“The best way to command a higher premium is to supply a higher level of expertise.”- Anonymous
A number of the millennials and Gens Zs are not earning much and with little or no savings and investments. Is it because they are spending so much or is it because they are just not earning enough?
If it is about the former, then the solution is to cut on your expenses. Skip the dining out. Remove those stuff on your online carts. Cancel those subscriptions and memberships. Stop going to cafes. You can easily manage these. But let’s be honest about it. You can only cut your spendings by so much. You still have to eat, rent, pay utilities, and ride. There’s a floor to which you can reduce your spending.
In one study that I recently read, it showed that most of the generations today consider themselves financially challenged because they are not earning enough. The job opportunities available for them (considering their age and experience) offer minimal income/pay. Now, no amount of budgeting can fix an income that is too low. This just points us to one direction…the fastest way to improve our financial condition is not to just shrink our spending, it is more to grow our value and our earning capacity.
The good news is, while there is a floor to your spending, there is no ceiling to your earning potential. But there’s work involve to achieve this. We can only grow our value by building and possessing skills that the market is willing to pay well for. Upskill to upscale.
Upskill to upscale involves improving or developing your personal or professional abilities (upskilling) so that you can grow, expand, or elevate your performance and career/business to the next level (upscaling). Upskilling means learning new, advanced knowledge or technical abilities to stay relevant in your current or desired role and industry. While upscaling refers to expanding your output, moving your career up to a higher and more valued level and upgrading your lifestyle.
Whether you are working for a promotion or just trying to keep your job, upskilling is important. As technology reshapes workplaces across the various industries in our country and globally, businesses face a growing need for employees who can combine (advanced) technical know-how with human skills. Further down the road, managers and leaders are expected to be stewards of both skills among their team members.
The question is, how are you upskilling yourself for these business requirements? Remember, you are not being paid for your time. You are being paid for the value you create and bring in that time. One can earn 100 pesos for an hour while another can earn 1000 per hour. Same hours, same hard work. The difference lies on the value of the skills they bring in those hours.
Therefore, the focus is not on adding more work hours but having more worth per hour.
How do we then upskill oneself?
Having a clear understanding of oneself allows you to know your strengths, what and where you do well and at the same time points your areas of development and knowledge gaps that may be holding you back and preventing you from progressing. Make sure that you are able to identify and differentiate skills and knowledge gaps from attitude/mindset issues, which should be addressed differently.
Know what are the current job trends vis-à-vis your capabilities. What is the market and workplace looking for from its employees or candidate employees? Specifically, what role or job is it that you are eyeing for? Are you able to meet the new requirements and standards of the job? Based on your understanding of yourself and of the job requirements, identify the specific area you need to develop or improve on. Some may involve a little tweaking or upgrading while some may require learning a whole new skill set.
Now, you are ready to explore the available resources that can help you reach the next level. Undertaking professional development e-learning or on-line classes is one of the most direct and simple way to broaden your skillsets, stay ahead of the game, and make the most of your time at home. There’s the Coursera, Microsoft Learn, Facebook Blueprint, etc. Both local and international universities are offering free on-line modules to those who are willing to learn. Even TESDA has modules where enrollees can learn from the comfort of their homes.
But do not just watch on-line tutorials. Always mix theory with actual practice. You only learn by doing. You cannot call yourself skilled in a certain area, unless and until you have hands-on experience. Build real projects or take on additional work loads and assignments for experience and exposure. Integrate learning behaviors into your routines. Instead of listening to music, do audio-learning while exercising, driving or commuting. And do this regularly and consistently.
Seek career advice from your HR, your bosses or your work mentors who can provide relevant key career boosting tips and insights. As they have a broader lens on the available internal opportunities in the company and what it takes to get there, they can guide and steer you towards the right direction. There are also a lot of professional career and life coaches that can help you keep abreast of the latest industry trends and data, unleash your potentials and empower you to take it to the next level.
Build and expand your network. “Your network is your networth”. This simply implies that the people you know and the relationships you build and maintain are just as important and valuable as the money you have. Who are the people in your circle? Who are the people you are spending your time with? Build personal relationship with people who can help you grow, you can learn from and inspire you to be better. You have to get into their attention, their awareness, their circle. Use the different social media platforms like LinkedIn, Discord, Instagram, or WhatsApp to build and expand your network with these people. Remember, good connections bring job leads, business partners, inside information and access to many opportunities that money cannot directly get for you.
Upskill to upscale connects personal or professional growth directly to an elevated lifestyle, higher value, and greater success. And since this does not consider age and experience, everyone, especially the younger generations can choose to upskill in order to upscale.
