Seeking ways to increase earning potential is one of the best things to do in today’s job market to reach your financial goals.
Despite the recent economic downturn, the reality is not all doom and gloom.
Turns out that there are plenty of companies hiring to adapt to shifting consumer needs.
From grocery and retail to tech and healthcare, the economy added a record 4.8 million jobs in June 2020, according to a recent Bureau of Labor Statistics report.
Take Doordash, for example. Currently, this food delivery service is looking to fill more than 200 roles. Career opportunities include positions in engineering, sales, marketing, public relations, and fulfillment services.
With a surprising boom in employment like this, there’s never been a better opportunity to bump up your income.
Check out these 9 ways to quickly increase earning potential.
#1 Learn New Skills
Learning a new skill is a surefire way to stand out from the competition.
After all, the more you know, the more profesh you are.
This comes in handy in a job search, in negotiating your pay, or when seeking a promotion or raise.
Developing new skills can help improve job performance and increase your overall value.
Whether it’s learning to code or fine-tuning your sales techniques, employers notice the initiative-taking mindset.
They want to hire (and promote) proactive people seeking to improve and learn. Those motivated to succeed like this stand out.
Here are a few online course platforms that will help you brush up on or learn a new skill…
Udemy is the largest e-learning platform today and features over 100,000 courses—with most falling under IT and business development. The platform is easy to navigate, and their customer support is highly rated as well.
Course prices vary. Those with more information, tougher subjects, and a longer run-time tend to be pricier. There are also free courses that you can take, depending on your points of interest.
Coursera provides college-level instruction from professors at accredited institutions such as Yale, Johns Hopkins, Rice University, Princeton, and the University of Michigan. There are over 4,100 courses available, offering you a chance to gain additional skills to stay up-to-date or learn something completely new.
The goal of Alison is to erase geographic and economic barriers when it comes to education. Built for learners of any ability or knowledge level, each of Alison’s free online certificate classes takes less than 3 hours to complete. There are more extensive learning options that are a bit more time-consuming. Alison also offers a premium monthly subscription package that allows you to access more features.
LinkedIn Learning offers video courses taught by industry experts in software, creative, and business skills. Its focus is on professional development instead of education in general. LinkedIn Learning costs just $29.99 per month…a small investment to increase earning potential.
#2 Ask If Your Company Invests in Training
If you’re going to invest in yourself, why not see if your employer will pay for your training?
Hey, it doesn’t hurt to ask. Taking initiative has its rewards, especially if there are obvious benefits to your employer.
The worst they can say is no. And if they do, don’t let it deter you.
#3 Become a Better Communicator
Effective communication is a key skill that directly translates into an increase in earning potential.
Being able to communicate well leads to productivity, team building, and stronger leadership.
One way to analyze your communication ability is to notice your email correspondences. Are they passive or come off as too pushy? Is the way you share information clear and straightforward?
Do colleagues and clients respond well to you?
How about your sales numbers? Do they reflect a positive reaction to the way you present your product or service?
According to a Holmes Report, companies with effective communication strategies experience less employee turnover, more productivity, and 47% higher returns.
One way to become a solid communicator is to learn core communication strategies.
Skills such as listening, reading body language, and asking clarifying questions can significantly improve the way you communicate with others.
You can also formalize training through workshops. Toastmasters International, for example, is a nonprofit educational organization that teaches public speaking and leadership skills through a worldwide network of clubs.
Members pay international dues of $45 USD every six months, plus a new member fee of $20.
#4 Read, Read, Read
Successful people read. It’s a direct way to expand your mind and develop your learning.
If you want to increase earning potential, I highly recommend these books…
This is an oldie but goodie. Since its release in 1936, Dale Carnegie’s How to Win Friends and Influence People has sold more than 15 million copies. Its impact has stood the test of time.
If you interact with people at your job and want to improve those relationships, this book will show you how to build trust, express empathy, and make a lasting impression.
This New York Times business bestseller has transformed organizations and changed the way millions of people communicate.
As the title implies, this read gives you the tools needed to transform hurt and anger into powerful dialogue. The result is productive and positive outcomes from high-stakes conversations.
Brené Brown is a four-time #1 New York Times bestselling author whose work centers on emotions and experiences that shape the meaning of life. Her new book takes new research conducted with leaders, change makers, and culture shifters, and shows you how to put those ideas into practice so you can become a courageous leader at work…and in your life.
#5 Find a Mentor
Mentors help you reach your goals faster. Under the guidance of someone with experience in your field, you can implement ways to elevate your position and quickly increase your earning potential.
When searching for the right mentor, contact professional organizations in your industry that match up mentors and mentees.
Reach out to people in your industry whom you don’t directly work with and see if they will mentor you.
Even if you have to hire a mentor, it’s worth the investment, especially if it helps you increase your income.
#6 Use LinkedIn to Your Advantage
LinkedIn is one of the best ways to showcase your knowledge and leadership abilities.
Being visible like this contributes to increasing your income.
As the top professional social networking site with 133 million users in the U.S., it is wise to keep your LinkedIn profile updated.
Follow these tips…
- Be comprehensive about current skills and objectives. Update your LinkedIn profile with current skills and objectives. This could be the difference between finding a job or not.
- Update your headline. Make your headline stand out and highlight what you do or the position you’re seeking.
- Let people know you’re available. Announce in your headline you’re looking for a job. If you don’t want your current employer to know you’re shopping around, skip this tip.
- Research the companies you’re interested in and follow them. Make a list of companies you’d like to work for and follow them on LinkedIn. This will keep you current on company news, including job openings.
- Look for alumni associated with your college or university. Connecting with alumni who went to the same school as you gives you a common interest that may help you land your next job.
#7 Ask for a Raise
Waiting for a raise limits your chances of increasing your earning potential.
According to a PayScale survey, out of 160,000 people polled, only 37% actually asked their current employer for a pay increase.
Yet, those who do ask are often rewarded.
Of the workers polled who requested a raise, 70% received more money.
If you’ve been busting your butt at work, doing the work of 2 or 3 people–or if it’s been a while since your last raise– it doesn’t hurt to ask.
Here are a few tips to consider before you ask your employer for a raise…
- Don’t go unprepared. Backup your request with specific reasons.
- Track your accomplishments with hard data that shows the value you bring to the company.
- Compare how much employers are paying for positions like yours on sites like Glassdoor and LinkedIn. Knowing your salary range ahead of time will give you a good idea of how much more you can ask for.
#8 Ask for More Responsibility
Let your boss know that you want to take on more responsibilities and learn new things. Bosses like that.
This expresses career ambitions and your willingness to contribute to the company’s success.
If your boss asks for volunteers for a project that’s outside of your normal role, go for it!
Take on the challenge. Use it as an opportunity. Not only do you grow your knowledge base and skillset, but you also show your boss what you’re made of.
This may lead directly to promotions, or at least have you on your supervisor’s radar.
Who knows, you may find something you love even more than your current position.
#9 Look for a New Job
Some jobs pay better than others. That’s just a fact.
If you feel as if you’ve reached the highest rung of your position, consider changing departments or employers.
Even if you are getting regular raises, you may do better to increase your income elsewhere.
Research from ADP shows job switchers received a nearly 20% larger salary increase than those staying in their current jobs.
If you think it’s time to look for a new job, check out these sites…
You can create an Indeed account for free and upload your resume. Browse positions by location and easily filter results based on your requirements. You can also set up jobs alerts to stay up-to-date and research companies to learn more about them.
Creating a Glassdoor profile is the jumping-off point for your job search. This includes your resume, a short personal introduction, a list of your professional skills and expertise, your contact information, and, if you choose, a profile picture. This information is visible to employers and allows you to apply for many jobs the site offers.
The more complete your LinkedIn profile, the greater your chances of being found and contacted by an employer. LinkedIn also allows you to upload your resume from the Job Application Settings page, and will store up to 4 recently uploaded resumes so you can reuse them in the future.
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Disclaimer: I am not a financial planner or expert. All information in the post is my opinion and should not be used as financial advice. This is based solely on my experiences. Any action you take based on the recommendations from this blog is at your discretion. This post contains some affiliate links. If you click on an affiliate link and purchase a product/service, I may receive a small commission at no extra cost to you. However, I only recommend products, services, and/or businesses that I love and believe will add value to you.