How to increase your professional income?

How to increase your professional income?

AUTHOR

chiefstaff

UPDATED ON

January 8, 2019

NUMBER OF WORDS

TIME TO READ

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.


Copyright - These concepts, frameworks and ideas are copyright of GLOBAL SUPPLY CHAIN GROUP from the time of their creation. Do NOT copy these without permission and proper attribution.

Notes:

  1. These ideas and concepts will be usually expressed by our thought leaders in multiple forums - conferences, speeches, books, reports, workshops, webinars, videos and training. You may have heard us say the same thing before.
  2. The date shown above the article refers to the day when this article was updated. This blog post or article may have been written anytime prior to that date. 
  3. All anecdotes are based on true stories to highlight the key points of the article - some details are changed to protect identification of the parties involved. 
  4. You are encouraged to comment below - your real identity and email will not be revealed when your comment is displayed.  Insightful comments will be  featured, and will win a copy of one of our books. Please keep the comments relevant, decorous and respectful of everyone. All comments represent opinions of the commentators.

chiefstaff

MORE INTERESTING READING
  • 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.

  • 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.

  • 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?

  • The workplace has changed a great deal in the last ten years; consequently, jobs and the requirements of hiring managers for some roles have changed with them. Hard skills are still important, but today soft skills that complement hard skills and education are proving just as invaluable. This means that professionals that lack or do not focus on improving soft skills are not making the most of their professional life.

  • Many people give up way too soon. They only think in the short term so when there isn’t much progress right away towards their goals, they give up on them. It’s not that these people don’t want to make those changes; it’s just that at some point they lost their dedication to making those goals happen. Most goals take a long time so you need to have perseverance and determination to see them to the end. But dedication always pays you back.

  • The primary factor behind a successful person is his/her level of dedication, which signifies the commitment of a person towards achieving objectives and life goals. Thus, dedication implies total devotion. Ask any successful personality the reason behind their success and the first answer that will emanate is they were dedicated. Dedication is thus the ultimate key to success in life.

  • Success in the workplace is not necessarily tied to how intelligent you are, how many qualifications you hold or even how hard you work. While these skills are important, marketing, selling, networking, management, negotiation, and communication are the real determinants for success. If you have a complete and required skill set, success in professional life will follow you for sure.

  • Good article Vivek. I think increasing professional income is directly related to you the amount of latest and updated skills you acquire. Skills have always been important in business but in the last few years, it’s become clear just how much more important they have become to the changing needs of the workplace. Employees today at all levels are required to do more with less than they were even ten years ago. Many professional reports demonstrate how much of a gap exists between the soft skills the modern employee possesses and that which their employers require in the modern workplace.

  • {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

    FOR SENIOR EXECUTIVES AND DIRECTORS

    YOUR HIGHEST VALUE ADDED IN YOUR COMPANY

    __CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"05369":{"name":"Main Accent","parent":-1}},"gradients":[]},"palettes":[{"name":"Default Palette","value":{"colors":{"05369":{"val":"rgb(239, 126, 7)","hsl":{"h":30,"s":0.94,"l":0.48}}},"gradients":[]},"original":{"colors":{"05369":{"val":"rgb(19, 114, 211)","hsl":{"h":210,"s":0.83,"l":0.45}}},"gradients":[]}}]}__CONFIG_colors_palette__
    TAKE A LOOK
    >
    %d bloggers like this: