. If you feel that you can no longer advance at your current employer, then it may be time to look elsewhere.
Explore job openings in your desired field or consider changing industries if necessary. Here are some interview tips should you begin that process. Be open to relocating if it improves your chances of finding higher-paying roles. Part of this process is knowing your worth. When looking for a new job, be sure to always state your bottom line number as being at least $10k above what you currently make, to ensure a pay increase off the bat. I encourage you to read my article on 5 insider tips to negotiating a job offer. Negotiation is the key component to tripling your salary.
Develop Expertise in High Demand Areas
Identify skills or areas of specialization that are in high demand and have the potential to command higher salaries. Invest time in gaining expertise in these areas through self-study, professional development courses, or mentorship programs. This can be done through many different means, such as shadowing someone at work, similar to a mentor. You can join professional communities and learn from others. All of this is incredibly valuable and should be noted on your resume. This shows you are willing to learn and grow.
For example, after I received my SHRM-CP certification, I had to keep up with continuing education courses as a requirement, read books in my field and attended lectures. This has forced me to stay current in my field and increase my expertise, which increases my value to any employer. Find where you can specialize in your field and start your pursuit.
Network & Build Relationships
As you assess your skills, you also need to focus on networking! Networking is crucial for career growth. It’s not what you know, its who you know. So start to attend industry events, join professional organizations, and connect with professionals in your field. There are plenty of these available online, specifically LinkedIn.
Building relationships with influential individuals can lead to new opportunities, higher-paying roles, and mentorship. You never want to burn any bridges, as you never know where your next opportunity may come from. So continue to network for new relationships and continue to build the ones you already have.
Demonstrate Values & Results
Focus on delivering exceptional results in your current role. Showcase your accomplishments, quantifiable achievements, and the impact you have made in your organization. Demonstrating your value and contributions can position you for promotions or salary increases. Be sure you are able to articulate this and have examples. You will be unsuccessful if you just say ‘I’ve been here 5 years and deserve a promotion’. Hmm do you? Well prove it. You need to bring the evidence.
Individuals that have mastered their current role are the ideal candidates for promotions. Be sure to communicate with your manager as well regarding where and how you want to grow your skills. Don’t be fearful to communicate with you manager on this topic. True leaders create leaders, so if they are a solid leader they will help you grow. So absorb what you can from them, to set yourself up for success.
Negotiate Strategically
When changing jobs or during performance evaluations, negotiate your salary strategically. Research salary ranges for similar roles in your industry and leverage your skills and experience to justify a higher compensation package. Remember everything is negotiable. You may win some and you may lose some, but at least you tried.
Job offers, performance reviews, promotions, and severances are all negotiable, its about HOW you negotiate. Part of strategic negotiation comes down to the relationships you have built. I’m not talking about kissing someone’s ass and being a yes person. I am talking about being a professional who brings strong value to the team and is a dependable great team player.
Stay Adaptable & Embrace Change
Be open to taking on new challenges and adapting to changing market demands. Industries evolve, and new opportunities emerge. Stay updated on industry trends and technology advancements to remain competitive and seize growth opportunities.
The only constant in life is change, so the faster you can adapt the more successful you will become. An opportunity may come your way and you think, that’s not really ‘my thing’, but be open to doing it anyways. You would be surprised the doors that open if you step out of your comfort zone and develop a growth mindset.
For example, I received a message in my LinkedIn about a guest speaking opportunity and immediately was like ‘nah, not for me’. I dismissed it right away. I was looking for something different, so something brought me back to the message. I responded I was interested. I was nervous, as I wasn’t much of a public speaker, but I thought if I want something different I have to DO something different. It was a great experience.
Keep Learning & Invest in Yourself
Commit to lifelong learning and professional development. Stay up-to-date with industry trends, advancements, and new technologies. Continuously improving your knowledge and skills will increase your market value and enhance your earning potential.
You are your greatest asset, so invest in yourself. No one else is going to do it for you. Advocate FOR yourself. If you feel you deserve something, gather the data to prove your point and go make it. Yes it can and will be scary, but knowledge is power. The more you know, the more you have to offer, the more money you can make!
Final Thoughts
It’s important to note that salary growth is influenced by numerous factors, including market conditions, industry norms, individual performance, and economic factors. While it may not be possible in your specific situation to triple your salary within a specific timeframe, taking proactive steps and focusing on your professional growth can significantly increase your earning potential over time.
I always took at least one thing from each job I had, to help advance me into the next one. That could be a new skill, a new relationship, a new job title, a new experience, and new ‘not doing that again’, or a new sense of accomplishment and confidence. Soak up everything you can, seek it out, and never apologize for advocating for yourself.
