Companies are competing to hire the best talent.
Businesses can offer competitive benefits such as working from home or having a dog friendly office. They may also stock their fridges. What can candidates and employees do to make themselves stand out?
Discover how to increase your earning capacity by learning about earning potential, the eight best ways to earn more, and the nine most effective skills to learn.
What is Earning Potential?
The earning potential of a person is the maximum amount that they can earn, based on their…
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You can maximize your earnings to gain more freedom and financial security. This will also allow you to save more money for major life expenses such as home ownership, college tuition or an emergency fund.
How to increase your earning potential
In a sea full of candidates, it can be difficult to stand out. There are some things that you can do in order to help not only stand out from the crowd but also increase your earning capacity. Below are some tips to help you increase your earning potential.
1. Back to School
You can increase your earning potential by going back to college. The National Center for Education Statistics reports that the median earning of 25 to 34 year olds who have a Bachelor’s Degree was 63% more in 2020 than those with only a high school diploma.
This is a more difficult option, but it will pay off in the long run. You can prepare yourself to change careers that offer higher salaries by going back to school.
If you are currently working in a field that pays low wages, like retail or hospitality for example, returning to school in order to acquire skills in another field with higher salaries, such a healthcare or technology could increase your income.
2. Get new certifications
A new certification can also increase your income potential. A certification is a good way to get new skills or experience in an area. This also shows you have met a certain standard of competency, which can help you gain an advantage in your field and become more well-rounded.
3. Attending conferences and seminars
Attending conferences and seminars is another option. You can also attend conferences and seminars. These are great opportunities for networking, allowing you to meet others with similar interests and goals in your area and find new jobs. A salary raise could be possible if you change jobs.
4. Learning a language
In an international business, it is particularly beneficial to be able to communicate in another language. Some careers such as translation, interpretation or teaching a foreign language require fluency of a language other than the one you are trained in. You can pursue these lucrative language careers by learning a second language.
5. You can find a reliable adviser
If you want to increase your income, find a trusted mentor. If you are unsure of what you should do or need extra support and advice, this is a great way to get it. Good mentorship or adviser experiences can lead to higher salaries, greater career satisfaction and more opportunities for advancement in the workplace.
6. Relocation
Consider moving if you want to increase your salary. Certain cities pay more for the same position than others. It’s vital to take into account several factors when making a choice.
Before moving, you’ll need to think about the cost of life in your new area. Our cost-of-living calculator will help you determine if a higher salary is enough to cover all of your living expenses while still allowing you a high standard of comfort. Consider the local job market, and the availability of positions in your new area.
7. Study abroad
You can also use your experience gained from studying abroad in the workplace. You can enhance your language abilities by studying abroad. This will make you more attractive to employers working in foreign markets and with clients who speak different languages.
Studying abroad can also increase your cultural awareness, adaptability and ability to navigate in different environments. You will be a better candidate to global employers and stand out on a highly competitive job market.
Increase your earning potential with these 9 skills
You can increase your earning potential by learning certain skills. Here are some skills you can learn to boost your earning potential.
1. Project Management
The ability to organize, plan and supervise the completion of a project from beginning to end is what makes it an essential skill. According to the Project Management Institute, employers will need nearly 88 million individuals globally in project-management-oriented roles by 2027.
A project manager who is skilled is capable of managing resources, timelines, budgets, and ensuring that the project will be completed within budget and on time.
2. Search engine optimization
The goal of search engine optimization (SEO) is to make a site more discoverable by engines like Google. The market for SEO experts is expected to grow from $122.11 billion by 2028.
You’ll also find that SEO is a very competitive industry, which means you’ll need to constantly improve your knowledge and keep up with the latest trends. If you are just getting started with SEO, consider taking online SEO classes through Semrush Academy and Moz.
3. Coding
The demand for developers and coders is increasing as the world gets more dependent on technology. Coders create programs using computer languages across different technological platforms. You can learn how to code by trying out online boot camps. Coding boot camp graduates could earn an average salary of $22,000 in their first position after graduating.
4. Public Speaking
It is important to develop public speaking skills, because it can improve verbal communication, and this will help you in interviews or in the workplace. Practice is the key to improving your public speaking abilities.
You can also record yourself and watch for improvement areas. Joining speaking groups like Toastmasters can help you become a better speaker.
5. Advertising that is paid
Consider adding paid marketing to your skill set if you are skilled in digital marketing. Companies that want to promote their products and services are interested in digital marketing skills such as paid advertising. Pay-per-click is often associated with paid advertising.
PPC allows companies to pay to place their website at the top search engine results. PPC specialists are hired by businesses to create and implement these campaigns in order to drive better results.
6. UX design
The UX designers use their web design expertise to develop digital products that focus on usability, brand and design. This helps to ensure an excellent user experience. You can add web design to your resume if you are already working in marketing and have some experience.
UX design is a good side hustle to earn some money. You can earn around $37.65 an hour as a designer.
7. Artificial Intelligence Programming
Artificial intelligence is being used by many businesses to enhance their marketing and sales strategies. AI usually combines skills from…
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AI is expected to have a high level of demand by 2025. 97,000,000 new AI jobs will be needed.
8. Data Analysis
To increase your earning potential, you should also consider adding data analysis to your skillset. According to the World Economic Forum Future of Jobs Report, analytical thinking/innovation will be one of top skills for 2025.
Take a Google Analytics class to improve your skills. Google Analytics, a tool that is used for data analysis and can be useful to businesses of all types in making informed decisions, has become very popular.
9. The Time Management
Learning time management is a soft skill that you should develop. You can produce better work when you effectively manage your time. It can increase client satisfaction, which in turn leads to more referrals or repeat business.
Learn new skills and increase your earning potential
Modern technologies and platforms are constantly changing the job requirements. Stay up to date with the latest skills in your industry to remain relevant and increase opportunities for growth. Learning new skills not only helps keep your brain sharp but also increases your earning potential.
After you have decided how to improve your earning power, set up a savings goal and budget in order to maximize your earnings. You can save the money you earn after creating a budget in high-yielding savings accounts like Credit Karma Money ™Save.
Source
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Median earnings for those with bachelor’s degrees were 63% more than those of high school graduates. Annual Earnings based on Educational Attainment in May 2022
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A certification could result in an annual salary increase of up to $12,000 Global Knowledge (2020).
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Mentorship or advisorship can lead to higher salaries, greater career satisfaction and increased opportunities for advancement. University of Massachusetts Global (10 October 2022).
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The first job for graduates of coding bootcamps is associated with a salary boost in the median range of $22,000. Westcliff University, July 2021
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By 2027, employers will require nearly 88 millions people to fill project management roles. Project Management Institute, May 2017
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By 2025, 97,000,000 AI specialists will be needed. World Economic Forum, October 2020
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The top skill forecast for 2025 is analytical thinking and creativity. World Economic Forum, October 2020
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Global Newswire (September 2022): The SEO market will reach $122.11 Billion in 2028. Global Newswire, September 2022
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As a digital designer, you can earn around 37.65 dollars per hour. Bureau of Labor Statistics, September 2022