Get Money motivated on the career front and consider these five tips to help maximize your salary potential this year:
Ask for a raise – It’s a pretty good time to ask for a raise. According to the U.S. Department of Labour, the unemployment rate is low and employers are starting to boost salaries to attract workers. See how this can play to your advantage? Check out websites like Glassdoor.com or job postings in your area to find out how much employers are ready to pay you. You can leverage that information when you talk with your boss, while highlighting the experience you bring to the table, to negotiate a raise and boost your earning potential.
Explore new opportunities – Historically, employees believed the quickest way to increase their earning potential was to change jobs. While there are no guarantees your salary will increase, there are several estimates that indicate the possibility. According to one estimate, the average raise an employee receives for leaving is between a 10 percent to 20 percent increase in salary. When it comes to looking for a new job, an immediate boost to salary may not be the only financial consideration. A Gallup study found, more than a salary increase, the top reason U.S. workers consider new jobs is to, “do what they do best.” Switching jobs might lead to being more engaged with the work you do, as well as having opportunities for advancement and the ability to learn and grow. Down the line, a promotion or new skills can mean increased earning potential.
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 will 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.
Start a side hustle – A side hustle is a flexible job you do “on the side” that can increase your salary potential. Of the many ways to earn money outside of your main job, starting a side business can be a valuable option. The business skills you learn as an entrepreneur can pay off in other parts of your career. You could also give freelance work or consulting a go, leveraging skill sets you already have to help problem solve for other companies.
Andro Ferraro 