The millennial generation spans today from anyone 20 to late 30’s years old. If you belong to this generation, you have been working for a few years or a couple decades and truly, you are somewhere close to the middle of your career. You could be earning a decent amount of money, but that doesn’t mean that you have reached the ceiling glass. As the US economy seems to be bouncing back overall from the debacle of 2008, you can work to advance your career and your income while doing so. Now is the perfect time for you to take the steps that will eventually help you to increase your earning potential. It’s not difficult and it doesn’t have to be particularly complicated. Here’s how to get started.
Know Your Worth
First of all, you’re going to need to really know your worth and understand why you’re worth that much. Think about what you do for your employer and how important that work is. How hard you would be to replace should also be factored in. In addition to knowing what you’re worth for an employer, I recommend starting by determining what the average salary is for the type of role you play. There are several tools available on the web to do your research: LinkedIn, Salary.com, Glassdoor.com, etc. By simply entering your job title and specifics such as location, education and experience, you’ll have an idea of what others with your job title make.
Get Qualified
Millennials have a stigma of entitlement stuck to their generation. When it comes to earning more, it is very easy to jump to the conclusion that you should be earning as much as everyone else with your title. It may not always be the case. A junior associate and a senior one could be paid differently, even when the job title does not reflect it. It is important to be patient and earn your rights. However, education and training can close some gaps. Based on your end goal, determine what the necessary qualifications are and go for it. For instance, if you want to work at the highest levels in hotels, you could get an MBA in hospitality and go to the very highest level. I’d like to emphasize that formal education is not always the answer. Good old plain experience still beats education in some cases. That is why wisdom and patience are key.
For most of us, jumping from one job to the other could lead to a significant increase in salary. However, sticking it out for another six month, a year or two to climb the ladder could result into even higher salary jumps. The same applies to just about any job or industry out there.
Negotiating an increase
Can you ask for a raise while working in the same role? Absolutely. It is custom for most organizations (in corporate America) to conduct regular employee reviews. One way to earn more money is to go straight to your boss and ask for it. No, I don’t mean to demand a raise, even you think you deserve it. Before you bring up the conversation, it is indispensable to have enough information to prove that you’ve earned an increase in salary. A good practice is to keep a record of your achievements in addition to your daily tasks. Any achievement that required you to go the extra mile and that is obviously out of your initial role scope may lead to a bump in income.
Grow Your Leadership Skills
As Dr. John Maxwell says, ‘everything rises and falls on leadership’. When you can lead a team and get people working together and pulling in the same direction, you show the signs of management potential in you, and that massively increases your earning potential.
Leadership is not learned by watching inspirational videos on YouTube. It takes time, practice, application and even a mentor. Learn how to lead and seek a mentor in a more experienced colleague. There are also a variety of books such authored by John Maxwell, Simon Sinek, Les Brown, etc. that brings to life the principles required to be a good leader. Invest in those tools and educate yourself.
Everyone wants to earn more than they are earning right now; there’s nothing abnormal about that. But many people don’t even know their earning potential, never mind reach it. That’s where you need to be different, so make sure you use the tips here to eventually reach your goals.
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Money-Smart Millennials 