Yahoo Finance ‘3x THE SALARY’: Exactly how Aussie on $54k tripled his pay
As a nation, wages aren’t going anywhere – but that doesn’t mean your pay packet shouldn’t.
In fact, growing your salary could be as simple as asking, which is exactly what one Aussie did.
In a post on the r/AusFinance subreddit, an Aussie Redditor said he “didn’t get great marks” while studying, didn’t have a prestigious graduate position straight out of university, and didn’t have parental connections, but was able to inflate his initial salary of $54,000 using three simple strategies.
“This week I hit one of my long-time goals: got a pay rise to 3x the salary I started my career on,” wrote Reddit user ‘Suppppp123’.
While his salary may not be impressive to some, he said he was posting the advice online because it was a “big deal” for him.
And anyone can do it, he believes.
“I’m in no way special and I think heaps of people could do this if they knew it was possible. Also cause I’ve had a few beers so f**k it.”
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He outlined the three simple but key strategies he stuck to that helped him triple his salary:
1. Networking
The Redditor claimed he wasn’t a “natural extrovert”, but rather than hindering him, it actually helped.
“People hate sleazy networkers. I’ve tried to have a networking meeting with one person a week, every week, for almost 3 years,” he wrote. Many of these were repeat meetings, he added, saying he has now met “literally hundreds of people” and established great relationships.
“In fact, every job I’ve had along the way to increasing my income has come from these networking meetings.”
2. Job-hopping
It’s well-known that switching jobs is one of the best ways to increase your salary. It’s also one of the main reasons why Australians are resigning in droves as employers compete for top talent amid a shrunken talent pool.
“It’s way easier to get a pay rise when you change jobs,” the Redditor said.
But he also warned that you can’t “do this forever”, as recruiters and hiring managers may not look highly upon several short stints on a resume.
3. Asking for a pay rise
“I know this is obvious, but it works. And most people don’t do this,” he said.
He revealed that he would ask for a pay rise each year, which was compounded by switching employers.
While he has been refused a couple of times, the Redditor said he has figured out over time how to secure a pay rise of some form.
“I always put together a full pitch, with 2-3 slides outlining the value I’ve created and what I want to do next.”
The Reddit user said he hoped his experience and his post will help others be paid what they’re worth.
“Too many good people never try to get more money – and they should!”
The advice of asking for a pay rise every year is also heartily backed by corporate coach and PepTalkHer founder Meggie Palmer, who declared: “every year, you have to ask for a raise”.
“You can’t expect it will be offered. Sometimes they will say no – but you still have to ask the question,” she told Yahoo Finance.
Even during the COVID-19 pandemic, when companies’ budgets might be stretched, there are still ways to ask for other benefits, Palmer said.
“You’ve gotta get creative. But you’ve got to come to the table with those ideas,” she said.
“It’s important for employees to remember that bosses have a lot of direct reports. The responsibility is on you to come to the table with clear options on how to compensate you.”
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Got a cool pay rise story? Tell us at jessica.yun@yahoofinance.com.
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