How to increase your professional income?

The Universe of Workology

Many professionals in the business world wonder how to increase income, at least every few weeks.

Want to legitimately increase income?

No doubt, in the long run, you get paid for your results.

Results are derived  from two critical factors – skills and dedication.

If you have the relevant skills, and you apply them with dedication, you are in a position to ask for, and get paid, more.

To determine whether you are getting paid less, more, or right amount, and to chalk  out a future earning path use the following rough picture showing 9 levels and commensurate daily remuneration.

Whether you are in the corporate hierarchy, or in corresponding consulting hierarchy, everyone has to find their own level on a totem pole, and this may serve as a rough guideline.

 

GLOBAL SUPPLY CHAIN GROUP - HOW TO INCREASE INCOME FOR PROFESSIONALS

Let me take some time to explain the diagram above, even though most of it is self explanatory:

Let’s start with the two extremes first.

Clearly if you are low on both – the skills, as well as dedication, you do not have much chance to figure anywhere on the totem pole. That is why you see a lot of blank space in the left bottom quadrant of this diagram.

On the other hand, if you are very high on both the scales – the skills and well as the dedication – you will among the top income earners, as shown by the orange tip of the pyramid.

Now, to even get on the totem pole you reed either above average skills, or above average dedication, or a reason combination of these two attributes. Those would just get you a foot in the door, as a Business Analyst – at the bottom of the pyramid.

As you climb higher on the corporate totem pole – you will need to increase the combination of your skills and dedication in some measure of combination.

Next time one of your employees comes to you for a raise – you can whip out this blog post and show them the way to earn more.

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  • Karina Jaisinghania says:

    I totally agree with Vivek’s Point “Results are derived from two critical factors – skills and dedication”

    How nicely you have described the whole blog in one sentence that states that how much you are master in supply chain Mr. Sood or I should say (Mr. Supply Chain)

    Thanks for sharing a nice blog with us keep up doing the great work.

  • Briana Supplier says:

    I Suggest if you want extra professional income then Work as a Freelancer
    Another option for finding additional income is to work as a freelancer. There are many types of freelance jobs. Freelancers work in graphic design, in video production, as a consultant or as a writer. Look at the skills that you currently have and then consider how you can offer those skills as a service to small businesses or families. Over time you may be able to build enough contacts to make this a full-time career.

  • Business analyst says:

    Thanks for sharing money motivated topic. I learnt from it so many things specially, skills upon dedication. But still I have one more query- What does we do if we have skill but not have good network or good quality people to grow as team?

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