There is always the notion that to earn more, one has to provide good value to specific audience that is willing to pay for what is offered. This applies in both business and career contexts. How do you get this done? Is there a simple way to explain this which creates maximum traction?
The first thing to clarify is to stop focusing on Job titles and instead focus on Impact. For example, someone could be a VP in a company that is stagnant but in reality actually have more impact and rewards as an Individual Contributor (IC), in a company that is more dynamic and growing.
There are three principles that can be useful to grow your career and have maximum impact - They are (1) increase Scope, (2) expand your network and (3) build a bigger team. Lets break these down
1. Increase Scope - This naturally gives one more surface area to cover - Can be considered in the context of quantitatively and qualitatively. Impact will come from the quality of the work being done, not just how much work you do. In practical terms, it's good to see what is in demand and focus on how one could contribute there. It could mean learning a new skill or simply doing some intense research to become useful on specific topics. The main question; is the work you do providing sufficient impact and challenging?
2. Expand your network - This means in order to have impact, it's important to have partners that will help in this process. For example, if the area is new, getting a mentor who is an expert in that space could be one approach. Look at it from a value chain perspective, then see how to relate to different players in the ecosystem to surface new opportunities. A bigger network can provide help to grow in several ways. Another example, if you are a small business or startup, getting more investor partners could help grow the business faster.
3. Grow your team - This depends on the role you play currently. If an IC, then maybe it's to build relationship with others that can help deliver on projects. A person that is a freelancer, can look to hire more sub contractors to offload specific tasks or to take on new complex work. Naturally a manager or business owner would hire more persons into the team to take on more new work and scopes. Again, quality versus quantity is an important consideration for the team. What skill sets are required to help you grow? who can help you achieve specific milestones?
Ultimately, the goal here is to scale yourself in a way that ensures wellbeing and maximize impact. John Maxwell, states that for a business to grow the leader has to be growing too. If the leader is stagnant, the business will be the same. Therefore, growth is a mindset that applies in pretty much any areas of your life. Alternatively, consider the Massive Transformative Purpose (MTP) approach to driving career growth decisions.
What is your approach to career growth?