Outside The Box Ways To Make Extra Money At Work
If you were to ask the average worker, they would agree that nothing’s better than earning a little extra income at work. Sadly though, the only real chance of that happening is often during performance appraisal time, and that in itself it not always guaranteed.
When the need to earn extra money presents itself, employees sometimes find other ways to supplement their income, such as getting an extra job or selling a service outside of their main employer.
But did you know that there are actually ways to gain extra cash at your main place of work? Think about it, who wouldn’t want extra money without having to take on a second job?
While most employees ride out the year waiting for their annual salary increases and hope that it comes to fruition, there is a select group of employees who have properly studied the structure and policies at their workplace and figured out how to use these to their advantage and earn extra income.
Some employees make a substantial amount of extra money by capitalizing on the programs at work.
Below are just a few programs that could possibly help earn you some cash.
Depending on the employer the payout could be a few hundred or even a couple of thousands of dollars.
Employee Referral Bonus
A lot of places offer a referral bonus in the form of a cash payout to employees who are able to refer qualified candidates to open positions.
Some companies have no set limit to the amount of referral bonus pay outs you can have in a year.
So imagine referring 3 qualified candidates at let’s say a $1000 pay out per candidate. If each of these candidates get hired, that’s $3000 in extra income in one calendar year! Wow.
Before you think to yourself that the employee referral bonus is not a real thing, believe me, seasoned recruiters like myself actually live for referrals – especially for hard to fill positions.
Knowing that the referral is coming from excellent employees sweetens the pot even more. Not sure if you are one of those? Read my post on Qualities of High Functioning Employees.
So find out what the referral structure is at your place of employment and be sure to tell everyone your refer to include your name on the application at the time they’re applying.
Internal Reward Programs
Another great way to earn some extra dollars at work is to capitalize on your employer’s internal reward programs. These programs are often driven by how well the company does on a whole.
In some cases, if the company does well overall, they issue a percentage payout to their employees.
You may think that being a stellar employee is not important, but think of it this way, if one of the company’s goals is zero tardiness, and you and every other employee did their part to not be tardy to the party, and at the end of the year the company makes its goal of zero, that could mean extra money in YOUR pocket. Every employee’s actions count!
This is one of those that I think of as a win win. If you wanted to take a course to advance your career, did you know that some employers will actually pay for you to go take that course, and also pay you what is called a retention bonus?
Companies do this to ensure that they retain (hence the name retention bonus) top performing employees who have obtained additional education to advanced their career.
No employer wants to pay for you to get a higher level certification and then see you get captured by the competitor.
Employee of the Month/Year
So I am not talking about just getting your photo taken and placed on the wall in the lunchroom. Woohoo! Excitement over here!
There are actually places out there who really reward their stellar employees of the month or the year with cash bonuses for all of their hard work.
If you are already working towards this distinction, go you! If not, get on it.
Not only does it add to your personal pride to be bestowed such a title, but there could be added financial reward in the waiting for you.
Sign On Bonuses
I like to think of sign on bonuses like store coupons. It’s one of those things that if you don’t ask for it, you may not get it.
Depending of the pay structure of the position you are taking you may be able to negotiate and qualify for a sign on bonus.
This goes back to the fact that some employers are willing to “pay extra” for good talent rather than seeing talented employees or new hires get snatched up by competing brands.
Sign on bonuses are not always publicized, so the one thing you can do when starting a new job and seeking to earn extra cash, is inquire about any type of sign on bonus programs or even relocation assistance if you are relocating to a new area for your job.
Spending Accounts and Tuition Reimbursement
This one may seem odd but flexible spending accounts and tuition reimbursement are also awesome ways to keep some of your hard earned dollars.
According to FSAFEDS.com, which is The Federal Flexible Spending Account Program, you can actually save up to 30% on eligible health care spending by paying for them pre-taxed. Read more here.
With tuition reimbursement your employer will actually pay for the cost of a class, course related text material, or even tuition, leaving you with more cash in your hands!
Businesses are always looking for creative and innovative ideas to help them meet their bottom line.
Think of clean and green initiatives, or ideas that encourage employees to get more exercise.
Create and pitch your ideas and who knows, you just may get compensated monetarily for them!
I hope you enjoyed reading this post. Share with me some ways that you have been able to secure more money at work.
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