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Tips for Boosting Your Earning Potential
Even if you love your work, the fact of the matter might be that you wish you earned more money. Checking up on wage equality at Hired.com is certainly a good idea, but it’s also best to do everything possible to make employers want to pay you what you’re asking for, or at least be willing to offer you a raise. Here are a few things you can do to effectively increase your overall earning potential.
Learn Project Management
Your job title might not be that of project manager, but that doesn’t mean you can’t get a grasp of the basics of project management, no matter your current position or field. Work in close proximity to your managers and peers in leadership positions. Learn what goes into putting a project together, carrying a project out, keeping a project on track and seeing a project through until the end. The skills you learn could help you immensely in your day-to-day work, and they might be just what you need to qualify for a future job.
“Keep your expectations realistic, and do some research first. Most annual raises are between 1 percent and 5 percent of your salary. A survey by human resources consultancy Aon Hewitt found that many companies plan to set annual raises at 3 percent of base salaries in 2018, according to The Washington Post, giving low performers a smaller bump and star performers more of a hike.” – Huffingtonpost.com
Ask for a Raise
One of the simplest ways to boost your earning potential is to just ask for a raise. If you’ve been with a company for a while, are consistently one of the highest-performing employees and know that other people in the company have received raises, you should think about asking for one yourself. Again, you can use a site like Hired.com to get an idea of what someone in your industry and with your current job title is paid. If your boss won’t agree to a financial raise, see if you can at least tweak your benefits or vacation package.
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Find a Mentor
Besides learning about project management, you can also find an experienced employee to mentor you. Older employees who are retiring are taking treasure troves of information and knowledge with them. While times have changed and technology has advanced, the foundations of industries are still quite present and potent; you’d do well to learn a few things from a mentor. To help with this tip, see if there are local industry meetups to attend or organizations that pair mentors with mentees.
Take on Extra Projects
There’s no way around it: If you want to earn higher pay, you’ve got to put in more work. Keep your eyes peeled for new and upcoming projects you feel you’re perfectly suited for. Besides looking for projects, you might even want to think about starting a few own your on. Maybe you think there’s something lacking in your company, perhaps an opportunity that’s gone unexplored. Or, it could be that you feel you can make a process more efficient. No matter what it is, take it to your boss to see if you can head the project. Not only are you showing you’ve got initiative, but you also have the chance to change things for the better at your company.
Are you underpaid? Do you think you are paid what you are worth, given your experience and compared to others you work with? If you are like most of us, the answer is probably that you think you are underpaid. Testing the job market is the way to find out.Tweet This
Besides the direct method, there are also plenty of indirect ways to increase your earning potential. While you might not see immediate results, your hard work is sure to pay off in one way or another.