If you are self-employed, then creating more value will automatically translate into higher profits & income. However, as an employee, tripling the value you create is no use unless it translates into a higher price tag.
Do not expect to get a promotion or a raise automatically. If bosses can help it, they would rather pay you much less than what you are worth. Most of the time, you must be proactive and ask for a raise.
However, before you ask for double your pay, ensure that you have at least tripled your value! So you can be sure that if the answer is no, there will be a dozen headhunters waiting to pay you what you are now worth!
Once you have created tremendous value, you can:
1) Ask for a pay increase
Again, be confident that you are more than worth the increase!
2) Ask for a promotion & pay increase
When you have demonstrated that you can create more profits, they will be happy to give you a senior management position
3) Ask for profit sharing
If you are a value creator, you can confidently ask for this.
4) Ask for variable compensation
People who prefer a fixed salary are generally those who are not confident about how much they are really worth. The trouble is, a fixed pay has got no upside. If you have the drive and confidence to create value, ask for a higher performance based compensation (even if it means a lower basic pay). Then you know that you have a huge upside.
5) Ask for stock or partnership
Again, once shareholders can see that you are a value creator, they will want to do what it takes to keep you by giving you ownership.
There you have it. 5 ways to immediately translate your value into more income. If you have truly created more value for the company, good bosses will recognize and reward you for your contribution. Because they understand that good workers who add more and more value are hard to come by and if they have them, they want to keep them.
I know you could be also asking this: ‘But what if the company I’m working for refuses to pay what I’m worth?’ Then leave! Because there are others out there you will pay handsomely for people who create tremendous value.
Remember, your income will always reflect the amount of value you create. Start creating more value now!
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program ‘7 Steps To Financial Freedom’ here.