Derrick Kinney's 3 Tips to Getting the Raise You Deserve Now

DALLAS, Feb. 15, 2022 /PRNewswire/ -- We are witnessing one of the greatest employment power shifts in history. Some call it the Great Resignation; others, a nationwide labor shortage. It's a moment in time when most employees have more cards to play than ever before. Quality people are at a premium, and employers are recognizing their need to provide new kinds of incentives to retain and attract the best workers. 

According to the Conference Board, a private research group, companies are preparing to dole out almost 4% in salary increases this year, the largest increase since 2008.

But Derrick Kinney believes you shouldn't have to settle for a 4% raise that won't even keep pace with inflation. He says there's a better way for your money today - one that you and your boss will love.

Kinney often hears from people who feel like they're off track financially and they'll never catch up. No, you have choices. It's in your power to change your financial reality, to earn more money. It starts with asking yourself, "How much money do you want to make? What income reflects what you feel you're worth?"

In his soon-to-be-released book, Good Money Revolution, Kinney shares three tips to getting the raise you deserve now:

Tip 1: Add value to grow your company's revenue.

Whatever you're paid right now is what the economy is saying you're worth right now. It's not right or fair, but it's reality. When you add value to the company, your value goes up. If you want more than the 4% cost of living raise everyone else gets, ask your boss for more responsibility (and nail it!), find ways to increase sales, reduce expenses, or get a new certification or degree.

Debbie wanted to make more money, but she didn't have any bonus or commission potential. So she learned about the company's sales goals and compensation structure. She asked the CEO, "If I get an advanced certification and I can demonstrate how that would help make the company more money, could I earn a salary increase?" It wasn't just, "I want more money," but "If I do this and help the company make more money, could I then get a part of that?" Then Debbie told the CEO, "As I talked to our salespeople, I realized we must know other business owners who could use what our company produces. What if you gave a finder's fee to me and other employees who refer business to the sales department?" The CEO agreed to give her a $5,000 salary increase upon completion of the advanced certification and referral fee if anyone on her team produced a lead who became a customer.

Tip 2: Treat your job as if you were an entrepreneur.

To start doing so, ask yourself: "How can I increase sales, boost productivity, or help make our company's product or service better?" Proactively approach your boss with a list of ways you feel the company you work for could make more money. Then, with your boss's buy-in, take action on them. When you start thinking like an entrepreneur, you'll learn skills that will propel you higher in the company where you work for right now.

Tip 3: Start a side hustle.

One thing the past two years have taught us is that many people are one global event away from losing their job or forced into a pay cut. If you feel stuck in a fixed-salary job like a teacher, a police officer or firefighter or you're working in a field solely based on seniority or a set pay-range, what can you do? If you're not satisfied with your salary and your promotion possibilities are limited, a side hustle may be your only path to more money.

What are the common problems people ask you to help them solve now? Or is there an interest you have that would be easy to begin making money at?

Sheila and Dan loved to travel. As more friends asked them for trip planning tips, a part-time travel business was born. Working on lunch breaks, evenings and weekends let Sheila and Dan help others see the world—and pack their retirement fund with the fees they charged.

There are limitless side hustles out there—brainstorm, get creative, and pursue something you're good at. Perceive a need and fulfill it. Your goal? Let your side hustle become your main income—and have fun doing it.

Derrick Kinney is changing how you feel about money. He believes money is not bad and good people should have more of it. As CEO of Good Money Framework and host of the popular Good Money podcast, Kinney visits with influential business and thought leaders to inspire people to make more money and use it for good. Known for making complex financial topics easy to understand, Kinney is a sought- after guest on local and national media where he has been interviewed on CNBC, FOX News, CNN, FOX Business, PBS, Cheddar News, and Wall Street Journal among others.

Find Derrick's full bio HERE.

SOURCE Derrick Kinney