In my line of work I meet a lot of people. I can tell you as a local graduate and a financial advisor, increasing your income from 4K to more than 10K in 3 years is very uncommon. This is particularly true when it's not a commission based job where the amount of business you bring in is directly co-related to your remuneration. Which was why I decided to sit down with my client to uncover the secret formula.
Before I share, I just want to manage expectations. The steps sound easy but isn't easy, it requires effort and you get paid what you deserve. You want to be paid $10K/month or more then jolly well be worth 10K/month or more. So with this expectation in mind, here goes...
1. Decide what you want to do
Do you want to do marketing? Be an engineer? An accountant? An auditor? A consultant? A trader? Advertiser? What do you want to do? To get this right, you need to be very clear about what role you wish to take up.
2. Join a company with the core function of your role
In order to be a valued employee you need to be in a firm whose core function is the very role you are doing. For instance, if you want to be an IT Engineer, you should be in firms like Facebook, Google, etc. You should not be working in a firm where they merely need an IT engineer to support a back-end system. Likewise, if you are doing marketing in Facebook or Google, you might not be as well appreciated as an IT Engineer. As a marketer, a firm like Unilever might appreciate you better because their core function is about putting out their brands to end consumers. Essentially, this means that you should join a firm where the role you wish to do is the key ingredient to help your firm make money.
3. Work in a department that is a profit centre of your firm
Only when you work in money generating departments of your firm would resources be allocated to your work. You need resources to meet targets and your key performance indicators.
4. Ask for resources to make company targets happen
You need resources to make things happen. Many times in big firms with big goals, it's not about whether can something be done. It's a question of what does it take to get things done. In some instances, the key targets assigned to your role may seem impossible with your present resources. In order to be successful, you need resources to fulfill your job. This is why, you need to ask for resources and justify why you need it to achieve your goals. However, because resources are finite, only in profit centres will there be room for negotiation for a greater allocation of resources. These are the departments that generate the income to support the entire firm. Having said that, it's also crucial to understand that targets need to be fulfilled. Whether you are deserving of more pay would be defined by how well you can fulfill your targets.
5. Make Your Success Known
I think in Asia, there is a big over-reliance on hoping or expecting to be recognised. People are less out-spoken and culturally more docile. Sometimes, you just need to assume that your boss is a little obtuse. It makes no sense to wait indefinitely for that opportunity. You need to capitalize on opportunities to be in control of your own future. So when a major project is completed and a major target is met, it's fine to celebrate your successes. In the process, you make your success known.
6. Ask for a raise after you have results. Justify it!
Most of the time, people want more money but either dare not ask for it or have nothing to justify why they deserve more. When you complete a major project and have met or exceeded your firms' expectation, it is the best time to ask for a raise. If you are involved in the core function of your company and is part of the profit centres, you are well positioned to get a raise if you ask at the right time. Of course, it goes without saying that you must have a strong justification for your pay increment. That is why the best time to ask is after you celebrate your success because that is the time you have results to justify for a raise.
7. Rinse & Repeat
This process works all the time till you are the ultimate boss. Once you understand the formula, you can rinse and repeat!
Summary
Personal development and career success interests me greatly because only when people have the ability to earn more, will they have the resources to optimize their financial health. I personally belong to the camp of earning more over saving more. Thus, I firmly believe that we need to improve ourselves in order to get a better quality life. In short, here is the 7 steps process to increase your income quickly in the corporate world.
Decide what you want to do as your career
Join a company whose core function is the main thing that you wish to specialize in
Ensure that the department you work in is a profit centre or you have to endeavor to work in one. Only profit centres will have the willingness to give you resources
To be successful you need to produce results. Ask for resources to make things happen
Celebrate your success and make them known
Ask for a raise when you have proven results. Always justify why you are worth more
Rinse and repeat
Suppose you are sick and tired of your corporate life and is currently prepared to take back control and want a career switch, I would like to share my career with you. Simply drop me a message and I'll be in touch!
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Disclaimer: The content created are based on my personal opinions and may not be representative to everyone or any organisation. If you have any doubts or queries pertaining to insurance or investment, please seek professional advice from a trusted adviser in an official setting. You may also reach out to me if you do not have a present adviser using the message box under 'Let's Talk'.
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