5 Ways to Increase Your Earning Potential

Inflation has driven up the cost of living, but many salaries haven’t kept pace. A 2023 OnePoll survey found that the average American worker had gone three years without a raise, and only 4% received a raise that year.¹ These startling figures highlight the importance of proactively looking for the best ways to boost your earning potential to keep up with rising expenses.

Of course, increasing your earning potential isn’t just about getting a heftier paycheck. This process can help you gain in-demand skills and open the door to new opportunities. Additionally, people who earn more money tend to feel happier and more financially secure, leading to greater overall well-being.²

This article breaks down the earning potential definition and provides five practical strategies to improve your income capacity.

Earning potential refers to the maximum income you can expect to earn in a set period of time.³ Many factors influence it, including:

• Education
• Experience
• Geographic location 
• Job market trends
• Salary history 
• Skills 

For instance, a financial analyst with 10 years of experience will likely have a higher income capacity than an entry-level analyst. However, a recent graduate could compensate for lack of experience by gaining sought-after skills or earning relevant certifications. In other words, earning potential isn’t set in stone. You can improve it through strategic professional development activities.

If you want to earn more money, you’ll need to do more than passively wait for your boss to offer you a raise. There are numerous ways to invest in your career development and make more money—now and in the long term.

Industries and technologies constantly evolve. Gaining new skills will help you adapt to these changes and increase your value in a competitive job market. According to a 2024 Upwork report, the most in-demand technical skills include:⁴

• Data analysis
• Machine learning
• Data visualization 
• Full stack development 
• Web design 
• Scripting and automation 
• Social media marketing
• Search engine optimization

Consider pursuing further education to expand your knowledge and learn the latest technologies. For example, having completed your bachelor’s degree, enroll in a strong online Master of Business Administration (MBA) program to build marketing and leadership skills. This approach puts you in a prime position to receive personal guidance from experienced faculty, who can offer valuable industry insights and mentorship.

Gaining professional certifications is another effective way to upskill. These credentials validate your expertise in specific areas and often involve rigorous training. For instance, the United States Artificial Intelligence Institute offers several artificial intelligence certifications with self-paced study programs.⁵

Networking can significantly improve your career prospects and open the door to higher-paying career paths. It also allows you to contribute to your professional community by sharing new ideas and resources, and providing support to others in your field.

Attending conferences and professional events will help you develop relationships with industry leaders and peers. Set out to meet people: Introduce yourself to other participants and discuss shared interests and experiences. Focus on making genuine connections rather than trying to impress others or angling for a quick advantage. Remember: Networking should provide value to all parties.

Additionally, many organizations offer opportunities for networking and career advancement. The Association for Business Communication’s mentorship program, for instance, pairs new members with seasoned business professionals, which facilitates one-on-one career guidance.⁶ Professional associations may also organize social events, webinars, and other activities that encourage networking.

Social media platforms are also valuable networking tools. Use LinkedIn, X, and other platforms to connect with professionals and thought leaders in your career field. They may share job opportunities and educational resources that help you enhance your earning potential.

Look for opportunities to expand your career path in your current company. Express your interest in earning a promotion, and actively seek ways to demonstrate your value to your employer. For example, you could volunteer to lead a challenging project or mentor a new hire. Lateral moves are also an excellent way to step outside your comfort zone and learn new skills.

At the same time, examine your career goals and keep an eye on job boards for exciting opportunities with other employers. According to the Pew Research Center, workers who switch jobs see an average pay increase of 10%.⁷ As a result, although enjoying your current job is a good reason to stay, getting a new job is one of the fastest, best ways to boost your earning capacity.

You don’t need to rely on your current employer to bring in a better salary. Freelance work can help you earn extra money and build your own business.

Evaluate your skills and look for relevant opportunities. Are you a Tableau whiz? Consider offering data visualization services through freelancing platforms, such as Upwork or Fiverr. Do you excel at search engine optimization? Apply for part-time marketing roles on LinkedIn or email companies directly to pitch your services. These side gigs enable you to heighten your income and may even lead to full-time job offers from satisfied clients.

Your base salary sets the foundation for your future potential income, so before you decide to accept a new position, it’s essential to negotiate the best possible terms. Begin by researching market rates for your industry and geographic location. Platforms such as Glassdoor and Zippia provide insights into average salary ranges and compensation trends. Use this data to assess job offers and make informed decisions about how much to request as your counteroffer.

During the negotiation process, provide your would-be employers with concrete examples that effectively demonstrate your value. Showcase your relevant accomplishments, successful projects, and sought-after skills to present the most convincing case for why you should be paid a higher salary.

Professional development and an advanced degree can fast-track your career advancement and increase your earning potential. Gain the knowledge, experience, and connections that prepare you for success as a true business leader: a Silicon Valley Professional.

Led by a faculty of industry experts and dedicated mentors, the Online MBA program from the Leavey School of Business gives you the choice to pursue a broad-based MBA or complete a concentration in Data Science and Business Analytics, Marketing, Finance, Entrepreneurship and New Ventures, or Leading Innovative Organizations. Strike the perfect balance between your education and your life in this flexible online program.

Take the first step toward redefining your career and your future. Schedule a call with an admissions outreach advisor today.