5 Smart Ways to Increase Your Earning Power
Whether you’re getting ready to ask for a raise or embarking on a job search, you want to make sure you’re getting paid what you’re worth. While a number of factors go into determining your earning power, there are several things you can do to boost it. Let’s take a look at these easy ways to increase your earning power.
Find a Mentor
Cultivating a relationship with a mentor in your organization has a number of benefits. You will receive constructive feedback from someone other than peers or your direct boss. You’ll also be able to ask questions and get ideas for how you can increase your visibility as a candidate for promotions. Look for someone who is senior to you, has a solid reputation you respect and doesn’t engage in office gossip.
Review the job descriptions above yours and start to work on filling in the gaps in your skill set. When a position you’re interested in opens up, you’ll be ready and waiting to apply without hesitation. Of course, there’s nothing wrong with learning on the job. But you’ll have a better chance of being promoted and you’ll be able to hit the ground running if you bring the necessary skills with you.
Further Your Education
From advanced degrees to professional certifications, more education often means more money. And if your employer offers tuition reimbursement, there’s no good reason not to continue your education. If you must finance it yourself, however, there are several things to consider. These include whether or not to take out student loans. Be sure to research the potential return on the additional investment in your education before taking on any student loan debt.
In many cases it really is “who you know” that can make a big difference in your career and earning potential. Start attending local networking events for your industry to start making connections outside your immediate circle. You’ll get a better sense of how much people in similar positions are earning, as well as learning about potential job opportunities. If you’re not sure where to start, reach out to connections on LinkedIn and ask if they’re involved in any local professional organizations. Or, just find an event and attend on your own. It will force you to jump in and meet people, which is the whole point.
Ask for More Money
It may seem too obvious to mention. But many employees mistakenly believe they must wait to be offered a raise, rather than asking for one. If you choose to go this route, be sure you have facts on your side. Create a list of your accomplishments and how they relate to your team’s success, and the company’s success overall. Aim high, but keep it realistic so there’s room to negotiate.
If more money isn’t in the cards right now, ask for something else that would add value, such as a flexible schedule or the chance to work from home one or more days per week.