How to increase your salary in the IT industry regardless of your current situation
Most of us think our salary is lower than we deserve, but we accept it. The truth is that we are in power to increase it. I use this strategy to know where I am and what I should improve.
My most significant realization about salary was understanding that it resulted from the value I provided.
Okay, it may sound obvious now, but I spent many years accepting what the Company decided to pay me. The shift came when I understood that the number depended on me.
The salary follows the value we provide, which follows our skills.
Skills -> Value -> Salary
However, we all experience unbalance between these 3 variables. So, I use the following strategy to assess my situation and understand what I should do to give me a raise.
High Value - Low Salary
Most people feel they are in this situation:
They provide value according to their skills. But the salaries don’t reflect it.
If that’s your case, you can:
- Ask for a raise (If you are right, they should give it to you).
- Improve your self-promotion (they don’t realize the value you provide).
High Skills - Low Value
Some people stagnate in their comfort zone.
Their salary is acceptable based on the value they provide. But considering their skills, they could be giving more to the Company.
If you find yourself in this situation, your alternatives are:
- Assume more responsibilities
- Proactively propose improvements
- Look for another job where your skills are required
Balance
Once you have fixed the value you can provide and the income you deserve for it, you will find a balance:
If this is your situation, then you need to work on your skills:
- Improve your communication
- Learn to delegate
- Gain independence
- Become more interested in other areas
- Learn about the processes of the Company
Conclusion
Your salary is the last link of the chain.
You can increase it by balancing the 3 pillars or improving your skills.
Skills > Value > Salary