10 NO BS Ways to Increase Salary 2023 | It took 10 years for me to learn this|How to Increase Salary

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In this video, I shared 10 no-nonsense ways to increase your salary. A lot of us go to work because of job satisfaction but also because we get a good salary. Salary growth is often on an employee’s mind. This is because salary growth generally corresponds with career growth as well. Many of us don’t know how to optimize our salary growth apart from the 10-15% hike we get if we are lucky. In this video, I want to tell you things that you can do without stressing yourself to increase your salary.

So, the first on the list is building your own niche. Salary growth in IT sector is mostly not good enough for you in the long run. Even the salary growth in Infosys or salary growth in TCS won’t help you in the long run. You need to understand that building your own niche can give you the momentum to draw that high salary later on in the future.

Jack of all trades are not paid as much as a master of one single trade. In the first few years of my career, I was known as the Analytics guy. What are you known as? Build that one niche so that people can understand by looking at your resume in a very short time. You may say that the niche you are working in is not growing. This brings us to the next topic which is to orient yourself to work in a niche where you can grow.

AI, Machine Learning, Sustainability, and Digital Marketing, are all growing areas. Try to see how you can orient yourself to work in one of these areas. There are very few people who know these topics but the demand of folks who know these topics is pretty high. After building a niche in these topics you should try to build another secondary skillset to complement it.

You cannot do the secondary skillset before building a primary niche. If you are an analytics person then try to learn more about marketing analytics, if you are a backend guy then try to learn AWS as well. You need to have that primary and secondary skillset balance to perform better in the corporate world. From the recruiter's standpoint, it is difficult to find people who have the primary skillset plus the secondary skillset. Having both in your arsenal will definitely help you a lot. The third suggestion is to build that secondary income stream.

It can be through part-time work or moonlighting. Your company may say that moonlighting is banned. But go and see your CEO's LI profile. You will find that your company’s CEO is a board member in some other company as well. What they preach is different from what they do. You need to find additional sources of income. This does help to reduce the burden on your primary source of income.

The next thing is not to stick to the same job. You don’t need to change your job every year but at least try not to stay in the same job over a long stretch of time. Companies are not loyal to their employees. People come, take their salaries, and leave. Nobody cares about you in the corporate world. You need to prioritize your personal growth over everything else in the corporate world. The fifth way you can increase your salary is by exceeding the expectations in appraisal ratings.

You can ask your manager what you can do to exceed the expectations continuously. This can help you decide what can be done by you to ensure you get the exceeding expectations remark consistently from your top management. It order to get this remark, you need to go beyond your assigned tasks.

Only if you do that, your salary will grow exponentially. The next thing is that you can learn sales. People in sales are laid off very rarely and at the end only. Many people don’t prefer a sales job because of the many failures they have to face in it. Next, if you improve your corporate communication skills, it will help you grow your salary. You should manage your money properly. You need to avoid unnecessary EMIs. The ninth way is to go and increase your salary. Keep Learning.

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About Me

I publish meaningful and valuable content on this channel. My aim is to make business news more accessible and easy to grasp. If you find my videos informative and insightful then make sure to subscribe and leave a comment. I’ll see you in the next video

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Chapters

0:00 - Intro
0:40 - #1 Build your Niche
1:35 - #2 Growing Areas
3:20 - #3 Part-time work
4:48 - #4 Switch Jobs
5:57 - #5 Appraisal Ratings
6:53 - #6 Learn Sales
8:33 - #7 Communication Skills
9:40 - #8 Financial Management
10:35 - #9 Ask for a Hike
11:25 - #10 Keep Learning
12:44 - Outro