Elevate your value, then elevate your price.

We’re rounding out the first quarter of the year and it’s time to talk about…yes, yes you guessed it —-> 💰MONEY💰

More specifically, we’re talking about our income-earning potential for 2025 and how that might look as an agenda item on our list of goals for the year.

Why think about 2025 when we’re only one-quarter of the way into 2024? Because everything we do for ourselves and our careers today will pay directly into what we’ll earn and can demand for our work in the upcoming year and beyond.

The common practice is to think about pay increases and job elevation at the end of the year, oftentimes while writing our end-of-year review where we’re given the time and space (albeit character limitations) to plead our case for a promotion or raise. And while this practice isn’t necessarily a bad thing, our philosophy at BGCW is that if you’re waiting to think about these things until it’s time to write your review, it’s almost always too late if you truly want to climb the ladder and get to the almighty dollar.

Here’s why…

In most cases, companies have to budget for raises, promotions, and bonuses well in advance and are often thinking about these things years ahead from a financial perspective. So if there’s a budget to abide by, that means there’s only one bucket from which all monetary increases can come from, i.e. your raise, Bob’s raise, and even the janitor’s raise - whose job is equally as important. This bucket likely grows and retracts based on company growth, performance, and other factors - all of which are completely uncontrollable and might impact your earning capabilities with that particular company depending on their merit program and how they slice the pie.

For these reasons, we stand by the notion that there’s a more strategic way to position oneself for more money and opportunity when career advancement and economic growth are the primary objectives, and it begins with one simple formula: increased value = increased return.

In the world of business, it’s understood that in traditional and fair instances, one can demand a pay rate that is consummate with the value they bring to an organization, team, project, etc. Equal pay for women and minorities has and will likely always be a topic of advocacy discussions; which is why we’re saying, “As a woman of color, you gotta get out ahead of the game in thought and action if you want a shot at marching to the beat of it like everyone else.”

Getting out and ahead of the game and advancing to the front of the pack involves activating a strategy that allows you to consistently elevate your value so that you can consistently elevate your price. Here are a few tips to help get you on the path toward elevating your career and life in 2025 and for years to come!

Photo: Syda Productions

(1) Begin with the end in mind.

If you’re in a professional role in a corporate setting and you haven’t decided where you ultimately want to land in your career, it’s time to get to it today. Knowing where you ultimately want to land dictates every move you make from this point forward and is a baseline requirement before you can consider income potential and career trajectory.

(2) Understand what it takes to be qualified for your aspiring role.

Once you know where you want to go, it's time to do your research if you haven't already. What education, certifications, experience, etc. are required to be qualified for what you ultimately want to do? What do the career and educational paths look like for others who hold these positions now?

(3) Understand what it takes to be in high demand for your aspiring role.

Once you have a baseline of what it takes to be qualified, take time to discover what you’ll need to raise the bar and compete at the highest levels within that field. This is where you can get creative and innovate on top of what has already been successfully done within your target field of work.

(4) Understand where you are and be real about it.

Plot where you are on the journey and decide what should happen next. Everyone who’s anyone started somewhere and it’s best to be realistic by embracing your own humble beginnings. Are you at the right organization or is it time to change companies? Or maybe you’re at the right organization but you need to change departments. This is where the benefit of long-range career planning can have a direct impact on your earning potential and the amount of time it takes to reach your salary goals. Being real about where you are will get you where you want to go that much faster, and you might just pick up a sponsor or two along the way if your attitude is postured toward learning and putting some skin in the game.

(5) Pick a path, stick to it, and stack ancillary skills on top as you go.

Once you’ve done your research the path should be clear. Once the path is clear you should do your best to stick to it before you get too far down a path you don’t want to be on. Once you decide, start adding some new tricks to your magic toolbox by stacking complementary skills and abilities on top of your primary role. Now, these skills aren’t necessarily required of you but if mastered would complement your job, team, and department while positioning you well to ask for a promotion and pay increase. As you progress in roles, continue adding to your ancillary stack of skills and never stop learning. In doing so you will continuously add more value to yourself and be considered one of the highest-skilled employees amongst your peers.

(6) Demand based on value.

Demand = value. A simple business principle that can now be leveraged after taking the necessary steps to increase your value in the workplace. Find strategic opportunities to showcase your value and contribute in ways that help your peers get their work done while making the job of your leadership team less burdensome or complicated. With the skills and action backing your ask, making the case for why you shouldn’t receive what you ask for should be the most difficult to support.

In the BGCW member community we are all about the advancement of life and career, and just simply thriving in every way we possibly can. We discuss money and more in great depth, unfiltered, with like-minded women in safe and private environments. Click here to learn more about our member community and how you can become a part of a growing movement and collective.