16 ways to increase your earning potential

The job market is a competitive place, and companies are doing everything they can to attract top talent.

Competitive benefits like working from home, dog-friendly offices and stocked fridges are just a few of the things that businesses can implement to help them stand out in a crowded marketplace. While it can be easy for a company to set itself apart from the competition, what can employees and candidates do to stand out in the crowd?

Learn about what earning potential is, eight ways to boost your potential earnings to make more money, and nine skills you can take on to help increase your earning potential.

• What is earning potential?
• 7 ways to boost your potential earnings
• 9 skills that can increase your potential earnings

What is earning potential?

Earning potential is the amount of money that is possible to earn based on your …

• Skills
• Work history
• Employment
• Qualifications
• Job market
• Location

Maximizing your potential earnings will allow you not only more financial freedom but also more opportunity to budget your money and save for big life expenses, such as a home or a child’s college tuition, or to build up an emergency fund.

7 ways to boost your potential earnings

It can be challenging to make your résumé shine brightly in a sea of applicants. Luckily, there are a few things you can do to not only rise above the rest but also help increase your earning potential. Learn about some ways to boost your potential earnings below.

1. Go back to school

Consider going back to school to boost your potential earnings. According to the National Center for Education Statistics, the median earnings of 25- to 34-year-olds with a bachelor’s degree were 63% higher in 2020 than the earnings of those who completed high school alone.

Although this is one of the more challenging options, it’s an investment in your future that will likely pay off over time. Going back to school can also prepare you to switch to a career path that offers higher income.

For example, if you currently work in a low-paying field, such as retail or hospitality, going back to school to gain skills in a higher-paying field, such as healthcare or technology, could lead to an increase in your income.

2. Earn new certifications

Earning a new certification is also a great way to increase your potential income. Certifications are a great way to gain new experience or strengthen your skills in a specific area. It also shows that you’ve met a standard of competence — this can give you an edge in your industry and make you more well-rounded.

3. Attend conferences and seminars

You can also consider attending conferences and seminars. These events can provide great networking opportunities to allow you to connect with others in your field with common interests and goals, and discover new job leads. Changing jobs could also potentially lead to a salary increase.

4. Learn a new language

Understanding and being able to talk to others in a different language is especially beneficial in an international industry. And some careers, such as interpretation, translation or teaching a second language, require fluency in a second language in addition to specific training. By learning a new language, you could potentially pursue these language-specific careers that come with earning potential.

5. Find a trusted adviser

Look for a mentor or trusted adviser when looking to boost your potential income. This is especially helpful if you’re feeling stuck on what to do and you need some extra advice and support. A good adviser or mentorship experience can yield higher compensation, more career satisfaction, and additional opportunities for growth in the workplace.

6. Relocate

If you’re looking for a salary boost, consider relocating. Some cities offer higher salaries for the same job than others. However, it’s important to consider several factors before making such a decision.

You’ll want to consider cost of living in the new location before making a move — our cost of living calculator can help you figure out if the higher salary will cover your expenses and leave you with a comfortable standard of living. Be sure to also consider the job market and availability of jobs in the new location.

7. Study abroad

Studying abroad is another way to broaden your experiences that can be transferred into the workplace. Studying abroad can improve your language skills, which can make you more valuable to employers who work in international markets or who have clients that speak other languages.

Additionally, studying abroad could increase cultural awareness and adaptability — helping you better understand different cultures and navigate different environments. This can make you a more attractive candidate for global companies and help you stand out in a competitive job market.

9 skills that can increase your potential earnings

There are certain hard and soft skills you can learn that are in high demand, and some general ways you can be proactive that will help you in the long run. Below are skills that you can acquire to increase your potential earnings.

1. Project management

Project management is an important skill because it involves the ability to plan, organize and oversee the execution of projects from start to finish. According to the Project Management Institute, employers will need nearly 88 million individuals globally in project-management-oriented roles by 2027.

A skilled project manager is able to coordinate resources, manage timelines, allocate budgets and ensure that the project is completed on time and within budget.

2. Search engine optimization

Search engine optimization, or SEO, involves improving a website’s discoverability by search engines such as Google. SEO professionals are in high demand — the market size is projected to reach $122.11 billion in 2028.

It’s also a highly competitive field, so it’s important to continually improve your skills and stay up-to-date with the latest SEO trends and strategies. Consider trying online SEO courses through Semrush Academy or Moz if you’re just starting with SEO.

3. Coding

As the world becomes more tech-dependent, the demand for coders and developers is rising. Coders use computer languages to create different kinds of programs across various technological platforms. To learn to code, you can try out different boot camps online. Graduates from coding boot camps could see a median salary increase of $22,000 with their first job after graduation.

4. Public speaking

Public speaking is a great skill to learn, as it helps improve your verbal communication abilities, which can help in sales and in job interviews. To improve your public speaking skills, practice is key.

Consider taking a video of yourself speaking and watching for areas of improvement. You can also join speaking programs like Toastmasters to learn how to become an effective speaker. 

5. Paid advertising

If digital marketing is something you’re skilled at, consider adding paid advertising to your skillset. Paid advertising is a digital marketing skill that is sought after by companies that are looking to advertise their services and products. Paid advertising is usually associated with pay-per-click.

PPC is a strategy that allows businesses to pay a fee to have the website link at the top of the search results. Businesses will hire PPC experts to design and execute these campaigns to help drive results.

6. UX design

User experience (or UX) designers are talented at utilizing web design skills to create digital products that are centered around usability, branding and design to help ensure a top-notch user experience. If you’re already in the marketing field and you have experience with web design, this can be a great skill to add to your portfolio.

UX design can also be a great freelancing opportunity in addition to a full-time job to make some extra cash on the side — you can make around $37.65 per hour as a digital designer.

7. Artificial intelligence programming

Many businesses have been incorporating artificial intelligence into their sales and marketing strategies. AI typically combines skills in …

• Math
• Engineering
• Computer science
• Other related fields

Jobs are anticipated to be in high demand, with 97 million new jobs needed in the AI industry by 2025, so this is a skill worth adding to your résumé.

8. Data analysis

Data analysis is another important skill to consider adding to your résumé to boost your potential earnings. Analytical thinking/innovation is one of the top skills forecasted for 2025 according to the World Economic Forum’s Future of Jobs Report.

Consider taking a Google Analytics course to strengthen this skill. Google Analytics is a popular tool involved in data analysis that can help businesses across industries make informed decisions.

9. Time management

Time management is an important soft skill to learn. When you manage your time effectively, you can focus on producing higher-quality work, because you have more time to devote to the task at hand. This can lead to increased client satisfaction and more opportunities for repeat business or referrals.

Image: Mint-CK-migration-potential-earning

Acquire skills to boost your potential earning

Job requirements are constantly evolving to keep up with modern technologies and platforms. In order to stay relevant in the workforce and to give yourself better growth opportunities, stay on top of emerging skills that are important in your field. Not only does learning new skills help keep your mind sharp, but it also gives you a better chance at increasing your potential earning.

Once you’ve decided on your plan to increase your earning potential, be sure to also set some savings goals and a budget to maximize your income. After you create a budget, save your earnings in a high-yield savings account like Credit Karma Money™ Save.

Sourcing

• The median earnings of those with a bachelor’s degree were 63% higher than the earnings of those who completed high school. Annual Earnings by Educational Attainment (May 2022)
• Earning a certification can result in a raise upwards of $12,000 a year. Global Knowledge (2020)
• A good advisor or mentorship experience can yield higher compensation, increased career satisfaction and more opportunities for promotions and advancements. University of Massachusetts Global (October 2022)
• Graduates from coding bootcamps see a median salary increase of $22,000 with their first job after graduation. Westcliff University (July 2021)
• Employers will need nearly 88 million individuals in project management-oriented roles by 2027. Project Management Institute (May 2017)
• Jobs are anticipated to be in high demand with 97 million specialists needed in the AI industry by 2025. World Economic Forum (October 2020)
• Analytical thinking and innovation is one of the top skills forecasted for 2025. World Economic Forum (October 2020)
• The SEO market is projected to reach $122.11 billion in 2028. Global Newswire (September 2022)
• You can make around $37.65 per hour as a digital designer. Bureau of Labor Statistics (September 2022)