Traditionally, the highest paying salaries are often higher up the work food chain. Managers often make significantly more money than those they manage. However, younger generations are not necessarily aspiring to these roles. According to a recent Deloitte work survey, only 6% of Gen Zers aim for a management position in their careers.
However, Gen Zers still want to make good salaries. Here are some expert-backed ways they can do so without necessarily climbing that corporate ladder in the traditional way.
Understand That ‘High Paying’ Is Relative
First, “high paying” is a term relative to such factors as profession, field, employer, experience and geographic region, according to Wendy Terwelp, CEO of Opportunity Knocks of Wisconsin, LLC, a boutique career development firm.
It’s important to consider your interests, where you want to live and what figure equals the salary sweet spot. She recommended checking out salary ranges for different job types at Payscale.com and Salary.com.
Start With the US Department of Labor
For a great starting place to explore careers, Terwelp recommended checking out MyNextMove.org, sponsored by the U.S. Department of Labor. Some jobs that pay in the six-figure range include:
- Software engineer
- Computer engineer
- Nurse practitioner
- Pharmacist
- Surgical nurse
- Specialties — such as airline pilots and air traffic controllers
Other jobs that may also pay that well but require less schooling or come with on-the-job training, include:
- Journeyman plumber
- General contractor
- HVAC repair
- Electrician
Look Into ‘New Collar’ Roles
There are emerging roles dubbed “new collar,” Terwelp said, that are associated with professions where employees develop their technical and soft skills through nontraditional education paths.
“Employers trying to fill these roles focus on candidates’ skill sets rather than formal education degrees.”
New-collar employees may train on the job or through classes and certifications in community colleges, technical or trade schools, software boot camps, apprenticeships or internships.
“Depending on the role, some employees may even be self-taught,” she said. With so much technical information available on the internet, it’s not impossible for someone to learn the skills they need before ever starting a job.
Pursue Sales Jobs
Sales jobs are often lucrative, though they may be commissions-based, which can be great for the self starter, those who like to talk to people and those who don’t want to stay chained to a desk. Terwelp pointed out that there are sales jobs in multiple industries, including: financial services, insurance, real estate, engineering sales, medical sales (durable medical equipment, pharmaceutical sales) and many more.
Start a Freelance or Consulting Gig
There are always freelance and consulting style jobs where a person can parlay a skill or interest into a service, filling a gap for people who are too busy to do those services themselves. From virtual assistants to content writers and marketing consultants, freelance possibilities abound.
“This [grew] especially during the pandemic when people were able to work remotely and reassess their career goals,” Terwelp said.
She said that to do this kind of work, “a person needs to be highly motivated, structured, connected and well known.” You may be able to start with word of mouth in your existing networks until you can invest in the marketing to go wider.
Find Out About Fractional Roles
Another way up the salary chain is to become a “fractional” professional, Terwelp suggested, such as a fractional CFO, where they contract with an organization. “[They] still get the corporate experience without being a corporate employee.”
Consider Quantitative Analysis Jobs
If you’re good with numbers and finance and haven’t heard of “quantitative analysis,” it’s a good time to learn more, according to Lisa Dupras, owner at Elev8 Coaching.
“This is a lucrative career path in finance that doesn’t necessitate corporate ladder climbing or personnel management,” she said.
Quantitative analyst, trader and developer roles require high-level skills in advanced math, data modeling, programming and financial industry knowledge.
They involve designing or optimizing complex financial models used to determine pricing, trading decisions and product risk.
- Quantitative analysts design and refine pricing and risk models for financial products.
- Quantitative traders build algorithmic strategies to optimize financial portfolios.
- Quantitative developers are responsible for developing and maintaining trading systems and their infrastructures.
These high-demand jobs are typically found at hedge funds, trading firms, investment banks, asset management firms, stock exchanges, government agencies and consulting companies and can make in the high $200,000s, she said. You may need a postgraduate degree, however.
Work on Your Brand
If you decide to go a more independent or freelance route, Terwelp said it’s important to “elevate [your] personal brand” to increase visibility in the workplace.
“Participate on committees, employee improvement teams and ERGs. Document [your] achievements, projects done outside of the scope of [your] job duties. “
Consider Skills and/or Certifications
A variety of programs can help boost skills and credibility depending on the person’s occupation and industry, Terwelp suggested.
“For example, engineers earning a PMP (project management professional) or RNs (nurses) earning their NP (nurse practitioner) designation.”
She urged digging deep into soft skills too, like EQ (emotional quotient), interpersonal skills and presentation skills, business writing skills, and networking and community building skills.
“Continue to upskill. Build internal networks. Raise [your] internal visibility,” she said.
Evaluate Your Goals
Most importantly, evaluate your career decisions carefully, Terwelp said. “What will you gain? What might you lose? What is it worth to you?”
Source – https://finance.yahoo.com/news/10-ways-earn-top-salary-130138077.html