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The simple answer is "no." The iMac 21.5-inch case is not intended to be opened.
The complicated answer is that if you are skilled at opening and resealing computer cases that are not designed to be opened and feel OK about removing ALL the internal components to get to the two deeply buried RAM slots, then "maybe." I take computers apart fairly regularly and would not undertake it. Due to the cost of the resealing supplies and special tools, a 16GB upgrade kit for your model costs twice that of a 16GB kit for a 27-inch iMac to which a user can add RAM by simply opening a little access panel. The seller of the upgrade kit also provides this caveat right on the selling page:

Doesn't give me the Warm Fuzzies about the process.
You can do two things:
1) Sell the computer and apply the proceeds to one with 16GB RAM (the most Apple installs in that model), or a 27-inch model--their RAM is user-serviceable.
or
2) Let us see if we can make the 8GB RAM you now have work better.
For Item 2, we need two things:
a) You wrote: "...I don't have enough RAM for my workload." Please tell us what software your workload requires. That will help.
b) Please post a snapshot of your system configuration so we can look for known software conflicts that can reduce RAM available to the apps that earn you money.
Step "b" is not hard. Fortunately there is a safe and secure way to do that.
A respected and long-serving member of these communities has created a simple utility that will take that "snapshot" of your configuration without revealing any sensitive information about you and your computer. It only runs when you tell it to, not in the background, and therefore creates no performance penalties. It is Etrecheck, and is available here:
http://etrecheck.com/
Run it and, when its results display, select "Report" from the left-hand pane (scroll down), then click Etrecheck's "Share Report" icon followed by "Copy Report" from the resulting dropdown. Paste the entire report into a response to your own thread here. It will often allow us to quickly identify or eliminate software as the problem.