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How to Strengthen Your Earning Power

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Although research has shown that, for millennials, the salary earned is not their top priority, it is always good to be able to earn a decent living. It can be very soul destroying to be doing the same work as someone else but be paid less than they are, but this is usually because of qualifications and experience. With that said, here are a few things you can do to strengthen your earning power.

There is No Replacement for Experience

There is nothing that can replace experience, but you can make sure that every little new skill you learn is shown on your resume when you are applying for jobs. There are some skills that you will learn at school or in other work, such as using Sage, Excel and various other programs. You could have gained experience in practical ways too, and these are just as important. For instance, you may have had a temporary job where you dealt with HR matters, or you could have worked in an accountant’s office for a while. No matter how short-term positions are, you will always learn something while you are there. Let your prospective employer know whatever things you have experience in, as this will all help in your quest to earn a better salary.

Qualifications Matter

For some employers, qualifications matter a great deal, and the better they are, the more you will earn. For instance, if you have a Master of Science in Management, you will have been taught problem-solving skills, integrity, organizational leadership, data analytics and the responsibility that being a manager brings with it. These are just a few of the skills you would learn with this degree, and for some positions it is very highly regarded.

As most degree courses are now available online, you can study for as many qualifications as you want while you are still working. The online courses will fit in with your lifestyle and this is why so many more people are getting qualifications that were inaccessible to them before.

Find the Niche Jobs

Every industry and profession will have at least one area where there is a shortage of qualified and experienced people to fill all the positions. These jobs generally pay more than the run of the mill ones, because they might have unsocial hours or mean you have to work away from home sometimes. 

Look at your chosen career and find the niche jobs that are vacant. Because employers are having trouble filling these positions, it does not mean they are awful jobs, and you may well find that one of them is perfect for you.

Money Cannot Buy Happiness

They say that money cannot buy happiness, but it can certainly stop a lot of stress and worry. If you earn a good salary so that you can pay all your bills, feed the family and enjoy life, you will be a happier person at work as well as at home. That is why it is important to strengthen your earning power, although of course, other things such as work/life balance and enjoying your job are also vital elements of any employment you undertake.

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Sean Jacobson

I'm Sean, a former HR and business consultant providing you insights into the business world for Leader to Leader.

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