With the unemployment rate for tech pros currently hovering at 2.8 percent, many companies are hungry to hire software engineers with the right mix of skills and experience. That’s a great opportunity for software engineers to potentially secure a bigger paycheck, especially in the near term. But what are the best ways to actually boost your pay?
Fortunately, there’s more than one way to shoot your compensation into the stratosphere. Let’s break it down!
Expand Your Skillset
When you boost your skills, you make yourself more valuable, especially to those companies that need tech pros capable of working with cutting-edge technologies.
- Embrace Cutting-Edge Technologies: If you really want to shoot up your earning potential, familiarize yourself with “hot” tech such as artificial intelligence (AI) and machine learning (ML). Fortunately, there are lots of free resources online for learning these platforms, tools, and tech.
- Sharpen Your Existing Skills: Don't neglect your core strengths; they’re attractive to employers. Focus on mastering in-demand programming languages like Python, Java, and Go. Online platforms like Coursera and edX can help you brush up on your fundamentals.
- DevOps is Big: The ability to bridge the gap between development and operations (i.e., DevOps) is a coveted skill, and one that’s increasingly high-paying as companies embrace DevOps as the way to smooth processes and get things done faster.
Negotiate for What You Want
You get what you ask for, as the old saying goes.
- Know Your Worth: Before entering any negotiation, have a firm grasp of your market value. Utilize salary benchmarking tools like Levels.fyi or Dice’s Tech Salary Report to figure out what you should be earning.
- Focus on What You Do: Salary negotiations are about the value you bring to the table. Quantify your contributions with metrics and data points. Did you significantly improve project efficiency? Did your code optimization save your employer a lot of time and money? Highlighting your impact strengthens your negotiation position.
- Get a Friend: Negotiation is a skill that improves with practice. Role-play with a friend or mentor to refine your negotiation strategy and anticipate counteroffers. Feeling confident and prepared boosts your chances of securing a higher salary.
Consider a Strategic Job Change
It’s true: jumping jobs can sometimes come with a huge salary bump—much more than you’d earn from annual increases at your current position, in some cases.
- Market Research is Key: Research companies known for offering competitive compensation packages for software engineers. Sites such as Glassdoor can give you great insight into the current payouts for those with your skills and experience.
- Networking is Critical: Building relationships with colleagues, mentors, and interesting people in your industry can open doors to unadvertised opportunities and companies you’ve never heard of.
- Keep That Resume Updated: Sometimes a new opportunity pops up quickly. Make sure your resume is consistently kept up-to-date; whenever you achieve a new milestone or learn a new skill, integrate it into your existing document.
Consider Management
Not every tech pro wants to end up in management (which is why more companies have begun offering specialist tracks that allow them to do what they do best without having to juggle the needs of a team). That being said, joining management is a great way for tech pros to boost their pay—have you seen how much CEOs, CIOs, and CTOs make?
- Develop Soft Skills: Strong communication, leadership, and problem-solving skills are crucial for success in management roles. Consider courses or workshops to hone these soft skills effectively; ask for feedback from your current manager about how you can improve your collaboration and teamwork abilities.
- Take Initiative: Start demonstrating leadership qualities within your current role. Mentor junior developers, volunteer to lead small projects, and actively take ownership of challenges.
- Seek Out Mentorship: Connect with experienced engineering managers to gain insights into their career paths and the skills necessary for success in leadership positions.
Conclusion
A significant salary boost in the short term is achievable with dedication and strategic planning. Continuously improve your skillset, confidently negotiate your worth, and don't be afraid to explore new opportunities. By following these steps and remaining adaptable, you can unlock a future filled with professional growth and financial security.
