In today’s economy, finding the perfect job can be challenging. Because most people spend more than 40 hours a week at work, finding something you enjoy is essential. However, you also want to find a job or career that broadens your skills and allows you to thrive. When you find the right opportunity, you will need an impressive resume to stand out from the crowd.
Building up your experience and highlighting your strengths can go a long way toward landing an interview, but how can you set yourself apart from other applicants? What steps can you take to increase your earning potential? One good approach is going back to school for an online MBA at a leading school like Spring Arbor University. An online MBA gives you the opportunity to stay in your current job while earning a degree. However, there are other ways you can boost your earnings as well. Let’s take a look at 10 tips for building up your earnings potential in your career.
Go back to school for an MBA
If you’ve worked for a couple of years and want to explore a more senior role, you may consider returning to school for an MBA (Master of Business Administration). However, this degree is not just for people with some years of experience in business. An MBA makes sense for anyone who is interested in long-term career potential. It’s a credential that shows potential employers that you have a solid foundation of knowledge for success. Many MBA programs are designed for people in different industries and levels of seniority. These days, getting an MBA online is easy, allowing for great flexibility and learning at your pace.
Research your value in the marketplace
Another step in boosting your earnings potential is to research the going rate for your job. It sounds simple enough, but many people skip this step. It is important to know the current market salary so you can negotiate the salary you deserve. You can visit sites such as Salary.com or Glassdoor.com to compare salaries; just be sure that you are looking at data pertaining to workers with the same region, years of experience, and education level as you.
Network with colleagues and former employers
There are two groups of people you can network with to boost your earnings potential. First, you can reach out to people in your industry. They can help you with career advice, how best to present yourself in a job search, and possible job paths. Next, you can speak to senior leaders within your company and ask them where they see room for growth in the company. You could also ask what skills they think are most valuable to the team. If you apply for a job in sales, reach out to a salesperson at the company to ask about a typical day. Speaking to people in the industry and at your company helps you tailor your resume and cover letter.
Boost your resume with soft skills
It is crucial to have the right set of skills for a job. For example, if you want to get into data science, you need studies related to the field. However, you shouldn’t forget to develop your soft skills as well. These are the human skills that make up a good person and a quality worker. They include qualities such as ethics, hard work, discipline, and creativity. These skills are particularly useful in the era of remote and hybrid working.
Negotiate a higher salary or consider finding a new job
If you have a solid track record at your company and have proven yourself to be a reliable and valuable asset to the business, you may be hoping to earn a salary increase. Use salary websites to research the market rate for your position and where your proposed salary falls in comparison. Talk to your boss, and if your request is denied, consider looking for a new job that is willing to pay a salary at the market rate. Knowing your facts is the most important part of any salary negotiation discussion, so review salary reports and conduct some research.
Take the opportunity to build your portfolio
As you move up your career ladder, you may consider building a portfolio of projects that demonstrate your expertise in your industry and are relevant to your job. These projects can help you stand out from your peers and boost your earnings potential in several ways.
First, having a portfolio of projects demonstrates a drive to evolve your skills. Additionally, portfolio-building projects can help you build your credibility within your industry. Having a tangible product to point to as a result of your work makes it easier to explain your value proposition. Furthermore, it demonstrates your expertise to potential clients and employers. You can easily create a portfolio of projects with online tools such as Dropbox or Hive.
Move to a new place
If your current job is paying the bills but not much more, consider relocating to a new place. The cost of living in some cities, such as San Francisco, is notoriously high, but others offer exceptional value for your money. If you’re interested in a specific type of work but can’t find a position in that field in your current town, consider moving to a different city.
The cost of living and availability of jobs can vary significantly from city to city. Moreover, you’ll have more industry opportunities in different cities. For example, Silicon Valley isn’t the only place for tech jobs; Austin is another up-and-coming tech center. If you want to go into finance or banking, there’s always New York City. Moving to a new city is a big decision, but it can give you a fresh start with new opportunities and, in many cases, a higher salary.
Look for career advancement in another industry
If you want to boost your earnings potential, another approach is to look for another job in a different industry. Imagine you have a background in data science but the jobs you’ve found don’t pay a very high salary, even in a big city. In this case, it may be time to reconsider what else you can do with your degree and expertise. For example, a data scientist could go into marketing and earn more money than if they had stayed in research and academia. Be curious and consider opportunities broadly.
Another example is someone with an MBA. It’s obvious that you could work in business, but have you ever considered working in the university or healthcare sector? Another option is the tech sector, which pays very well. In short, think outside of the box when it comes to jobs and earnings potential.
Share your thought leadership
If you have work experience or specialized knowledge, you could boost your earnings potential by publishing articles or leading discussions. This activity is often referred to as thought leadership. You can earn a higher profile and name in the industry by sharing what you know. In addition, think about where you could serve as a guest for podcasts, webinars or conferences. When you broadcast your expertise and thought leadership, you help others in your industry better understand the finer points of their trade. It’s a great way to build up your visibility and boost your earnings potential.
Remember: your career is about more than paying the bills
A job is more than just a way to pay the bills; it’s also a way to network with new people and find like-minded peers. If you’re looking to boost your earnings potential and find a job you love, these tips can help you stand out from the crowd, but you’ll still have to put in the hard work and have the right skills and experience to excel in your field.
Finally, remember that your perspective makes all the difference in the world. Put in the extra effort to find opportunities for training, and network as much as you can. People want to work with and promote individuals they like, so it goes beyond just having the right skills and education. With a little bit of effort, any job seeker can increase their earning potential.