Whether you want to buy a home, travel the world, or retire early, you need a high income to reach your financial goals. Making more money also helps escape debt and live your dream lifestyle. But while you can ask your boss for a promotion, the company might not be in a position to give raises. Fortunately, there’s one thing you can do to improve your finances.
Changing Jobs to Improve Your Finances
Per the Federal Reserve Bank of Atlanta, job-switchers received a 6.4% wage raise as of June last year, compared to job stayers who only increased their earnings by 4.7%. While you can negotiate better pay at your current job, sometimes quitting makes more sense.
For example, it’s time to leave if you’ve exhausted growth opportunities. Instead of wasting your potential in an underwhelming job, seek new challenges in another company. You could also leave when the workplace is toxic—watch out for red flags such as low team morale, unrealistic deadlines, departmental hostility, and disregard for professional boundaries.
Another cue to move is if the company is on the verge of collapse. Although businesses experience highs and lows, plan your exit if the company starts laying off staff, closing down branches, losing clients, and delaying salaries.
Remember, changing jobs doesn’t just increase your income. You also expand your professional network and acquire new skills for career advancement. If you’ve always wanted to relocate, you can find a job in a different city, state, and even country.
Securing a Better Paying Job
The first step of changing jobs is weighing your experience against the requirements of your dream job. If you’re not qualified for the role, you can enhance your skills by reading, learning new technologies, and taking online and in-person courses.
But while technical expertise is important, remember to work on soft skills such as confidence, negotiation, critical thinking, and teamwork. For instance, you can volunteer, seek mentorship, cultivate healthy relationships, and practice observation and active listening.
The next step is showcasing your abilities—you could update your resume, build a social media presence, start a blog, and create a portfolio. When it comes to job applications, review the description before rushing to apply. You can research the organization and tailor your resume and cover letter to the vacancy’s requirements. Another option is reaching out to decision-makers such as CEOs, hiring managers, and department heads. You could also find career openings through referrals, workshops, and social media forums.
Preparing for the Interview
Your resume might be impressive, but landing the job depends on your interview performance. Here’s how to nail your job interview.
- Conduct mock interviews
- Prepare questions for the interviewer
- Research the company’s products, services, and culture
- Prepare for a skills test
- Arrive on time
- Dress the part
- Control your emotions
- Watch your tone and body language
- Bring your resume
- Emphasize your selling points
If the interview is virtual, make sure to:
- Test your internet speed
- Check your computer’s audio and video capabilities
- Adjust your lighting
- Find a quiet spot
- Limit distractions
- Expect small talk
- Find the right backdrop
- Master the interview platform
- Communicate any network glitches and suggest a back-up
- Follow up
Don’t Burn Bridges
No matter your frustrations, leave your job on good terms. This means giving proper notice to your employer, preserving company secrets, and staying in touch with your colleagues. Remember, you still need a letter of recommendation from your boss and might reconnect with colleagues on future projects.
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