Money!

That’s what we want, and more of it, especially when it comes to salaries, wages, and employment benefits. Of course, it’s not just money that is important to our overall job satisfaction, but it is a vital part of the equation. With that in mind, check out the tactics below on how to raise your earning potential, practically.

Tactic 1: Improve your customer service skills

Yes, that right, it may not be the first thing that you think of, but if you are in sales or related post, improving the level of customer service you offer you can also raise your earning potential.

This is because, most businesses work on a commercial basis, in that they sell products or services to customers. That means success is measured by sales and revenue, and so the better you are pleasing those you are selling to, the better you will be at your job. It also means that you will get the best clients and opportunities when it comes to making sales, something that means you can increase your chances of making much better commission,  and so can increase your income pretty quickly.

Tactic 2: Become a mentor

Another option you can use to boost your earning potential is to become a mentor in your workplace. A mentor is someone that take others under there wing and show them how to achieve their full potential within a particular business. You don’t even need any formal training in mentorship if you would like to do this, although there are plenty of course and sources of advice out there. Just in case you do feel as if you would like some guidance.

Of course, the value of mentoring others for you is that your firm will see your commitment to their success, and recognize your particular expertise as well. This can then lead to promotion opportunities with added responsibility and pay, both from your current employer, as well as with future ones if you decide to move on.

Tactic 3: Become a mentee

Now, if being a mentor is a way to increase your earning potential then surely being a mentee would have the opposite effect? Well, this isn’t necessarily the case because, by being a mentee, or one that is learning from someone above them in a business can also be a useful tactic.

Having someone else mentor you are work can also boost your earning potential.

The reason for this is a that it demonstrates that you are serious about your career and your success within the company that you are working. In fact, you are so concerned with this that you are going to seek out help and guidance from another person to ensure that you perform in the best way possible. Such ambition and commitment are often favorably looked upon, especially when it comes to applying for in-house roles, positions that usually come along with a pay rise as well.  

Tactic 4: Learn some new skills

Skills, we all have them, but once we have completed our formal training period whether that be on the job, at university, or via an apprenticeship it can be easy to forget this side of work. However, by omitting this, you are doing yourself an injustice because it is of often by learning new skills that we can advance our careers and increase the salary we can command.

In fact, with the economy focusing more on the completion of project work, having many strings to your bow that allow you to complete a particular task effectively is often what sets you apart from others, and will enable you to charge the highest possible rate for your labor. A particular example of this being, when an employer outsources work to a digital media specialist that can not only write copy, but optimize for SEO, and complete the graphic design elements as well.

Of course, there are many other skills that you can dedicate your time to learning as well, and according to surveys, the most in-demand talent at the moment is being able to code. Luckily, there are plenty of tutorials and advice that you can read online, so you don’t even need to invest in a formal course to equip yourself with these skills and maximize your earning potential.

Remember too that even if you aren’t part of the gig economy, you put yourself in a much stronger position when it comes to getting the best jobs, with the highest rates of pay if you have a range of relevant skills. Especially if you are looking to work in the startup field, where initial staff numbers are often low, and everyone is expected to muck-in and be flexible with job roles from time to time.

Tactic 5: Study a management course

Next, if you are looking to increase the figure that you see on your wage slip at the end of every month, a smart tactic to use is to commit to something like this Agile Certification Course that will provide you with the skills to manage projects. Such courses are focused on the iterative process of project management and improvement, and so are particularly well regarded throughout the business world.

The reason that training in this area is so important is that nearly all promotions to a higher wage bracket include managing and directing others, and planning and over seasoning projects so that they are completed on time, and on budget. In fact, if you can demonstrate that you have these skills, you will stand a much better chance of being employed in such a role than people that are without them.

Tactic 6: Get good at negotiation

Negotiation is another critical skill that you need to perfect if you want to achieve a high earning potential. The reason being that the highest paid roles are often ones that require being able to construct deals and solution that suit both your client and your business, something that negotiating is a crucial part of.

Luckily, negotiation is a skill that can be learned just like any other. Although it will require you to focus on active listening to see what the other party really wants, as well as getting good at expressing your own organization’s needs in a clear and reasonable manner.

However, the real gold of improving your negotiation skills is that they will not only make you much better at your job but that they can also help you negotiate a better rate of pay and benefits package with your employer as well!

Tactic 7: Ask for overtime and extra responsibility

By asking for overtime you not only present to those that employ you as reliable and committed, but you are also providing yourself with more opportunities to shine. Of course, for this to work out in your favor it’s best to suggest and agree to overtime, or extra responsibility that will place you in the best light. You may also wish to learn how to calculate overtime pay so that you can be sure that taking on this extra work will be worth it financially, especially if this is your main motivation for asking for overtime in the first place.

This does mean that on occasion you will need to be strategic about the opportunities you accept and the ones you decline. After all, some tasks are just poisoned chalices, and you will come out looking bad no matter what you do. To that end, be sure that you carefully assess both the pros and cons before taking any additional task on. Otherwise, you could find that it negatively affects your potential for more you pay, rather than boosting it.

Tactic 8: Play the long game of promotion without pay

Now, I know this can be something of a controversial subject, and while it would be nice to be paid handsomely all the time, on occasion, taking on more at work without the additional pay may help you win the long game.

This is because the experience you will gain from doing such a role, or the title you get for your resume can be enough to get a step up on the road to success. Something that can be particularly useful if you are breaking new ground and are looking for a promotion in a field in which your original expertise does not lie.  

However, it is essential that you are careful of taking on too many of these jobs, especially when you have become established in your career, as doing so can actually have the opposite effect. In fact, there are many employers out there that take advantage of promotion without pay and even the unpaid internship systems and will be more than happy to gobble up your considerable skills and expertise for a cut price. Therefore choose any such roles mindful of the cost versus the benefits, and leave them as soon as you get an offer that includes the pay increase that you are aiming for.

Summary

In summary, if you are looking to increase your earning potential in your career you need to do one of three things: learn new skills, show your ambition and commitment, or improve your performance at work.

In fact, by paying attention to these tactics, you can rise through the ranks at a much quicker rate and provide yourself with the opportunity to excel at your post. Something that will no doubt put you in a much stronger position for negotiating the best salary possible.