MoneyMagpie

Jan 08

Career development is still a reliable way to earn and save more

Reading Time: 3 mins

Whilst earning money online through companies like Swagbucks (which we wrote about recently) can provide some extra money for weekends away, for sizable savings, don’t ignore your career development.

Focusing on your professional career may not be a new concept compared to generating a passive income, but for anyone who either works part-time or full-time, it’s still the best route to long-term wealth creation with the least risk.

Here are a few thoughts about career development worth thinking about.

 

Going Through the Motions at Work is a Lost Opportunity

A sizeable group of the working population dislikes their jobs. They’re demotivated rather than motivated by them. As a result, they go through the motions at work.

Are you also watching the clock or glancing at the time on your smartphone a little too often?

Whether you work part-time or full-time, that’s 20 to 40+ hours on the job each week. This represents a huge missed opportunity if you’re failing to use that to do your best work, which could impress your line manager. Eventually, they’ll need to promote people to new positions (or recommend them for other ones) and your name needs to be the first one they think of.

 

Discuss Job Requirements and Career Progression with Your Line Manager

If you’re unclear about what’s expected of you because the role has changed, request a formal meeting with your line manager to discuss it.

Use the opportunity to take an overview of your role, what’s expected today and areas where you can improve. Whilst a yearly performance review might provide some of this information, your responsibilities may have evolved since the last review was completed.

Set new performance goals and work on areas where you’re currently below expectations. Clearly demonstrate that you’re now a go-getter and someone to watch for the future.

 

See Job Changes and Promotions as a Way Up the Corporate Ladder

Don’t accept job stagnancy. It leads to falling behind compared to your peers who’ll be aiming at jobs at least one level up from where they are currently. If you stay in the same position for too long without developing, it’s easy to get stuck there.

Look at both job changes and promotions at your current employer as equally valid ways to move up. It’s both up to yourself to be worthy of a promotion and to look for new opportunities too. However, first, you must be ready for the next level.

 

Want to Be a Modern Leader? Learn How

Not everyone is ready to be a modern leader right away. You don’t know what it is that you don’t know until it’s shown to you.

The best way to become a manager worth their salt is to study the latest management and leadership techniques. Taking an online masters in leadership degree is designed will provide new ways to connect to your team, build confidence and develop your long-term potential.

Learn to communicate using effective language, quickly analyze business problems and create prompt solutions, and to think about the big picture. Reaching across the whole organization for solutions while developing interpersonal relationships is something that students learn on this type of course too. If you already have a relevant bachelor’s degree, this master’s course will really put your career in the fast lane.

 

Be Smart About Managing Finances as Your Income Rises

One area that’s not properly thought through is what happens after you get that promotion and salary bump? Where does the money go?

For most people, lifestyle inflation sucks the increased salary and/or year-end bonus away. This means you won’t directly benefit from the increased pay or become better off financially at the end of the year.

Once the pay rise is confirmed, make a plan to save it for the future. If you save your raises each time, this will substantially increase your wealth over time. It also avoids your lifestyle growing out of control as your pay level increases making you dependent on the job forever. We all get older and need to think about the future. The earlier we set money aside, the more time it has to grow before we might need it too.

While the growth in side-hustle and business startup opportunities is not to be ignored, career growth is still the number one way to get ahead. Given that you’ll likely be employed for several decades, investing in your professional career is likely to pay dividends for many years to come. Don’t miss the chance to do so and reap the benefits.

WHAT DO YOU THINK?

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