You work to live not live to work and you want to make more in your paycheck. You dream of doubling the amount you make. Most people deploy a strategy of hope, wait to be noticed and for the rewards of his or her hard work to materialize only to become frustrated when nothing changes.
Or maybe you were assigned a 6 month project which of course you hit out of the park and you were repeatedly told how fantastic of a job you did but when raises are handed out, you received the standard percentage as everyone else.
The problem is that hard work and success isn’t all that it takes to increase your salary. Like everything else, you can drastically increase the probability of doubling your salary with a defined process.
- Start with Why – Simon Sinek said it best but with every lofty goal you must define your why, first and foremost. This will provide the fuel and motivation to continue forward when times get dark. Setbacks will inevitably occur but a solid ‘why’ will allow you to persevere.
- Believe – If you don’t believe in your worth than no one else will. Visualize your paycheck growing every day well before it does. If you don’t believe in the extreme power of visualization watch Jim Carrey’s interview with Oprah from 1997 on Youtube on how he made his first $10 million. There are countless stories just like this one. If you do nothing else, believe in yourself and the power of visualization: https://www.youtube.com/watch?v=nPU5bjzLZX0
- Triple your value – Now stop thinking in terms of consuming and pivot your thoughts to creating. Constantly look for ways to become more valuable. Watch how others create value and do exactly what they do. When asked to get something done by Friday, do it by Tuesday. If you are tasked with cold calling 100 people, cold call 300 people. If you need to sell $100 worth of widgets, sell $300. Be the person that works endlessly to exceed expectations. You won’t be successful all the time but your work ethic will stand on its own merit and it won’t take long for others to notice.
- Tell your boss – A goal unspoken is just a dream. Always communicate your goals to whoever will listen. You never know where opportunity will present itself but it has a much better chance of manifesting if others know about it.
- Set a realistic time table – Most people can go full throttle for a short period of time but when there is no immediate pay off, then doubt and frustration set in. A goal as lofty as doubling your salary is going to require playing the long game that could very well take years to fully playout. If you find yourself doubting whether or not your goal will ever be realized, go back to number 1 and start over.
- Quantify the trend – Metrics matter. Find ways to quantify your value. There are two things to remember here that are of critical importance. First of all, be honest when things don’t work out and show it in the metrics. This will provide trust and credibility for future successes. If your metrics are always perfect, then you are not pushing yourself hard enough or not measuring the right things. Secondly, the trend matters more than any snapshot at a point in time. A positive result with a metric can be produced by hard work. But a positive trend over time can only be achieved by hard work coupled with better process – working harder and smarter. It takes both consistently to double your salary.
- Accept and respond to constructive feedback – The feedback you are given from your management in terms of progress towards your goal is the verbalization of the obstacles that are holding you back. Never react but always respond even if you don’t agree with the perception. If you are reliant on someone to increase your salary for you to achieve your goal, then their perception is reality. Getting defensive about it isn’t going to get you closer to success. Absorb the criticism and work to change the perception.
- Communicate your success – Don’t be shy about communicating your worth and selling your successes. Put a scorecard of your metrics together and send it to your boss once a month. If you have quarterly reviews, meet ½ way through the quarter to communicate progress. Make it easy for your boss to know what you are doing, the successes you are having, the obstacles you are working to overcome and the pivots you are planning on making.
Good luck and I hope this helps turn your dreams into reality.