Pouring your heart and soul into your career but unknowingly holding yourself back from tapping into your full earning potential is a frustrating thought. Yet it happens to many great workers all the time.
But knowledge is power, and being aware of the things you can do to maximise your income — sometimes for the exact same effort and work — will allow you to make changes and earn more.
“The professional industry is highly competitive. Some people with less experience but more drive and aspiration to succeed and be seen can now get promoted faster. If you want to keep growing, you need to keep performing and learning,” saids Em Ducharme, CEO of Zero to CEO and business scaling coach.
As a seasoned leader, consultant and entrepreneur, Ducharme knows quite a bit about monetising your skillset from all angles. We’ve asked her for her best tips on increasing your earning potential.
According to her, it’s all about “getting visible, credible, and opening doors to new opportunities”.
If you’re ready to do just that and find out what you’re made of, here are five subtle shifts that will help you grow your bank account instead of spinning your wheels and killing yourself at work with little return.
Once you know these things and embrace them in your daily actions, you’ll not only inevitably get paid more, but also become a magnet for great career opportunities.
Here are five subtle shifts that will increase your earning potential:
1. Notice untapped potential and opportunities
People who get paid more than others are proactive. And that doesn’t only mean taking initiative when a promotion is on the horizon but continuously aiming to bring additional value to the table and brainstorming ways to grow and learn. Also, don’t do so randomly but because you anticipate untapped opportunities.
“From experience, I have promoted or given raises to my employees when they took the initiative to learn something new that would add to my business, or perfected a skill that was key for their position,” said Ducharme.
So, before jumping ship to find a higher paying role, look right in front of you and ask yourself whether you’ve truly gotten the most of your current professional landscape.
“Instead of shopping around for a better paying job, look at the potential that is available to you at your current one,” she said.
2. Nurture your relationships
“Emotional intelligence — the ability to, for instance, understand your effect on others and manage yourself accordingly — accounts for nearly 90 per cent of what moves people up the ladder,” according to Harvard Business Review.
That’s huge. But it makes sense: Emotional intelligence helps you build positive rapport and maintain positive relationships that end up serving you in your career.
Having good people skills can allow you to get endorsed and supported when it comes to getting promoted. It can help you close deals and grow your commission or bonus. It can make you a better leader who brings the best out of her team and drives results.
So, if you want to increase your earning potential, you can’t afford not to nurture your relationships, regardless of the stage of your career.
3. Build your network
On that note, you’ve probably heard the popular saying, “your network is your net worth.” It might be a bit of a cliché, but that’s because it still absolutely rings true — in any industry or line of work.
You could be super skilled at your job but if you’re a wallflower, you won’t out-earn other people with similar talents who put themselves out there more than you. From job hunting to accessing sought-after internal role openings, a strong network can have a huge impact on your income in the long run.
4. Invest in your knowledge
Do you want to get the maximum salary for a given role? Recruiters or hiring managers won’t tell you, but there is always a range. And the knowledge you have under your belt can help you negotiate the highest possible offer.
Also, continuously expanding your horizons and picking up new skills is no longer a luxury — it’s a must in today’s rapidly evolving world.
Investing in yourself means you’re more employable and promotable, which will ultimately allow you to secure bigger salaries and bonuses.
5. Have a positive mindset
You might have never associated your occasional rants at work or your penchant for gossip with your earning potential. But those behaviours are often perceived as negative and could end up harming your reputation and costing you money.
“When you bring a negative energy into the workplace, you create a toxic environment. By doing so, you’re harming your current relationships and repulsing new ones. Your network is key to your growth. Being friendly, kind, and positive will have a big impact,” said Ducharme.
Aiming to be a positive contributor and treating others with respect can go a long way when it comes to maximising your income.
This article was originally published on The Ladders.
