Five Strategies to Boost Your Earnings – MaybeMoney

Five Strategies to Boost Your Earnings

Five Strategies to Boost Your Earnings

Upon completing college in 2006, the job market was thriving. My peers who majored in economics and science were landing lucrative, esteemed positions. However, opportunities for English majors like me were scarce, and oftentimes underpaid.
Initially, I found myself pondering if I should have heeded the frequent question – “What can you do with an English major?” Yet within five years of graduation, I managed to more than double my salary. Here’s how I accomplished this feat.

Honor Your Roots
Upon graduation, my only offer was a part-time position with no healthcare benefits, at a small metro newspaper, earning $11 an hour as a reporter’s aide. Having interned there the previous summer, I knew I cherished the work environment and the team. So, I pledged to work towards a full-time position. For eight months, I carried out miscellaneous tasks cheerfully. Eventually, when the recruitment halt ended, I obtained a full-time role which came with a raise and health benefits.

Stay Open to Possibilities
Securing a full-time position as a newspaper reporter was exhilarating. I genuinely believed I would remain in this role long-term. However, with the economic downturn that year, the newspaper saw frequent layoffs and pay cuts. Despite my love for the role, I realized I needed to move on. When a colleague suggested an entry-level role at a small public relations agency, I seized the opportunity. Two weeks later, I was in the new role with a $10,000 yearly pay raise.

Mitigate Risks
Starting as an entry-level PR executive at a small firm provided incredible learning opportunities about the industry. Regrettably, in 2009, as the economy nosedived, so did our firm. Sensing trouble, I began my job search before the situation worsened. During the week I secured a position at a national advertising agency, my employer reduced my workdays from five to three. The new job included a $12,000 salary augmentation.

Connections are Crucial
Although the elevation in salary was satisfying, the chatter of an impending collapse disconcerted me. Consequently, I kickstarted my job search, reaching out to former colleagues, supervisors, and friends, asking them to share my details. Thanks to a reliable contact, I received a lead and secured a job swiftly, along with another pay raise. Soon after, I was let go from the advertising agency, but immediately began at my new workplace.

Negotiate Tenaciously
The latest position initially offered a salary lower than my previous one, which I firmly rejected. I told them, “This is my final offer, take it or leave it.” Luckily, they agreed to my terms. Although I was devoid of alternative options, I was resolved not to accept a pay cut, recognizing my true worth. Roughly eighteen months later, a change in management resulted in another job search, which took me about six months. Overall, within five years of my first full-time job as a newspaper reporter, I had more than doubled my salary.

To fresh college graduates, don’t be disheartened if you’re earning less than your friends initially. Give yourself time to catch up. Always respect your beginnings and remain alert to opportunities around you. Seize the right option, and you too can double your income within five years of finishing college.