How to Make Changes to Maximize your Salary

Are you happy with your current income? Maybe with the economic downturn, you might find yourself more worried about just keeping a job, than you are about making more money, but there are some definite ways to maximize your salary, and these ideas are not tied to a good or bad economy. How can you make changes in the short term to position yourself for a better future?

Pay attention to employment trends
My favorite advice is that if you are not preparing now for your next job, you are behind. While my father’s generation worked one job and had one career, my own generation was destined to have more than one job in the same career. The present generation will have at least three careers. In fact, we are so far ahead of that curve, the results are effecting my own generation, with many of my age group finding themselves downsized right out of their jobs, forcing many in their early fifties to change careers, or find non-existent jobs in their old careers.

With the current rate of change, every person should be working on a backup career plan. With the accessibility of education and a variety of options from weekend, evening, and various on and offline program offerings, almost anyone can work towards a new career. In fact, your current employer may have an educational re-imbursement program. Why not let your employer pay for your new career? Of course, you do not necessarily need to tell him what you are doing, but since you are offered the benefit, why not utilize it?
Deciding what to study may be your biggest challenge. Be sure to find a field that is constantly in demand, and is recession proof. The medical field is always expanding and the need for nurses, physical therapy, etc. is constantly growing. Also, this field has very few layoffs and is rarely affected by economic downturns. A nurse with a bachelor’s degree can earn in the $70K range. For a two-year degree the best opportunities lie in becoming a physical therapist assistant ($46K), web designer ($48K), electrical or electronics engineering technician ($47k), dental hygienist ($57K), etc. (Projected amounts are from payscale.com.)

If you need help projecting which fields are in demand and for which you have talent, visit a guidance counselor at the local technical school. They have tests to help determine your talents and interests.
Consider developing multiple income streams
Consider turning your education, talents, and even your hobbies into multiple streams of income. This is the surest way to always have income coming in to offset the loss of a job. Consider teaching in your field of expertise or become a consultant. The best money you will make is with a side job. It not only increases your income, but it adds a new dimension to your life. It certainly adds freshness to what you do, to teach others, and/or write about your areas of interest. Consider setting your side business up as a limited liability corporation, and acquaint yourself with how to maximize your tax savings.

Never say no to additional training
As a life coach, I am constantly amazed at people who refuse to get involved in training offered by their employer. Team work training, Black Belt training, and a host of other current trends within the corporate world not only look good on your resume, but will make you more employable in other career fields. We have already discussed letting your employer pay for your degree, but do not overlook the in house training. Your company can pay as much as $2,500 per employee for these special in-house sessions, and to refuse training is a career altering move, even without thinking about increased salary.

Conclusion
Maximizing your salary potential begins and ends with you. You must be willing to change and get training. The recovered economy will be even more different than the present one. Today’s world of work requires constant training to remain current. Utilize your company’s educational reimbursement to learn new skills and work towards a different career, if your current job may be ending. Get help projecting the best career for the future, and you will be glad you did. Do not wait until your job disappears to start the change. Do it today!

By Dr M Smith