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In a world that is ever-changing, one thing that has to remain the same is our ability to pivot when necessary. Whenever life challenges arise, we often make changes and shift out of force rather than free choice. While this logic can be applied to every aspect of our lives it’s an especially crucial concept as it relates to our finances. There’s no need to wait until your employer needs to decrease headcount or reduce work hours to jumpstart your rediscovery process. Make the decision today that no matter what happens within the economy, you are making the strides to guarantee your earning power doesn’t rest in the hands of someone else.
Seek Out New Opportunities and Expand Your Skillset
People believe there are only a few ways to bring in additional income – one being a side hustle. This isn’t necessarily the case. Seeking out opportunities within your current or new place of employment can be just what you need to make substantial strides in increasing your earnings as well as visibility. Make yourself familiar with the Human Resources policies for promotions and role transitions. Look into if there are side projects you can add to your workload that can increase your skillset while being introduced to a new audience of people; consider exploring that. Be sure to document the pros and cons of the newly added responsibilities while making sure it aligns with where you ultimately want to be. Don’t shy away from having a conversation with your manager and making your goals known.
Find a Mentor
Having an idea of where you want your career to go—this quarter, next year or in the next decade—can pay off enormously, but you don’t need to make these plans all alone. A good mentor can provide feedback or advice based on his or her own experience, and help ensure you’re on target to increase your earning potential. It may sound like a sweet deal, but it’ll take some effort on your part:
- First, reflect (on your own) about how your career has been going. It will help you have a more meaningful and effective conversation with your soon-to-be mentor. This reflection worksheet is a good starting point.
- Second, find a professional organization or meetup group for your industry that matches up mentors and mentees. By meeting people in your industry whom you don’t directly work with, you can have candid conversations about how your career is going, your strengths and weaknesses, and ways to maximize your salary potential.
- Third, once you’ve connected with a potential mentor, set up an initial conversation. Don’t forget to ask if they’d be willing to talk again in six months or so.
Set Yourself Apart and Strengthen Your Skills
Often times, the number one thing you can do before executing plans of any kind is focus on strengthening your skills. Are others able to depend on you? If you desire to run your own business or be a high-performing, contributing employee – are you reliable? Being able to breakdown complex situations and produce viable solutions, paying special attention to detail, and asking the right questions at the right time are skills that many often have, but have yet to master. Focusing on any skills that may come naturally to you while achieving mastery, in the long run, will absolutely contribute to the opportunities you are afforded over other candidates. It’s not about competition, because what’s for you won’t pass you by. It’s about actively showcasing you are indeed the best candidate with the physical results to prove it.
Raise Your Profile
Make sure your current employer knows you have career ambitions. If you want to advance to a higher management position, communicate what you want. Many people get passed over for promotions simply because their managers don’t know they want to advance. Companies have formal or informal lists of the people they think have advancement potential. Make sure your name is on that list.
Social media and online platforms like LinkedIn offer opportunities to showcase your knowledge and position you as a leader. Consider authoring guest posts on industry issues. Learn about trends in your industry and discuss ways to leverage them with the higher-ups.
Offer to represent your company at industry events or attend them on your own. You might find opportunities to spend time with company owners or higher-level Executives whom you might not connect with in your day-to-day job.
Meet with the people who currently work in your target positions. Learn from them what it takes to fill those roles. If you don’t have the skills you need, go get them.
Never Underestimate the Power of Networking
We all have a comfort zone and typically stay within those walls on a regular basis unless probed. However, do you consider the opportunities that could be available to you by adding several new people to your network? Utilize employee resource groups at your place of employment, various professional networks in your local cities, and other organizations that have a virtual platform. Do a quick Google search based on your preferred industry and start the journey of expanding your network. There’s a very familiar phrase we’ve all heard at some point, “it’s not what you know, it’s who you know.” LinkedIn is a great social media platform to engage with professionals all over the world on various subject matters and topics. Don’t be afraid to put yourself out there and make the connections that could lead you to new opportunities.
Ask For a Raise
If you are quietly doing your job and waiting for a raise, you’re limiting your potential. According to PayScale surveys, only 37% of workers have actually asked their current employer for an increase. Yet, those who do ask are often rewarded. Out of 160,000 workers who requested a raise, 70% received more money. Nearly half of those received the amount they requested.
When you ask for a salary increase, back it up with specific reasons. Don’t think of it as a casual conversation—treat it like a formal business meeting in which you need to articulate the concrete reasons you deserve higher compensation.
Track your accomplishments with hard data that demonstrates the value you add to the company. Start by making sure you have a firm grasp of what’s expected in your current position. A Gallup poll reported that half of employees don’t understand what is really expected of them in their job. Routinely meet with your supervisor to ensure you address their priorities.
Become a Lifelong Learner
Make a commitment to yourself that no matter what happens, you will always seek knowledge, no matter the method. Explore personal and professional learning opportunities. This may be pursuing an advanced degree to expand opportunities. For others, it can be obtaining a certification within your desired field to land a better position – resulting in a salary increase. If either of those doesn’t sound appealing or fit within your current life circumstances, you can always attend conferences, listen to webinars, podcasts, and so many other cost-effective (or free) learning channels to keep your skills in top shape. This could be listening to an audible book while driving in your car or reading a new article every day related to your industry before getting your day started – learning is limitless!
Start a Side Hustle
When your friends, family, or peers often ask you to complete something and you enjoy doing it; what is that ‘thing’? What talents do you innately have that seem as if it doesn’t require a huge amount of effort? The answers to these questions should birth the idea of your new side hustle. As daunting as it may sound, take the time to loosely create a plan. Remember, this is scalable! Go at the pace that is most comfortable for you and can transition well into your lifestyle. Solicit the help of family and friends while using your larger network to advertise your talent. Social media and word of mouth can go a very long way – use all outlets to promote yourself and your services.
