How to Increase Your Earning Potential

Increasing your earning potential—the amount of money you can potentially make for the work you do—takes time. It also takes work and planning. If you’re looking to earn more at your current job or are hoping to qualify for a new position that pays more, try these tactics to help you get there.

Find a mentor

Is there someone you work with who has skills you’d like to learn? Finding a mentor at your job can be a great way to build connections, learn more about the company, and grow your skills in order to advance on your career path. Your mentor can give you advice and work with you to help you get the experience you need that may lead to a pay increase.

A mentor doesn’t necessarily need to be someone you already work with or who works for your current company, though that can be the easiest way to build a relationship. You can find a mentor in your industry, or the industry you want to be in, through professional social media networking sites like LinkedIn. Follow hashtags related to your career interests, join industry-specific groups, and chat with others in your field to gain a better idea of how to go about carving out a career path.

Gain experience

Often, having relevant experience and work history can help you increase your earning potential at your job. If you’re new at your company, take the time to learn as much as possible, including the roles and responsibilities of your coworkers and bosses. Many employers want to see their workers grow their skills, so asking to shadow other departments or roles can help you pick up experience and knowledge that can be beneficial when it comes time for raises.

Ask for a pay raise

Asking your boss for a raise can be intimidating. But if you’ve been a dedicated employee or have taken on additional responsibilities without complaint, it may be time to ask. The best way to do so is to prepare a case for why you deserve a pay increase. Have you brought more to the table recently? Has your experience and dedication benefited the company? Come prepared to discuss the relevant skills you’ve picked up, what you can do, and how you’ve improved your work over time. Additionally, do research on the average pay for your position. If it’s higher than what you currently make, you can use that information when negotiating a raise with your boss.

Explore new opportunities

Sometimes, the best way to increase your earning potential can be to look for new opportunities. Maybe you’re looking for a complete career change or to do the same work in a company that offers more potential for growth. While a new job may not immediately come with a pay increase, you might find yourself enjoying your new role more—making you a more dedicated, invested employee that works towards promotions and accompanying raises.

Further your education

One of the best-bet ways to increase your earning potential is to increase your education. Data shows that the average weekly pay for workers increases progressively with their level of education. For example, someone with a high school diploma made an average of $712 per week, while a person with an associate’s degree averaged $836. Earning an associate’s degree or a professional degree can boost your potential by making you eligible for higher paying roles. Whether you’re looking to become a manager at your current company or you want to get into a new career, training and education can help you prepare to take that next step.

Grow your potential through online education

Education can help you increase your earning potential, but time and money can impact whether or not you can pursue a degree or diploma. With Penn Foster’s online programs, from career school to college, you can gain knowledge on your schedule through self-paced, flexible, and affordable courses. Reach out to an Admissions Specialist today to discuss which program is right for your goals at 1-888-427-6500.