Getting more money for the work you do affords you more opportunities and experiences in life, but actively increasing the amount of cash you can earn can be a difficult and confusing undertaking. Luckily though, there are a few golden rules to bear in mind when it comes maximising your earning potential.
The initial step of finding – or in many cases changing – a career is a watershed moment when it comes down to increasing how much you earn. Put simply, if you choose one industry, company or role over another, you may lose out.
It’s common knowledge that careers in the air transport, law, IT, finance, economics and resource extraction industries are some of the best paid in the country – working in these high-grossing occupations will put a shine on your pay packet for years to come.
That’s not to say that similar wages can’t be attained by working your way up in other industries. According to data gathered by the Office for National Statistics, directorships and senior management positions are some of the best-paying roles in the country.
Learn and earn
It’s a well-established fact that more education means improved life chances, and this naturally reigns true when it comes to earnings as well. Those with degrees can, according to Office of National Statistics (ONS) results quoted by the Guardian, earn just over 16% more than those who culminated their education after they completed their GCSEs. While this is negated somewhat when debt levels are taken into account, the increased amount of money is still notable.
The amount gained depends on a variety of factors, with both industry and (regrettably) gender playing a large part. Department for Businesses stats show that women with a law degree will earn £108,000, and males £214,000, more over their lifetime, with business degrees granting a similar amount. Medicine and dentistry degrees have been shown to give the greatest boost to career earnings though.
Postgraduate degrees and profession-specific qualifications improve earnings even more, giving adult learners a welcome boost to their learnings later in life.
Change your mind set
If you want to earn more, you need to change the way you approach your work. Firstly, by believing in your talents and abilities, you’ll be able to banish self-doubt, thereby reducing the chances you’ll subconsciously sabotage your chances or give up on tasks needlessly.
Note down your talents and discover just how valuable and varied your abilities are, then use this increased confidence to do your very best in whatever task you’re given. By giving your all 24/7, you’ll internalise this means of working, impressing your superiors (and yourself), while opening up the door to progression and a boosted salary. If you’re changing career, the glowing references you’ll gain will be indispensable too.
Choose the right path
Picking the first job offer or promotion that appears isn’t the best way to improve your earning potential.
Think about the company you are wanting to rise in and get to understand the routes of progression through the business. If you want to earn more, managerial roles and directorships are often the most lucrative, as well as roles that are integral to the smooth running of the business – financial officers, for instance.
Find out both the job description and requirements of the role you’re wanting to ascend into, then work hard to learn those particular requirements. By proving to your superiors that you are driven and determined, you’ll be able to apply for roles knowing that you’re head and shoulders above the other applicants.
Maximising your earning potential isn’t the easiest of tasks, but by proving your worth and improving what you can offer to potential and current employers, you can quickly improve your earnings.