Eight Ways to Boost Your Future Salary
Everyone looks for a higher income. However, most people ignore some of the basic factors that influence salary growth, and thus lose out on potential increased salary levels. To help you out, the career experts at Bayt.com, the Middle East’s #1 Job Site, offer you top steps to follow in order to boost your future salary:
1. Observing industry growth trends: Keep an eye on industry growth trends, as soon as you see the industry growth curve tapering downwards, or if the quarterly growth figures in your industry show a continuous decrease, it’s time to reconsider your career path. Some industries are more susceptible to economic transitions and it’s unwise to remain in a volatile industry for too long. Similarly keep an eye out for indicators of industry growth such as stock prices, large investments or an increase in vacancies in that industry.
If you are thinking of a career shift, it would be wise to plan and invest time in a certification or an academic qualification. This will diversify your skill-set and allow you to embark on a new career in a more stable industry.
2. Invest in education and certifications: Many people are reluctant to pursue higher education thinking that they will have to part with their jobs. However this concern is redundant as there are many institutions and management schools out there providing online courses and have executive evening classes, all you need is some research and you will find the program that suits your needs perfectly. Investing in a higher education can be very beneficial and offer you big future pay-off. Less expensive options include obtaining online certificates in technical areas or industry-specific certifications. A recent Bayt.com poll on online education showed that 39.3% professionals in this region say they would consider pursuing an online course if given a chance. Through investing in education, you will not only be adding value to yourself but also to the company, which will increase your chances of getting promoted, facilitate career transitions and enable you to negotiate for a higher salary at each stage of your career.
3. Consider yourself as an investor when planning for your future income: You must try to diversify your income sources so that a sudden economic shift in one industry would be covered by a part-time involvement somewhere else. Start your own business venture based on a hobby, or use your great communication skills and take up opportunities to guest lectures at schools or universities; teach summer courses or get paid for being a freelance photographer.
4. Dealing with a salary plateau: After reaching a particular career level, many individuals might feel that their growth is halted because of their skills and experience. While they might have attained a good position and are earning a good salary and feel totally comfortable, you should never submit to such career stagnancy. On the contrary, make sure you continuously evolve professionally, take the initiative to implement new processes and bring innovation to your work. This will reduce your chances of getting replaced by a more dynamic individual.
5. Weigh your college degree against future income potential: Some professions will always pay more than others. Choosing your area of specialization in college can be a crucial determinant of your future earnings. Choose a degree that interests you and do a little research on what the pay scales are for that qualification. This research earlier in your life can significantly affect the sort of opportunities you might receive in the future.
6. Always negotiate: When offered a new job or an opportunity to contest your existing salary, make it a point to bargain. In the case of a new job offer, engage in rational and healthy negotiations with the employer. Aim for a minimum of 20% increment to your current salary level when specifying your expected salary. As for your existing job, try to come up with measurable objectives and highlight your achievements with your superiors during appraisals to justify and support your salary raise request.
7. Marketability pays: To stand out from the herd and be more desired by both your existing employer, as well as, prospective employers, you need to increase your marketability. This can be done by participating in conferences, seminars, workshops etc. which will develop your understanding of your current field and will offer you great networking opportunities. If you have diverse interests try to be involved in groups that support a cause or a hobby that you are passionate about. This will add a new dimension to your profile and increase your marketability, both inside and outside the company.
8. Professionalism can take you a long way: Employees known for shirking responsibilities and slacking-off hardly get promoted. Being professional at a lower grade coupled with competency will translate into better career prospects. Being organized and exhibiting commitment to the company will enable you to earn more.
By following these simple guidelines, you can increase your worth and be the most coveted and one of the highest paid employees in today’s competitive job market.
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