Imagine If You Could Give Yourself a Raise
When's the last time your boss or company gave you a raise or bonus? Perhaps your company did give you a raise but it was so small you hardly noticed the difference in your paycheck. This is no way to live. Why depend on your company to give you more money? Imagine if you could give yourself a raise.
This article explores the following topics:
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Why Your Boss Won't Give You a Raise
There are several reasons why your boss won't give you a raise. Unfortunately, when you learn these reasons, you're not going to like them. They'll make you upset. However, the good news is you can use these reasons against your boss. But, if you don't even want to deal with this, you can bypass it altogether and go right for giving yourself a raise.
Your Boss Can't Give You a Raise
The truth is, your boss isn't authorized to give raises to anyone. You could have the best boss in the world, but if she has no authority for dishing out raises, it's not going to happen. She can certainly try to convince her managers why you deserve a raise, but even her managers may not be authorized to give raises. Many companies have too many levels of middle managers whose main purpose is to buffer their managers from the workers who do the work.
Raises Are Given to the Top Brass First
You probably know already that the top brass of your company gets their bonuses and raises first. Then, the many levels of middle managers will get what's left and it's based on the level of the managers on how much they get. After all these levels of middle managers have been taken care of, then the workers get what's left. By the time it gets to the workers, there isn't much left. Often, there isn't any left.
Companies can only give raises and bonuses when they earn enough profits to have that money available.
However, the top brass often gets increases even if the company has not earned enough. This is one of the main reasons for discontent regarding corporations. Poor performing executives get rewarded.
Your Boss Doesn't Believe You'll Leave
There's a good chance your boss feels you aren't going anywhere, so why bother worrying about whether you need a raise or not? The trouble is with most employees she is correct. Leaving a job is a pain in the you-know-what. Even when you find something, you learn that it's not much different in the new company. As workers get more experience, they are less willing to make a move to a new job because they learn.
Your Boss Needs You More Than You Realize - It Takes Months to Find New Workers
It's as much a hassle for bosses to find new workers as it is for employees to find work elsewhere. Part of the problem is the flood of middle managers that exist in corporations. On top of having no authority to give raises, they have no authority to hire people. They can choose the most qualified candidates, but their managers and their managers' managers need to interview with the candidates before a decision can be made. Have you ever tried to find time in a manager's schedule? When you have two or three levels of managers that you have to schedule, you can see why this takes time.
But, it doesn't stop there. Even before any manager schedules time, you need to talk to someone from human resources. This can take time for them to commit to schedules, too. Corporations have become just as bloated as government bureaucracies.
Your Boss Knows that Most Workers Won't Search for New Opportunities Until They're Ready to Make a Move
When you like your job, would you spend time looking to see what else is available? Even if your job isn't great, but it isn't bad, either, you believe that it's good to have a job at least. You only start looking when the job or the manager is unbearable.
However, you should always know the landscape of your industry. What jobs are companies offering? Are the skill sets changing enough for you to retrain yourself?
If you don't learn new skills that are prevalent to the market, you'll become obsolete. It's tougher to find a job when this happens. Know your market and learn new skills as needed to keep the bargaining chips in your favor.
Your Boss Knows You're Afraid to Ask for a Raise
It's intimidating to ask for a raise. Employees never seem to find the right time or to work up enough courage to hit up their bosses for more money. Although bosses want to try and do all they can to keep good employees, giving raises is low on the list. Again, it stems from lack of authority. If your boss wanted to give you more money, she has to ask her boss who likely has to ask his or her boss, and so on. Depending on the organizational structure, this can keep going on up the chain. You can figure out by now this will take quite some time before an answer is given. Your manager will likely state that it's not in the budget at the current time.
Of course, when you get to the point where you give your manager notice, it's amazing how suddenly money becomes available. Depending how strong an employee you are, you'll get a decent counter offer.
It's beyond the scope of this article to explore whether you should take the counter offer or not.
It's Kind of Difficult to Fire People These Days
It's not impossible to fire people, but it is certainly difficult. I wouldn't suggest depending on this factor if you decide to bargain for more money. But, deep down, managers know this fact. They don't want you to know it, however. You can bet managers will never suggest this fact to anyone.
Can You Use The Above Information To Get a Raise From Your Boss?
You'll have more ammunition when you learn the above items. But, if your manager has no authority, don't expect to get anywhere with it. Managers like to play the blame game (or good cop/bad cop). Your manager will make it look like her manager said no while your manager's manager will blame his or her manager, and so on. This situation is difficult to argue with as you aren't part of any of those conversations. It's part of the corporate game.
Another problem is if they agreed to give you a raise and other workers find out about it, they'll have to deal with those other workers. Giving one raise opens a can of worms that no manager wants to deal with.
I wrote this post to help you put the power into your hands. I am going to show you ways that you can give yourself a raise. You won't have to worry about begging your company for scraps and having them make you feel as though they did something wonderful for you and you should worship the ground they walk on. If you deserve a raise, they should give you a great raise to keep you happy. That doesn't happen anymore. You need to take control of the situation and create the income you deserve.
Another benefit to learning this is you are in control. When you need money, you take advantage of these techniques and you get that money. If you want a steady side hustle, you have the power to do so.
But, the ultimate gig to develop is one that helps you earn residual income. This is like a raise that keeps giving (see below). Once these residual income streams start earning, you can start to work less. You still need to maintain them, but overall they generate income passively. This means you can earn no matter where you are. Go on vacation. Visit family. Do whatever you like. Your residual income machine is still working for you.
How the Internet Levels the Playing Field
The internet is great for finding information, playing games, and connecting with friends. But, it can be used for so much more. At Get Paid Boot Camp, I constantly scan for opportunities that can be perform online. You can use your current skills and turn it into cash by performing tasks or services. You could also sell your items that you have in your home or that you find at places like garage sales, etc. The possibilities are truly endless.
Before the internet, the only real choice for side hustles were part time jobs. You would work your full-time job and when you were done for the day, you hustled over to your part-time job and bust your butt there. By the time you got home from this second (and for many third) jobs, people were exhausted. The money was never that great to fully justify doing it, either.
Today, you have but to reach out to a business and let them know you are available to work for them. There are certainly plenty of jobs that require you to physically go to a location. Uber and Lyft are two such side hustles. But, many can be performed right from your laptop. Depending on your set up, you may be able to do some of this work during your lunch hour at work.
You can also use the internet to develop a full scale business. Further, when that business earns passively, after a while, you won't need to look after it constantly. Residual income programs are perfect opportunities for this concept.
While I am a big fan of residual income businesses, they take time to develop. If you are looking to obtain cash soon, you should start out with something that will let you earn quickly.
Start with a Side Hustle
To give yourself a raise, I am going to suggest starting out with a side hustle or two. Building up residual income streams takes work and usually won't pay any money in the beginning. They more than make up for this deficiency when you start earning and the engine is running on autopilot. But, initially, there isn't any income.
Conversely, you can earn with side hustles, usually immediately. There are so many side hustles to choose from that you are bound to find one that is right for you. Here are some guidelines to help you with your decision:
Passive Income - The Gift that Keeps on Giving
You hear people talking about passive income often. It's talked and written about so much that it's become hyped. The hype has led people to the point where many don't believe it's possible to earn passive income.
It is possible. You just have to cut through all the hype.
The definition from Wikipedia describes the concept well:
Passive income income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.
“Passive Income.” Wikipedia, Wikimedia Foundation, 11 Jan. 2019, en.wikipedia.org/wiki/Passive_income.
The last part of the definitions holds the impact of the concept, minimal to no effort. That is a key ingredient.
Examples of Passive Income
The above list is by no means exhaustive. You can probably find many other examples of passive income streams. However, the key is they are available for you to give yourself a raise. Over time, these passive income streams can amount to more than your salary if you stick with them and put some work into them in the beginning.
Next Steps...
This article shows three ways to get a raise with two of the ways taking control of your own income generation. To recap, the following are the three ways I propose to help you get a raise:
The first method of hitting your boss up for raise is the least desirable and most likely to fail. Before the internet, people were stuck with this option. Feel free to skip this item entirely as you don't need it to get a raise. You can be responsible for your own raise.
The passive income streams option is the best method of generating income. However, it takes more work. This is why I suggest starting with side hustles. However, there is nothing to stop you from starting on the passive income streams simultaneously.
While I believe that the information on this page can be used to generate income, I don't want you to come away thinking it's easy to do. This isn't get-rich-quick or even instant income. Most side hustles require you to find work, exchange hours for money, and deal with clients when things go wrong (and they will). Passive income streams require the appropriate legwork. And finally, asking your boss for a raise is a stressful activity without definitive results.
One thing is certain though, if you don't get started on generating income for yourself, it won't happen. Based on this, you have nothing to lose by getting started and committing to start earning what you deserve. While I believe you should start with a side hustle, you should work on getting your passive income streams going. I have found an incredible way for you to learn how to do that which you should sign up for immediately, as it is free. It doesn't require a credit card to join, either.
