If you’re looking to make more money this year, then it might be time to switch industries.
Changing your career path can be a great way to increase your earning potential, but you’ll need to make sure your skills are in-demand.
We’ve taken a look at what industries can help you improve your finances going forward, as well as what study you can complete to give you a leg up when looking to make your next career move.
What industries pay the highest salary?
- Information Technology.
To help you decide on your next career move, we’ve taken a look at what industries/roles can provide a high salary, so you can see what appeals to you.
If you’re already working in one of these industries, then congratulations! However, if you’re not, never fear – there are courses you can take to make the jump.
Details can be the difference between failure and success, and if you’ve got an eye for detail, then becoming a construction manager might suit you. According to Payscale, construction managers earn an average of $110,547,
and it’s a role that’s in demand, given Australia’s continued growth.
Undertaking the BSB50420 - Diploma of Leadership and Management
can give you the management skills you need to thrive in the construction industry, teaching you things like how to manage performance and support people’s learning and development.
If you’re good with numbers, then working in finance
can make a lot of financial sense. Payscale shows that working as a finance manager means you can earn an average of $98,564.
Studying a BSB30120 - Certificate III in Business (Administration)
can give you a taste of the skills you’ll need to become a finance manager, so you have the chance to see whether it’s a move that’s right for you. Best of all, the skills are easily transferable, so this course can set you up for a variety of roles!
3. Information Technology.
If you’re someone that loves working with computers, then moving into the IT industry might be a fruitful move.
According to Payscale, IT managers
earn an average base salary of $105,366.
To start your journey into the IT world, then completing the ICT50220 - Diploma of Information Technology
makes a lot of sense. It’s an 18-24 month course, and can be done online – meaning it can fit around your current lifestyle.
How to calculate pay rise percentage
If you’ve decided you’re looking to negotiate your salary, then it’s important to ensure your calculations are correct. Firstly, ensure you’re setting an acceptable hourly rate for yourself by dividing your annual salary by 52 weeks, then however many hours you work in a week (if it’s full-time, then it’ll be 38). This means you can see how much you’re being paid for every hour you work, and you can find a number that you feel reflects your worth.
You’ll also want to consider whether you want your base salary to be increased, or your base salary + super. If you’re looking towards the future, then a super increase can help, but this may not always be possible – so it’s important to keep this in mind.
Finally, you’ll want to assess the opportunity for bonuses, stock options and employee benefits, just to name a few considerations.
These may be preferable depending on your situation, and can form a key part of a salary negotiation, so make sure you research what your employer/potential employer usually includes in their remuneration packages!
How to negotiate for a pay rise
- Put some time into upskilling.
- Go above and beyond.
- Do your research.
- Have a plan.
If you feel that it’s time to negotiate a pay rise, then there are a few things you can do to make sure you’re more likely to hear a “yes” when you ask. Some of the ways you can prepare include:
1. Put some time into upskilling.
Completing some extra study can help you stand out from the crowd, both when going for a job, and while you’re working. Upskilling
means you can move up the career ladder, helping you to increase your earning potential. It’s also a great way to explore different areas of your industry and find a niche that suits you!
2. Go above and beyond.
Believe you’re worth more than you’re currently being paid? Helping out in other areas of the company you work for can help to prove your worth, especially if it hasn’t been previously recognised. More responsibilities can lead to a promotion/raise, so it pays to be proactive!
3. Do your research.
Arming yourself with knowledge can help you make your case for a raise that much stronger.
Sites like Payscale
and the Australian Bureau of Statistics
can help you better understand how much people working in your field are getting paid, and whether there is a compelling argument for a raise.
4. Have a plan.
Failing to plan is planning to fail, and it’s important to know what you’ll do if the answer to a raise is “no”. Whether it’s going and upskilling, pushing for more responsibility or even looking for a different job, planning for all scenarios means that whatever happens, you’ll come out on top.
If you’re looking to make your next career move a profitable one, or you just want to upskill, then Upskilled is here to help. Upskilled provides an extensive range of nationally recognised qualifications across a range of industries, allowing you to change your career direction.
Ben Madden is a Melbourne-based writer, who loves all things music and sport. He’s a long-time and long-suffering Essendon supporter, and if you’re looking for any music recommendations, he’s your guy.