Three potential ways to get paid more in 2022

New Year is always a time of reflection. Looking back at the year just gone, and thinking through our hopes and dreams for the year ahead.

One desire that is likely to be on almost everyone’s wish list for next year is to be more financially secure. Especially in light of the turbulent couple of years we have just come through, many people are craving stability and security in every area of their lives, and finances are a big part of this.

So wouldn’t it be great if you could find a way to get paid more in 2022? That would be such a big help in getting your finances on track and being able to look ahead to a brighter future.

In this article we look at three potential ways to get paid more in 2022. Hopefully one of them will work for you. Anything is possible!

Ask for a pay rise

If you enjoy your current job, one of the best solutions is to see if you can get a pay rise. This may not be as far-fetched as it may sound. According to Andy Prendergast, a national secretary at the GMB, it’s currently a seller’s market for workers. Job vacancies in the UK have soared to a record high and many employers are struggling to find staff. Which means that it could be a good time to push for better pay and conditions.

So it may well be worth fixing a meeting with your manager to discuss the possibility of a pay rise. This can be nerve-wracking but you’ve nothing to lose and potentially lots to gain. And if you prepare well you will give yourself a better chance of success. Here are five ways to do that:

Five ways to negotiate a pay rise:

Research the salaries being offered by other companies for jobs like yours. If they are generally higher than what you are being paid, this will help to strengthen your case.
Be clear about the level of salary that you are now looking for. It can feel awkward talking about money, but if you are having the conversation anyway, make sure that you come out with the result you want rather than a much smaller pay rise.
Compile evidence of your worth to the company. For example, are there particular recent achievements such as completing projects, initiating changes or exceeding performance targets that can demonstrate how you have added value to the company?
Outline any additional ways that you can contribute to the company if they are prepared to pay you more for doing so. For example, improving the procedures in your department, or becoming involved in training or mentoring other staff.
Have a backup plan. If the answer turns out to be a definitive no, you need to know what your next move is. If you just accept it and go away, it will all have been a bit of a waste of time. At the very least, you need to get your manager to agree to a follow up meeting to discuss it again. But if this feels like second best, you may want to make it clear that you will actively be looking for other job opportunities.

Change jobs

An obvious way to get paid more is to change jobs to one with a higher salary. We saw earlier that in the UK at the moment it is something of a seller’s market in terms of recruitment. A combination of various factors – including Brexit – has led to UK job vacancies being at a record high. Over 75% of employers are now reporting skills shortages over the past year.

So if you can’t get paid more in your current company, it could be the time to find somewhere new. Our recent article Is now a good time to start looking for a new job? contains lots of useful information about how to research, apply and interview for your perfect new job.

If you do find a new job, make sure that you negotiate the highest salary possible. Not only will this help you now, but it lays the foundation for your pay progress for the rest of your time with the company.

Go freelance

If you are skilled in your area of work, another option to consider is going freelance. There are many opportunities to do this:

Examples of freelance work:

Web design
Programming
Graphic design
Tutoring
Coaching
Photography
Arts and crafts
Administration
Marketing
Accounting
Copywriting
Proofreading
Hair and beauty
Pet care

You could do this as a completely new career move, although this can be a scary thing to do if you have no other income to fall back on. So another option is to start doing a bit of freelance work in addition to your current job and see how it goes.

If your freelance work really begins to take off, then maybe you could reduce the hours of your current job and increase your freelance work until you reach the tipping point at which you feel confident enough to go freelance full time.

At this point you may want to set yourself up as a proper business. Our article Do you ever dream of starting your own business? has useful information about how to go about this.

But how do you go about finding freelance opportunities in the first place? Let’s take a look.

Ways to find freelance work:

Recruitment sites such as Indeed and Reed.
Freelance sites such as Upwork or Freelancer.
Word of mouth: ask as many former colleagues, family, friends as possible for contacts.
Website or social media: set up a web or social media page to advertise your services.

We hope that this article gives you some ideas and inspiration for ways in which you can get paid more in 2022. Good luck with whichever path you choose.

If you need a financial boost to help you get things moving, remember that Munzee offers 24 month loans that could bridge your finances, for example during the job change process.

Check back here soon for more lifestyle and financial articles from Munzee Loans.