Rianka R. Dorsainvil, CFP®
Whether or not we’re going into a recession is still in question, but that doesn’t negate the fact that we’re all feeling the pinch of inflation. Many Americans who do not have a robust cash reserves may be wondering how to make ends meet as the cost of living continues to rise.
While reviewing your budget is a good idea, it may not be the only answer. Sometimes, you simply need to increase your income to avoid living from check to check. Even if you’re in a comfortable place financially, it’s never a bad idea to put yourself in a position to earn more. Here are a few ways to get ahead of the curve and increase your earnings in the midst of rising inflation.
Develop In-Demand Skills
As the world continues to evolve, some skills are becoming more valuable than others. Glassdoor conducted a 2022 survey to find out the most recurring skill requirements in job posts on their site. As you can imagine, in a tech-forward world, technical skills are hot in the market. Not to worry if tech isn’t your thing, management-related skills are also in demand.
Here are a few high demand skills you could consider working to develop:
Project management
Account management
Business planning
Contract administration
Statistical modeling
Usability testing
Machine learning
Work Towards a Pay Rise
Changing jobs for higher pay isn’t always the best option, especially if you enjoy your workplace. In previous years, the average pay rise was around 3%, but 2022 saw an increase of 4.8% according to a survey conducted by compensation consulting firm Pearl Meyer. With a shortage in the labor market and companies desperate to retain top talent, some employers are more willing to go the extra mile.
Do some digging to find out what the protocol is at your place of employment when it comes to pay rises. Have a figure in mind in terms of how much you’re going to ask for and do your market research beforehand.