Making more money at work is a skill like any other. Those who understand it and will earn more this month, this year, and over the course of their careers. Here is a list of ways earners increase their annual paycheck, no matter where they are in their careers. First, the fast increases you can use short term. Then the large increases that change your life!

Fast Increases First

1. Refer the Next Great Employee

Many employers offer referral bonuses if they hire someone you referred to the company. Your referral can replace expensive recruiting efforts which saves money for the company. You know the company and the candidate, so your referral might be a better fit than anyone a recruiter or HR can find externally.

Referrals create value employers are willing to pay for. Check your HR website and employee handbook to see if you have a referral program. Then check out your company job board for openings your contacts would love. Check once or twice each month, perhaps while looking for your own advancement opportunities.

2. Cash in Paid Time Off (PTO)

Some companies allow their employees to cash in some or all of their unused PTO. If yours does, its usually a matter of filling out a form and your next paycheck will instantly be larger. However, be careful using this benefit. What you gain in cash you may pay for in sanity. Having periodic extended break from work is important for recharging your internal batteries and keeping your mind refreshed.

Related Article: How Successful People Overcome Workplace Anxiety, Fast

Your company may also reimburse you for unused PTO if you leave the company for a new job elsewhere. Check your employment contract for details. If you don’t give enough notice or violate other contract terms, you might forfeit benefits like PTO payouts, severance, etc.

3. Working Special Hours

Employers know holidays and other busy times of the year can be challenging times to stay sufficiently staffed. Many budget extra compensation dollars to ensure they don’t fall short. Employers often pay time-and-a-half or double for working overtime and holidays. Similar to cashing out PTO, this extra work is financially rewarding but takes away from other parts of your life. Time with family, hobbies, or a side gig are also important for staying balanced. Be careful to balance extra work with relaxation and stress management techniques.

If you are a salaried employee, you might not be eligible for overtime or holiday pay. This is easy to check with your boss or HR. Sometimes employer have other ways of compensating salaried employees for working above and beyond. Gift cards, flex time, extra PTO, and on-the-spot bonuses are common methods.

4. Ask for a Spot Bonus (a.k.a. Combat Pay)

When you invest substantial extra time or create above average results for your employer, it’s normal to receive extra compensation. Employers often choose to give one-time-on-the-spot bonus, instead of a raise that pays year after year. You should still pursue a raise when it’s time for merit increase. However, try to collect compensation for extra work and above average results as they happen. Employers sometimes have a short memory for your efforts, so ask while the work/results are fresh.

This is sometimes called ‘combat pay’ due to the stressful nature of a situation. Imagine if your department suddenly loses several resources or a large volume of unplanned work comes in. You might suddenly feel like a one person army doing the work of many. Most companies will reward their employees for working so hard, but don’t wait for them offer. Have a chat with the boss and find out how they plan on rewarding your efforts.

5. Employee Stock Purchase Program (ESPP)

If your company is traded on the stock market, your employer might allow you to purchase shares at a discount. This is usually referred to as an Employee Stock Purchase Program (ESPP). Employers do this to get their staff invested in the success of the company. The theory is that if you own stock in your employer, your work can increase the value of your investment. They hope you will be more motivated to work harder. Employees make more money by buying shares at a discount and selling them at full price.

As with any investment or major financial move, be sure to consult a qualified financial advisor to be sure you are making a smart move.

Large Paycheck Increases

6. Raises Beyond the Annual Merit Increase

There’s a lot to know about how companies give raises and it varies between employers. The typical raise is an annual merit increase. The finance department budgets a standard (equal) amount per employee, usually between 3% and 5% of their current annual salary. The money then goes into a pool for each manager or department head to distribute based on performance, annual reviews, and other strategies (unequally). However, there are special circumstances where raises can happen outside of the standard merit increase process.

Special Raise 1: Market adjustment

This happens when the compensation department (HR in smaller companies) determines a position is underpaid according to national averages. It is important to realize that a market adjustment review is usually triggered by an employee complaint or manager request. Do not wait for your employer to check and volunteer more money. Do your homework with tools Salary.com or Glassdoor. Then interview for similar roles at other companies to see what they offer. If your pay rate doesn’t stack up, have a friendly conversation about why.

Special Raise 2: Competitive Adjustment

When an employee gets an offer to work somewhere else, the employer might offer a raise to avoid their resignation. The thought is that an employee is unlikely to leave and start over elsewhere if there is no financial gain. The employer would avoid the cost of hiring and training a replacement. This only works when the employer is highly motivated to keep the employee (for expertise or difficulty replacing them). Note: Never attempt this as a scare tactic.

Special Raise 3: Value-Based Adjustment

An employer may grant a value-based adjustment when an employee takes on more responsibility, drives increased profits, or brings added value to the company (source). This is another case where you should bring it up with your boss instead of waiting for them to offer. Companies are happy to let you increase their profits for free. Great for them, lousy for you. A friendly conversation about your value will tell you a lot. Are you eligible for a raise or better off adding value for a different employer?

7. Find Promotion Opportunities Early and Often

A promotion is an increase of your position in the hierarchical structure of a company (source). It requires greater responsibility and expertise in exchange for the ability to make more money. The employer will expect larger contributions to the company profitability in return for higher compensation. The faster you get your name on the candidate list, the better your odds are of landing the new role. There are multiple ways to find your next promotion.

Promotion Tactic 1: Internal Job Boards

These roles are posted on the company job board and can be openly applied for. Job postings are often released internally to existing employees several weeks before the rest of the world sees them. Get in the habit of quickly scanning your company’s job board every 1 – 2 weeks for new opportunities. Make it part of your Friday dreaming-about-the-future routine.

Promotion Tactic 2: Closed Opportunities

Closed opportunities are roles created and filled “behind closed doors.” Candidates are often pre-selected for the role and asked to interview. An example is when a department creates a new team that will need a manager. The department head may already have several star employees they want to interview for the role. The key to getting these opportunities is to know your leaders, talk with them about their department, and make sure they see you succeeding regularly. This will help you be a part of the conversation when a new opportunity is created.

Promotion Tactic 3: Networking Across Departments

When an employee announces their resignation, their immediate peers and leadership chain are the first to know. You want to make sure one of them also tells you. An upcoming resignation is valuable information that can help you get your foot in the door early. Maintain your relationships with co workers in other departments, especially ones who have been promoted into leadership. You can make your interests known and get your name on top of the interview list before HR can even post the job.

Related Article: Use A Career Coach To Secure A Promotion

8. Take on New Responsibility

Taking on new responsibilities in hope of a future raise or promotion is a gamble that often pays off. Volunteer for big projects, new responsibilities, and anything else you can do to set yourself apart from your co-workers. One of the most effective strategies for landing a promotion is to be doing the job already when you apply for it officially. Imagine if your boss left the company and you were already assisting with 50% of their work. You be an obvious choice to fill the role.

Taking on more responsibility also sets the stage for a future conversation about your elevated performance against your peers. If there is no official promotion/title available, a pay increase may be warranted. However, if your employer won’t compensate you for your efforts, it’s time to discuss your performance with other potential employers. Make more money somewhere else.

9. Find a Better Job, While Comfortably Employed

It can be a risky strategy to leave your current employer for something new. However, the risk is balanced by the potential for financial reward and career advancement. If your paycheck is not keeping pace with your value, it may be time to offer your services elsewhere. Look for a new position that will advance your career and paycheck while gainfully employed. If a new offer is not quite what you want, you can simply stay where you are at. Continue the job hunt until the perfect opportunity comes along.

This is a key strategy of the ultra-successful and a key activity in implementing a career plan. At higher levels of the corporate hierarchy, this starts to happen automatically. New employers and recruiters call candidates with job opportunities knowing that they are already successfully employed elsewhere. At that level, an impressive candidate’s resume speaks for itself and draws in new opportunities like a magnet.

Related Article: The Ultimate Guide to Career Planning