Corporate Survivor with Mei Phing : Career Growth In The Corporate World - Ep105: 6-figure SALARY in 2022. The 5 best money strategies.

Episode Date: February 7, 2022

✅ Get My FREE '5-Day Career Growth' Guide + Training 👉 http://www.meiphing.com ✅ Grow your career in the 9-5 corporate world with clarity, confidence and opportunities! ⚡ 👋 Welcome to the Corporate Survivor with Mei Phing — corporate career coach, ex-corporate leader who has led multimillion-dollar projects across 43 countries and creator of the ultimate career course for 9-5 professionals, The Corporate Survivor™. On this podcast, you'll learn how to grow your career in the corporate world without getting stuck with Mei Phing's 3-step framework to gain career clarity, improve work confidence and attract new job opportunities. ✅ WEBSITE ⮕ https://www.meiphing.com ✅ FREE GUIDE ⮕ https://www.thecorporatesurvivor.co/5days ✅ COURSE & COACHING ⮕ https://www.thecorporatesurvivor.co ⚡ 📌 ABOUT MEI PHING: Mei Phing Lim is a Professional Career Coach and former Corporate Leader in the financial services and consulting industries. Mei Phing went from a shy quiet introvert to leading multimillion-dollar projects with teams from over 43 countries as the Senior Director and Head of Governance at Standard Chartered, and now teaching 9-5 professionals how to navigate the corporate world and grow their careers with her career coaching course, The Corporate Survivor™. Mei Phing has been featured as a LinkedIn Top Voice 2023, sharing expert career advice in guiding young professionals to plan, navigate and grow their careers. Mei Phing is a keynote speaker on corporate culture, work performance and career growth, and sharing perspectives on what truly takes to build a strategic and successful career without getting stuck. ✅ LEARN MORE: https://www.meiphing.com

Welcome to the Corporate Survivor Podcast, where we talk about how to grow your career confidence, build your skills and value, increase your salary, and the many lessons we learn in the corporate world. For more career support, click on over to www.mayping.com. This is Mayping, your corporate leader turned career coach. I hope you enjoy, like and subscribe. You're an ambitious corporate professional. I am sure that hitting that six-figure income is one of your biggest career goals. And in this episode, I want to share with you some strategies that you should be aware of

to help you hit that six-figure income mark that you really desire. So now let's dive right into it. First things first, step number one, you realize that if you don't ask, you don't get. A lot of things in our life, in our career, and even in business, it's about having the courage to ask for what you want and take action to get there. So for example, do you want a promotion this year? Ask for it. Do you want new opportunities this year? Ask for them.

You want a new career this year? Go for it and take action. The more you stay stuck where you are, the further you are away from that six-figure income mark that you really desire. So the question to you is, are you taking action, stepping out of your comfort zone and really asking and going for what you actually want that can get you closer to that six-figure income mark that you really want? Step two is to be aware of the trends in the job market that can really give you the opportunities available

in growing industries as well as growing jobs. Now, this is really important because if you are in a job or in an industry that is dying, that has no potential and is not growing, guess what? You will also not grow and you will not hit that six-figure income mark that you want.

To increase your chances and really fulfill your own potential, what you want to do is to take advantage of the growing jobs and growing industries and step your foot in there to gradually increase your career opportunities and income opportunities as well. Now, LinkedIn has recently released their 2022 Jobs on the Rise list for all the major countries that list now the top jobs that you should be considering and you could look into transitioning to if you want to make more money and have more career potential, career opportunity down the road.

Now, so if you stay until the end of this episode, I will be going through with you the list of the top jobs for all the key countries so that you can know what exactly are the roles that you should be targeting and how much is the income potential that you're actually looking at. So if this is something of interest to you, make sure that you listen to the end of the episode. If you're working hard and putting in effort in the wrong places, it's going to be difficult for you to eventually get to the six figure mark so if you want to grow then you also want to pick an industry that you can grow together with the industry so quick example in my own personal career when i first got into fintech

and technology it was in 2013 where nobody even knew what fintech was right but look at the potential many years later on like eventually fintech really boomed and i was really glad to have that opportunity early on to be able to grow with the industry so this is really the simple example that i want to share with you but a very powerful one as well so you want to get into a growing industry, then this is the best time to do it. Step number three is actually learning how to negotiate your salary. Now, you can get into a growing industry, you can get into a growing company, a growing job, but if you are getting paid a very low number, again, it's going to take you much more time to hit that six-figure income that you really desire. So make sure that you negotiate your salary, negotiate your compensation plan,

negotiate your benefits even before you sign the offer letter. Now, salary negotiation is something that a lot of job seekers feel afraid to do, but it is so important that one decision could make the difference within that one, three, 5, or even 10 years for you working in that company. And it also affects the next salary that you are going to get.

So I know it sounds really scary. It's very tricky. But salary negotiation is one of those things that you need to really, really, really master to be able to elevate your career and your income potential later on.

It's scary now, but wait till you regret it many years later because you're underpaid. So not cool. And that was something that has happened to me as well, but different story. I wish that I had negotiated my salary from the beginning of my career. So make sure that you do that.

Negotiate, negotiate, negotiate. Make sure that you are actually paid for the value that you think you can bring to the table. Okay? Now, step number four, it, make sure that you are actually paid for the value that you think you can bring to the table. Okay, now step number four, and this is a really, really important step as well. Step number four is hustle. Now, hustle is controversial topics out there, but what I want to invoke here is, if you are in a growing industry, a growing company, in a completely new position guess what is very prominent the learning curve is going to be tricky for you to be in a dynamic environment where you may or may not be aware of how to exactly do the job or there'll be so many changes that it gets very tricky

so the ability for you to hustle and work hard for something that really matters is so, so, so, so, so important. You cannot work smart without first learning how to work hard, right? The effort is something that is almost expected in any growing industry, in any growing company. So if you want to make the six-figure income, make sure that you also remember that you may also need to put in a six-figure effort or giving the six-figure value in exchange for the six-figure income. I think a mistake that a lot of people make is, oh, you know, I want a six-figure income, but they are not willing to put in the effort for, you know, what the six-figure income demands or maybe that position that a six-figure income is actually getting them.

Now, on to the final fifth tip to help you make a six-figure income in your career is to choose something that aligns with your passion and interests. Now, passion is one of those things that sounds a little bit fluffy, but it's also important to recognize that if you're working on something that you do not care about, it doesn't matter how much effort you put in. It also does not matter how much money that you make because it sounds like a really frustrating journey. So make sure that when you're looking into career options, really ask yourself, is this something I'm interested in? Am I excited to learn more knowledge, industry trends, gain the skills, gain the expertise, all those things. Does learning more about this industry and this company type excite you? Money is important, but it's not the most important thing.

So make sure that you balance that so that you can also find fulfillment and satisfaction in your job as well as in your career while making that six-figure income that you really want. Okay, thank you for staying to the end of this episode and now I want to go to the top jobs that are recommended by the LinkedIn's Job on the Rise list for this year and I want you to see how many of these jobs are you currently in or how many of these jobs are you actually interested to get into. I'll be sharing the jobs as well as the salary range for you to get a sense of how these jobs can really get you closer or immediately get you into the six-figure income range that you really want.

So now, let me have a look at the LinkedIn article and actually share those numbers with you right now. All right. Now I'm going to share with you the top 10 fastest growing job titles in the US that if you really want to make more money, then make sure that you are actually considering these job titles and these jobs. Number one is vaccine specialist. This is a position that popped up during the pandemic and is likely here to stay as well. Number two, diversity and inclusion manager. This is one of those roles that are also very interesting and really talks about the company culture. And if you want to become a

diversity and inclusion manager, you need about nine years of working experience and it could get you between 60 000 us dollars to 145 000 us dollars so immediately passing the six figure mark in this decision now moving on to number three customer marketing manager marketing is one of those areas that are consistently on the rise given the digital marketing space nowadays and if you want to be successful to get into this role, you need about 10 years of working experience. And this role can get you between $89,000 to $154,000. So as you can see for the median over here, the $89,000, it's pretty close to $100,000 already.

So that means that if you are successful to get yourself a marketing manager job, it should be in no time that you can hit the six-figure mark that you really want. Moving on to number four, machine learning engineer. Now, you need about four years of working experience as a machine learning engineer to really be able to thrive and add value in the field. And although four years sounds a little bit lower compared to the rest of the roles, but what's important is the technical skills that you bring to the table. So a job as a machine learning engineer can get you $72,000 to $170,000. Now, this is a $100,000 difference in in between but it also goes to show that there is

a lot of potential there's a lot of value of being a machine learning engineer given the ai space at the moment and it could be a really interesting job to get into number five process development scientists this is also a pretty interesting role that requires about four years of working experience in advance, but you can potentially get between $52,000 to $119,000. So scientific area is always ongoing and given the advancement in science, technology and multiple things, this could be a really interesting area that could elevate your career opportunities and career growth in the years to come. Number six, business development representative. Now, basically, this is a sales position. Now, you need about four years of minimum working experience to be able to really add value. And the range that we're looking at is between $35,000 to $68,000. Now, you might be wondering, hey, Mei-Ping, this is less than the six-figure mark. And can I really consider this as a thriving job?

Now, you just want to remember that for a lot of business development roles, the salary package comes in multiple different dimensions, right? So even though the base salary may sound less than six figures, a lot of times there are a lot of commissions, a lot of fees involved, and you could easily get that six-figure income that you want given the commissions. Once everything is added in,

you can easily hit the six-figure income. So be cautious of how different job titles or different departments have a different salary, you know, have a different salary package so that you're a lot more flexible doing the salary negotiation, in which I've already talked about earlier, so important to negotiate your salary, okay? Job number seven is a search marketing manager. A lot of things are happening online right now, you know, digital marketing and everything else, SEO.

So in order to become a search marketing manager, you need about six years of working experience and it could bring you about $46,000 to $90,000. So again, this one looks a little bit less than a six-figure mark, but SEO is not going away. Marketing is not going away. So again, a very interesting area that you might want to consider if you want to have a career that is future ready. Now, moving on to job number eight is the user experience researcher. So in order to get into this role, you need about eight and a half years of experience, which is a little bit much. But this is really focused on UX product design, which is also a pretty interesting area in the next five years to come. So getting into this, you know, getting into this job title, this area right now will bring you about $68,000

to $151,000 in between, pretty nice range between 60 something to $150,000. But there could be a lot of potential in this product and design area as well. And number nine, business system administrator. Business system administrator. Now, what do business administrators do? A lot of hardware, software systems, maintenance, and similar things like that. So to become this administrator, you need about four and a half years of working experience and the job can get you between $52,000 to $110,000. So there is a bit of a range there, but of course it does depend

on how many systems are you aware of and how good your technical as well as industry knowledge is. So there's always a dependency on that. Then number 10, analyst relations specialist. So you need about four and a half years of experience to become this analyst. And the range that you can make is between $53,000 to $147,000. Not bad, given that you only need about four and a half years of experience. And given that this is an analyst position, you could transition from other analyst positions, maybe you're currently in or previously have been in. So there are a lot of related skills given that this is an analyst position you could transition from other analyst positions maybe you're currently in or previously they've been in so there are a lot of related skills that are transferable to get you that six-figure income in which this sort of job title is actually offering

okay all right those are the top 10 jobs that are recommended by the linkedin's 2022 jobs on the rise list well those are really interesting ones there are also other very interesting positions as well that did not make it to the top 10 list but are equally trending in their specific countries so now let me share a couple of those with you so that you can also visualize that yes there are other job titles that could be paying you six figure income as well beyond the 10 that i've just mentioned earlier. So bonus number one, chief human resources officer. With the great resignation happening nowadays and there's all the trend, human resources is one of those functions that are more important than ever.

So in order to become a chief human resources officer, you need about 15 years of experience and it can easily yield you more than six- six figure income given that it is a c-suite position aside from that other engineering roles that are really popular may also include a data engineer where data is one of the most important things in the digitization area that we live in right now so being a data engineer will require you about eight years of experience for a pretty experienced position and could bring you between $81,000 to $147,000. So being a data specialist do have these perks as well. The next one is talent acquisition specialist.

Now, you may be surprised how talent acquisition made it onto the list of rising jobs in 2022. And the reason is because of the great resignation trend that is happening in the job market right now. So in order to truly add value and gain as much experience as possible in talent acquisition space, you need about eight years of experience, but it can bring you in between $70,000 to $123,000. So pretty sizable number and a really important function of talent acquisition in identifying talent

and the best fit for the role. And the last one I'm going to share with you is a content designer. So this is not exactly a role that existed many years ago, but nowadays with the rise of content marketing amongst other things

and personal branding, content designer, content marketing is one of those areas that are rising in popularity. And I can imagine that it will continue to grow in the years to come. So you need about nine years to be a content designer if you are going more on the technical side for UX. But if it's content marketing, you probably need a lot less than that. So how much can you make in this position?

I'd say that it is a huge range depending on the domain of content design that you get into. But I think this is a really exciting area to consider if you are somebody who is dynamic, you want to impact change, you want to impact messaging, branding, something that you're really interested in, then I say give it a try

because I don't think content marketing is going away anytime soon. And with the rise of personal branding trends and the importance of that being emphasized all the time, I think it is one of those job titles that are here to stay. So with that, in this episode, I hope that I've given you some good insights on how you can strategize and plan towards meeting that six-figure income that you really want. And I hope that you are going to take the actual steps required to get there. So let me know in the comments below, what is the one step that you're going to take after today's video? Tell me also, what is the one job title that you're probably going to really consider to advance your career this year. So with that,

I will see you in the next episode and all the best in your career.