Friday, September 22, 2017

A Guide To Earning More From Your Day Job

earning more
As much as you may love your job, the simple fact remains that you go to work to earn money. If money was of no concern, you would probably walk away from your job without a backward glance, delighting at the opportunity to spend more time with your family. A job can be enjoyable, but at the end of the day, it’s the paycheck you receive that really matters.

There are times in life where you may find yourself receiving that paycheck and realizing that it isn’t enough. It doesn’t cover your expenses adequately; it doesn’t give you enough disposable income to enjoy. This might be a temporary situation or something you have been suffering through for awhile, but the facts are the same: you need to earn more than you are currently.

So what can be done about it? For many people, the answer comes in the form of supplemental income; little top-up jobs you can do in your spare time to ensure your financial coffers are never fully bare. While this step can be successful, wouldn’t it be better to just make more from the job you already do, rather than adding to your workload?

Before you launch yourself into the world of supplemental income, it’s worth examining the points below and seeing if any of them appeal. By increasing the amount you earn from your day job, you can keep your spare time for those precious family moments you’re not going to want to miss out on. 

Option One: Ask For A Raise

Sometimes, the direct route is the most effective: just outright ask your boss for a raise.

Obviously, this tends to require a little more tact than just walking into their office and making a demand. It’s often best if you ask for a raise during a performance appraisal. If you don’t receive regular performance appraisals, then you’re well within your rights to ask for one. Explain that you would like to go over some details and would appreciate it if they could arrange for a one-to-one meeting to discuss your performance. No boss worth their salt is going to turn such a request down. 

Within such an arrangement, the conversation should naturally lead to a point where you can discuss your wage. Point out the rises in the cost of living, explaining that though you love the job and are committed to it, you’re struggling to make ends meet. Be honest; it should lead your boss to be more understanding of your situation, and hopefully you can come to an arrangement that suits you both.

Option Two: Increasing Your Earning Potential Through Education

There may be a time in your career when you have gone as far as you can on your existing qualifications. If you’re not satisfied with the wage that you’re earning, then it can be difficult to know how to move into a better role without furthering your learning. 

The answer is adult education, ideally offering you more experience and qualifications to progress in the same industry you are already working in. Most roles offer an opportunity for progress. Nurses can up their qualifications by undertaking an online RN to BSN degree program that increases the work they will be able to do, and thus the chances for progression. If you work in customer service, you can specialize in conflict resolution. Even if you’re an office admin in an entry-level position, you could always think about undertaking an HR qualification and moving into another field of admin. There is always a way you can progress that is related to the experience that you already have. 

Option Three: Apply For New Jobs

There’s no doubt that undertaking a job hunt can be a worrying time. You’ll have to deal with the requirement to prove yourself all over again. You’ll have to go through an application process, then with the interview and all the stress that can involve. 

However, if you truly want to make more money and there’s no prospect of that in your current role, then applying for new jobs might be your only choice. Bear in mind that any offer of new employment also gives you a stronger negotiating position within your existing job; you can say X company thinks you’re worth X, so is your existing company willing to match that? You just have to be sure that if your current work won’t match another offer, you’re willing to leave. Ultimately, you’ll be best off in a place where they see the worth of your talents anyway-- so you can’t really lose with this strategy. 

Option Four: Change Your Career Goals

If you have reached the top of the tree in your existing industry and your paycheck is going to remain the same for years to come, then it might be best to consider expanding the scope of your career. Rather than remaining in the same industry, you can try to transfer your existing skills into something more lucrative.

If, for example, you have been working in admin and order processing, then the organizational skills you will have picked up might help you with a move into logistics. There are plenty of other skills that are transferable, potentially bringing you into a marketplace where the pay rate is higher. You will need to write an outstanding cover letter when you apply for roles in your new chosen field, outlining how your existing skills will transfer into a new environment. Most companies will appreciate your willingness to develop, and thus should be amenable to offering you a role that can capitalize on the skills you have already, while allowing you to learn more as you work with them. Entering a new sector can be a scary time, but if it’s going to increase your earning power, it’s definitely a risk worth taking.

In Conclusion

If the money you are currently earning is not sufficient, then you don’t just have to accept it and try to make do. There are options that can increase your earning potential, so don’t be afraid to take the leap into making the money you are truly worth.

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