Are you being paid enough? Most of us wouldn’t say no to a raise, especially this time of year when people are feeling the pinch. And while one of the best ways to secure a better standard of living in the long term is to maximise your income, this is often easier said than done. For professionals determined to uplift their salary in 2018, here are a few tips…
Find your niche – and excel at it
Although having an all-rounded skillset is never a bad thing, the highest paid people in this world are rarely career generalists; they’ve carved out a niche for themselves in a specialist area and become an expert in what they do. Ideally you want to find a profession that strikes a balance between what you are good at, what you enjoy, and what pays well – then hone in on it to become a sought-after candidate in your field. If you need to change career paths to achieve this, it could be worth it in the long-run (for a few ideas of well-paying career paths, amongst iGaming’s biggest players)
Build your personal (professional) brand
Think personal brands are just for celebrities and social media influencers? Think again. Your personal career brand is how others perceive you: what springs to mind when people hear your name. If you cultivate a brand that is authentic, appealing and memorable, then you will find it easier to stand out and command better positions and a higher salary. Your CV, online presence (Twitter, Linked In, blog or portfolio), even the way you dress and present yourselves to other professionally, will all help to build your brand. Whether it’s for being obsessed with the detail, technical skill in a certain programme, or an attribute like being good with people – you want to be remembered.
Commit to learning and upskilling
According to Warren Buffet “investing in yourself is the most important investment you’ll ever make in your life.” The billionaire business tycoon cites his best investment as a public speaking class he took aged 20, which helped him to overcome his fear of public speaking and succeed in his career. Assess where your areas for improvements lie, focusing on those likely to produce the biggest return. The more skilled you are, the more worth you will have to an employer or client, and the higher the salary you can justify.
Take risks in your career
It’s said that without risk, there’s no reward, and the same applies to your career. Employees who stay with a company for more than 2 years get paid 50% less over the course of their career than those that switch jobs more often. The easiest time to get a pay rise is when you are changing jobs, since your new employer will usually want to incentivise you to leave. It’s expected that UK wages will rise 2.8% in 2018, only marginally above the rate of inflation, whereas people taking a role at a new company can usually expect a 10-20% uplift. Taking more bold steps, such as switching careers to one that pays better, starting your own new business venture or going freelance can be risky but more rewarding in the long run.
If you’ve followed the above steps, you’re more likely to find yourself in a strong position to negotiate a better salary in your career. But you also have to execute well in the moment; this means effectively communicating to your boss / HR manager / client / recruiter why you are worth more. Firstly, know your worth by researching the market. If you know that colleagues or peers in other companies are getting paid more, you can build a case for a raise. Glassdoor is a good tool for this, as well as other advertised jobs. Secondly, point out the value that you personally bring – illustrate with situations where you’ve gone over and above your responsibilities (if you are doing the work of the pay grade above, you should be compensated accordingly). Finally, pick your moment: if negotiating internally, set a specific meeting with your boss where you’ll be able to talk, if externally, wait until after you are at the offer stage before discussing salary. Be confident, pleasant and earnest as you articulate what you want and why.
Upskill, negotiate well and take risk
So there you have it. Make it your goal in 2018 to start striving towards a higher salary and a better professional life. View all our courses.