Traditionally, earning ceilings are often viewed as immutable, but they are more complex than they appear.
In many cases, the limits on how much you can earn are dependent on external factors, such as the market environment, industry trends, and macroeconomic conditions.
In my view, I think the real barrier for earning ceilings is often internal, but the more tangible one is external.
Addressing any limiting beliefs, like confidence issues, or impostor syndrome that may be holding you back from advocating for higher compensation is very crucial.
A simple way to determine one's earning ceiling is to closely examine the typical compensation ranges for your current role, skillset, and level of experience within your industry and perhaps, geographic location.
This could involve researching salary data from reputable sources, understanding job postings in your field, and networking to get a sense of what peers are earning.
The main purpose of that is simply benchmarking yourself against the market, and also identifying the upper bounds of your current earning potential.
I've noticed this number is not static, it can increase or decrease dependent on factors outside one's control. For example, a sudden surge in demand for your skillset within your industry or region could significantly raise the earning ceiling, while an economic downturn might constrict it.
Internal Barriers And External Factors
Of course, we could also say it's dependent on making the choice to move into a different market or industry, which is a bold but potentially lucrative step.
In such a case, shifting into a higher-paying field or location can dramatically expand our earning ceiling, though it may require acquiring new set of skills or credentials, which will involve additional time and investment.
I think one could speculate on the idea of an infinite earning ceiling, as in no limit to how much one can earn. This sounds utopian.
But from a time perspective, an infinite earning ceiling is unrealistic because there are limitations on how much one can earn within a finite amount of time.
Even if someone were incredibly productive, there are only a certain number of hours in a day and years in a lifetime. To earn infinitely, they would need an infinite amount of time, which isn't possible. Besides, we live in a finite environment, with finite resources.
Taking big shots or making big moves can seemingly break one's earning ceiling, irrespective of whether the individual aimed for it or not. So perhaps, there's an element of luck to it too.
But I rather much prefer to tackle the lowest hanging fruit first before risking climbing on the top of the tree, even if it's unintentionally.
Naturally, there are two sides to it in terms of breaking through your earning ceiling - the internal and external aspect.
Having the ability to solve the internal aspect and allowing it to reflect on the external aspect is an intuitive way to go about it. It is said that change begins from the inside.
Once you've cultivated the right mindset of abundance and deservedness, then it becomes less hard to leverage data-driven negotiation tactics, showcase your unique value proposition, and confidently push for promotions, raises, or new opportunities that align with your new earning potential.
Sometimes, it just really comes down to viewing life as an open-world game, where you have the agency to continuously level up your skills, expand your options, and make strategic moves to maximize your earnings.
At least that's how I always tend to view it in such situations.
Thanks for reading!! Share your thoughts below on the comments.
Posted Using InLeo Alpha