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September 1, 2020, 8:08 am

5 Ways to Make More Money in Your Current Job

by: The Financial Blogger    Category: Career,Personal Finance,Uncategorized

There aren’t many people who can say they would turn down more money if it was offered to them, especially if it meant they could stay in their current jobs and save themselves the trouble of searching for something new and having to start all over again. However, the problem that many people face is that they just don’t know how to do both; they don’t know how to keep their current jobs and get more out of it. After all, if they continue doing what they are doing, why would they be able to get more money for it? If nothing has changed, why should their salary increase?

In reality, there are many reasons why this might be the case, and if you can find out what those reasons might be and take the time to really work on them, you may well be able to make more money doing the same thing you’re doing now. Read on to find out how.

Ask for a Raise

The simplest way to make more money in your current job without having to change anything at all is to ask for a raise. Don’t wait until your employer offers you more money, as this might never happen. Instead, make a list of all the reasons why you deserve a raise and call a meeting to give them this information. The reasons could include:

Ideally, you will want to have a specific amount of money in mind to ask for, and this is why research is crucial. Start a little higher than you might realistically be expecting (but not too high) and you can negotiate down to an amount that suits both you and your employer. The worst that can happen is they say no, at which point you can decide whether you want to look for work elsewhere or you’re content to stay where you are on less money than you feel you deserve.

Ask for a Promotion

Something that goes hand in hand with a raise, although isn’t always necessary to achieve the former, is a promotion. If there is an opportunity to rise to the next level in your current job and you want to take it, then that is what you must do. Take a look at your resume and make sure that it includes all the skills you have learned over time, mentioning specific projects where necessary. Your employer should already know about these things, but it is a good idea to remind them, and show them the value they have in you.

Even if there isn’t a specific opening available, you can always tidy up your resume and present it to your employer speculatively. They might realize just how important you are and create a role just for you.

Keep Learning

No matter what career you have or what level you are currently at, there is always going to be more to learn, and this is something that can increase your chances of earning more money. Always be aware of any additional opportunities to improve your education and yourself, and to gain extra qualifications in whatever field you work in. Pediatric acute care nurse practitioner programs are just one example of something you could specialize in if you are already in a nursing field, for example. Or you might want to go back to school part time to obtain your masters, or a PhD.

Anything more than you already have is going to look good on your resume, and your employer should be impressed by your dedication, passion, and knowledge. If they aren’t, these extra qualifications would certainly impress a different employer in your field, so don’t limit yourself; if you want to make more money and you have spent time and effort learning more about your career, sometimes it is necessary to move on to make the most of the knowledge and experience you have.

Build Relationships

If you want to improve your lot in life and make more money in your current job, it’s a good idea to build relationships both in your department, and out of it. You are going to generally need supporters and cheerleaders if you want to make more money and create something exciting out of your career; the more people you know who will be willing to be a reference or put in a good word for you when necessary, the more chances there are of you getting what you want.

This is why you need to make sure you treat everyone, no matter what position they hold, with respect. By building good relationships across the company, there is always going to be at least one person who will stand up for you and fight your cause alongside you when it comes to ensuring you are paid fairly for what you do. Plus, you never know what opportunities being kind and respectful to people right now will open up to you down the road.

Be Indispensable

If you can make yourself totally indispensable through your hard work, your experience, your willingness to help, and your character, you will stand more chance of making more money in your current position; no right thinking employer is going to want to run the risk of losing you to the competition by not offering you more money to ensure you stay where you are.

It won’t take much to ensure that your boss doesn’t want you to leave. Be kind, courteous, helpful, honest, adaptable, and as positive as possible, and this will all help. So too will the additional learning that we mentioned above. Although you don’t want to necessarily take on any extra work to show just how useful you can be, and you certainly don’t want to be taken advantage of, going just far enough is going to be a useful way to make more money in your current job.

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September 22, 2017, 6:54 am

How Getting An MBA In Healthcare Can Be Your Path to Wealth

by: The Financial Blogger    Category: Career

Have you always wanted to have the financial freedom to live life to the fullest? But you’re stuck in a job that simply won’t allow you to advance?  If this has been your story so far in life, then why not do something to change your situation?  Let’s face it, most lower level positions will only get you by in life.  Sure, you have a bachelor’s degree, but these days that may not be enough.  Today, we are going to learn how getting your MBA in healthcare can rocket you to wealth.

The Business Side of Healthcare Is Booming

As you probably already know, there is a huge demand for new doctors and nurses in the United States.  But, did you know on the business side of healthcare, the need for highly educated people is even more in demand?  People who get their healthcare MBA will be able to land leadership roles inside of hospitals, clinics, laboratories, and other health-related facilities.  Plus, these jobs pay really well!  Also, those who graduate with this higher degree can land jobs as a healthcare consultant and some of these positions start out at $150,000!  That’s a lot of money for someone that just got out of school.  While you might not make that much your first year, the job you do land will pay handsomely.

Jobs Are Everywhere

As we learned above, healthcare jobs are everywhere.  The demand is so high for those with a healthcare MBA that many companies are offering huge signup bonuses.  Some pharmaceutical companies are now offering bonuses of up to $10,000 for the right candidate!  Getting a great job early in life can really make a huge difference in the amount of wealth you accumulate.  Starting out at such a high salary will allow you to save more money for retirement and you will be able to invest more aggressively.  So, instead of you working hard for your money, you will be able to let your money work hard for you.  This is one of the most important factors of becoming wealthy.  While some believe you can’t get rich working for other people, if you have the right job, you certainly can.

You Can Get Your Healthcare MBA Without Breaking the Bank

College loans can be very expensive and it often takes years to pay them off.  But, what if you could limit the amount of money you need to borrow for college?  Well, now you can!  By going to school online, you can save a ton of money, which you can use for better purposes.  An online healthcare MBA will save you money in several ways.  First, you won’t have to rent an expensive dorm room just to go to school because you can do it from home.  Second, there will be no need to commute to school saving you a boatload of money on gas.  Finally, you can prepare meals at home, which as most of you already know, can really help.

If you want to be on the path of wealth, you should really consider getting your MBA in healthcare.  With the number of high-paying jobs on the market today, you really can’t go wrong.  So why not start your journey today?

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September 14, 2017, 1:48 pm

8 Career Moves to Make Before You Leave Your 20s

by: The Financial Blogger    Category: Career

In your 20s, your life is just beginning. It feels like you have a world of career opportunities and unending amounts of time to experiment with jobs to find your work bliss. After enduring at least 16 years of school, it finally feels right to leave the classroom and start earning money and prestige in the workplace. What could go wrong?

The short answer is: everything. While job-related mistakes in your 20s might seem small, they could have lasting ramifications on your career. Perhaps the worst mistake of all is failing to complete crucial career moves that position you well for success later in life. If you are young and afraid of wasting the early period of your career, here’s what you need to do:

1.Get More Educated

To break through the lowest level of employment and reach some modicum of authority and respect, you definitely need a bachelor’s degree. However, if your ambitions are a bit loftier – maybe as high as the c-suite – you should spend some time in your 20s gaining even more advanced qualifications.

Education is a risk-free way to gain knowledge and skills pertinent to your field. You should avoid spending too much time away from real-world work experiences. Therefore, the best options for motivated 20-somethings are online degrees. If you can enroll in an affordable, flexible, reliable program – like an AACSB-accredited online MBA – you will reap the career benefits for the rest of your life.

2. Network

No matter what you do, who you know is at least as important as what you know. Especially now that job hopping is such an integral element of career development, you need to have a powerful network to find employment options and gain invaluable insight into correct career moves. As often as possible, you should attend industry events to shake hands with your peers and other influential professionals.

3. Diversify Your Experiences

While you are job hopping, you should consider slightly altering your position and responsibilities with each change in employment. By wiggling around in your experience, you can more accurately identify which tasks you enjoy and which are utterly repulsive. Plus, you’ll get a more holistic look at your field, providing enhanced understanding that will benefit you in management roles.

4. Be Passionate

That popular saying, “Love what you do and you’ll never work a day in your life” is crock. Work will always be work; even artists sometimes find the creative process a slog. Having passion for your job – finding some type of fulfillment in the tediousness – is vital for sticking with that career for any significant length of time. If you don’t already know your passions, you can spend some time sampling courses from MOOCs, shadowing prominent professionals, interning, and other free career searching options that don’t require much commitment.

5. Set Practical Goals

Goals like “be happy and successful” sound poetic, but they do little to prompt you to make moves in your career. Instead, you should develop a concrete picture of what you want your life to look like in 10 years, and then develop a workable plan to getting there. In some cases, the SMART goal-setting method is a useful tool to help you achieve your dreams.

6. Keep Good Records

Employers love to see positive numbers in your employment history, but if you are like most people, you’ll have trouble recalling exact stats off the top of your head. That’s why record-keeping is vital. Whenever you get a new job, update your resume. Whenever you complete a project that benefits the business, analyze your success and write it down. You should have a filing cabinet devoted to your career history, so you have evidence of your impact – for employers as well as yourself.

7. Listen

Communication is inarguably the most valuable skill in any industry, and the foundation of excellent communication skills is listening. Whether you are in an MBA class or in a corporate meeting, whether you are with your boss or your subordinate, you should be listening hard. Feedback from anyone is a generous gift you can use to benefit your career, and you should accept all proffered knowledge graciously.

8. Take Risks and Make Sacrifices

According to Facebook creator Mark Zuckerberg, the biggest risk in life is failing to take any risks. While you should be careful not to make catastrophic mistakes in your 20s, you shouldn’t be afraid of putting yourself out on a limb – especially because you still have some time to make it right. If you are dedicated to chasing true success, you are probably going to spend some of your 20s living off beans and rice while missing events with friends and family. Eventually, you will attain comfort and confidence in your career, and your 20s will have been way more than worthwhile.

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September 13, 2017, 9:09 am

Have a Gap on Your Resume? Honesty is the Best Policy

by: The Financial Blogger    Category: Career

When you’re looking for a new job, conventional wisdom has always been that a gap on a resume, regardless of the reason, is a red flag to employers. Employers want to hire individuals with a solid employment history, one free of any significant time between jobs or evidence of job hopping.

While many employers do still have some concerns about applicants with gaps on their resumes, research and recent trends indicate that it might not be the death knell to a job search that it once was. Not only have economic trends, i.e., the Great Recession of 2008, affected many individuals’ employment histories, but there’s also a growing acceptance of alternative paths and experiences in one’s career. In other words, taking time off to raise a family, earn an advanced degree, or even explore a passion is no longer viewed as detrimental to your candidacy, but in some cases, might even be a benefit.

The key to successfully using a gap to your advantage – or at minimum, keeping it from being a liability, is to be honest and forthcoming about why you have a cap in your experience. Downplaying or attempting to hide to the gap won’t do you any favors, and could even take you out of the running.

Why You Should Be Honest

If you are surprised that being upfront is the best way to deal with an employment gap, you aren’t alone. Researchers at Vanderbilt University were also surprised when their study indicated that women who told interviewers that they took time off to raise a family were 30-40 percent more likely to be hired than equally-qualified candidates who did not provide that information. Employers vastly preferred those female candidates who explained their resume gaps, leading the researchers to conclude that providing any explanation for your absence from the workforce, even if that time was not spent on career-related activities, is better than no explanation at all.

Not only does being honest increase the likelihood of receiving a job offer, but it can also prevent speculation on the part of the employer. Many employers are afraid to ask about employment gaps for fear of running afoul of fair employment laws (for instance, questions about gaps could be construed as questions related to family life, which are prohibited) so they try to gather information in other ways, or they make assumptions. Those assumptions may not always be flattering or accurate, so therefore it’s best to be upfront and honest.

Handling a Gap on Your Resume  

Because your resume is the document that will get you in the door for an interview in the first place, it’s smart to address your gap from the outset. If you have a significant gap of a decade or longer, you may want to consider resume services for help, as a resume expert can help you choose exactly the right words and format to highlight your skills and draw attention away from the gap.

In most cases, the best approach to addressing a gap is to choose a functional style resume. Rather than highlighting progressively increasing responsibility, as a chronological resume would, a functional resume puts the spotlight on your skills and achievements, showing employers what you can bring to the table. Think about what you have done during the time you’ve been out of work. Volunteer work, board positions, freelance work, continuing education – all can be included to show that you’ve stayed in the loop and continued to build your skills.

Most importantly, though, show employers that even though you may not have been employed for some time, you have kept abreast of changes in the industry and that you are prepared to address current challenges and use current methodologies and technology. One reason that employers may be reluctant to hire someone with a gap is a concern that the candidate isn’t up to speed with current trends or hasn’t accepted changed, so you need to provide reassurance that you are prepared for today’s workplace.

It’s also important to avoid being apologetic. Be confident in who you are and the decisions that you have made. An apologetic or negative attitude toward your circumstances will come through in your resume, and send the wrong message to employers. Stay positive.

Resume gaps are common, and they don’t have to be bad news for your job search. Be honest and forthright, and focus on what you can do, not what you haven’t done, and you’ll have a better chance at getting the job of your dreams.

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June 14, 2017, 12:53 pm

Attention Aspiring CFOs: Are You Adding Value Beyond the Numbers?

by: The Financial Blogger    Category: Business,Career

Becoming a CFO is no longer just about your financial chops. In our fast paced and fluid environment, companies are searching for financial leaders who can think strategically about overarching business needs while at the same time, applying their experiences and persuasive skills to influence members of the C-suite, boardroom, key stakeholders and beyond. In this new context, the CFO is emerging as the advisor who ensures the organization is translating numbers into opportunities. Yet, being viewed as a partner and a trusted advisor is often where many fall short and fail to break out of the accountant mould.

“The CFO has become the new Chief Operating Officer,” said Ross Woledge, CFO Practice Leader for Odgers Berndtson in Canada — a leading global executive search firm. “Traditionally, the finance role was about reporting the numbers. Now it’s about telling the story behind the numbers.” And while some of this competency can be chalked up to how leading CFOs look at the world, some of it can — and should — be learned.

A study of top Canadian financial executives, conducted by Odgers Berndtson, uncovered some interesting trends that defy popular stereotypes of financial leader traits. In examining the psychometric profiles of close to 300 top CFOs and finance executives in Canada, the United States, Asia and Europe, it became clear that the majority of today’s successful CFOs share the following four key leadership characteristics:

  1. Less process driven and rule oriented than other executives: While traditional CFOs might be perceived as set in their ways and detail-oriented to a fault, modern CFOs are much more willing to challenge the status quo and call for change among their executive cohort.
  2. Competitive and driven to achieve: Interestingly, the profile for these successful CFOs is more similar to that of business development executives or entrepreneurial CEOs than it is to that of budget- or control-oriented individuals. This high achievement orientation makes CFOs exceptionally well suited for executive roles — particularly if they’re gunning for future CEO positions.
  3. Resilient, hard-working and self-accepting, which allows them to deal with the pressures of high-profile roles where they’re accountable not only for protecting the financial integrity of their organizations but also, increasingly, for facilitating growth and capacity for innovation.
  4. Strong relationship-building skills, comfortable in the spotlight, which allows them to engage in meaningful interactions with co-workers as well as peers in the C-suite, on the board, and investors alike.

The study also revealed that diverse experience can make a difference. The most successful CFOs build both a depth and breadth of expertise that comes from seeking out as many varied experiences as possible. Among Mr. Woledge’s recommendations for executives looking to advance in financial leadership roles:

  1. Go beyond your accounting designation: Consider developing your capital market skills by pursuing a CFA. Or if you’ve got your sights set on being a CEO, an executive MBA can provide practical skills and know-how that can take your career to the next level.
  2. Take a “corkscrew” approach to your career: Take advantage of opportunities to move out from the comforts of the finance department, to work in different functions or industries altogether. The result is a CFO “who deeply understand[s] how the company really makes money, not just how to read what shows up on the income statement.”
  3. Hone your stakeholder skills: “You can be the smartest person in the room, but if you can’t bring people around to your perspective, you’re going to fail,” noted Mr. Woledge. If you lean towards the numbers-side of finance (vs. the people-side), then consider spending time with your Investor Relations team to hone your media and communications skills. Getting facetime with key stakeholders will enhance your ability to learn their pain points, speak their language, and ultimately, rouse support from among the C-suite ranks.
  4. Take risks and have an opinion: In ultra-competitive economies, CFOs are often called upon to be catalysts for change, to instill a financial approach that reduces costs while also helping other parts of the business perform better. Being an effective change-maker requires a degree of poise, flexibility, and above all else, an openness to dealing with ambiguity that comes from a combination of innate attitude plus the experience to know that taking calculated risks can often pay off with big rewards.

Advancement in any career requires taking on new challenges. You may also consider programs like the Business Leadership for Finance Executives (a partnership between Odgers Berndtson and the Rotman School of Management) that continue to develop the intellectual and emotional agility of finance leaders and critical leadership skills to accelerate their rise through the executive ranks.

And remember: Being a trusted advisor does not happen overnight. As with everything, it takes practice, and being close to the business (whether it’s the sales, marketing, operations or other teams) enables you to hone your approach to running a company.

 

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