Four Ways to Increase Your Salary
In a survey conducted by Monster, they discovered that over 65 percent of employees are dissatisfied with their pay. The average pay raise in 2017 is expected to be around 3 percent. For some, this is simply not enough of an increase.
There are many professionals stuck in limbo, unsure of how they can increase their wages. Luckily, there are a few proven methods of increasing your earning potential.
Job hopping can often be a great way to increase your salary. Job hopping can be defined as voluntarily changing jobs every year or two, with the goal of increasing one’s wages. ADP, a payroll processing company, studied salary information for 24 million private sector workers in the first quarter of 2016. Their findings support the notion that job hopping can often lead to a higher salary. They found that job switchers saw a 6 percent increase in wages on average. There was a larger wage increase for younger workers, as employees under 25 saw an average wage increase of 11 percent.
Pursuing an advanced degree in your field has been proven to lead to raises, promotions, and better job prospects. In a study by Georgetown University, they found that on average, graduate degree holders earn 28 percent more than bachelor’s degree holders. In some cases, a graduate degree can lead to an increase in earnings up to $40,000 a year. To put this further into perspective, the GMAC found that professionals who hold a graduate degree in business earn from $500,000 to $1 million more over a 20-year career than individuals without an advanced degree. Clearly, an advanced degree can increase your earning potential exponentially.
Obtaining a professional certification is another proven method of increasing your salary. These certifications don’t typically have as high of a return on investment as graduate degrees, but they can lead to significant pay increases nonetheless. In a recent survey conducted by Simplilearn, it was found that after completing a professional certification, 76 percent of respondents reported an increase in salary. The survey also discovered that the top fields for salary increases from certifications are digital marketing, IT service and architecture, project management, and big data analytics.
The ability to speak another language can also increase your potential earnings. As the business world becomes more connected, the ability to communicate with individuals in a variety of languages is becoming an increasingly coveted skillset. The Economist reported that the average earnings bonus for an American that learns a foreign language is 2 percent. Some languages can increase earnings more than others, with a 2.3 percent increase for learning French, and a 3.8 percent increase for learning German. Though the increase in earnings for learning a foreign language is lower than other methods, it will undoubtedly make yourself an attractive candidate in the increasingly connected world of business.
These methods have been proven to increase earning potential. For those willing to go out on a limb and look for new opportunities, job hopping can be one of the best ways to increase your salary. For those looking to stay in their current roles, adding to your skillset can lead to increased wages as well.
Tim currently works with university graduate programs as a community outreach manager. Tim has developed a passion for career advancement and professional development. Tim’s expertise includes career advice, higher education, and entrepreneurship.
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