In 2018, one study found that 43% of recent college graduates are “underemployed” in their first job out of college. We are constantly hearing about unemployment rates, but we don’t talk nearly as much about underemployment. Underemployment is when a worker’s skills are not fully utilized or simply not needed. This can leave the worker idle or unfulfilled. One of the reasons that college graduates are underemployed is because the skills they acquire in college are not transferable to the workplace. It is becoming increasingly common for graduates to spend a lot of time and money in college, only to find that they won’t use most of what they learned. The good news is that we all have the capacity to learn and improve our skills after graduating. I want to share 3 soft skills to develop that will increase your income, regardless of your industry or career.
Communication
In my blog post called, “How to Increase Your Income Starting Today,” I shared a few thoughts about the importance of working on your strengths. It is absolutely essential for you to find out what you are naturally good at and perfect it. Many people feel quite intimidated, however, by the idea of communicating with others. Communication is one of the most important skills that you can acquire, regardless of your career focus.
Charles Schwab was one of the first people in American business to be paid a salary of over a million dollars. He worked for a gentleman by the name of Andrew Carnegie, one of the richest men in history. At 38 years old, Schwab became the first president of Carnegie’s company, United States Steel Company in 1921. Although he was president, Schwab admitted that many of his workers knew more about manufacturing steel than he did. We can eliminate the idea that Schwab was an expert as the reason for his massive salary. Instead, Schwab pointed to a soft skill that he had mastered as the reason for his success. When asked why he was paid such a hefty sum, Schwab attributed it to his ability to deal with people, or communicate effectively.
“I consider my ability to arouse enthusiasm among my people, the greatest asset I possess. The way to develop the best that is in a man is by appreciation and encouragement.”
Charles Schwab
The first man to make a million dollar salary attributed his success to the ability to communicate. He placed this soft skill above any knowledge or expertise above his peers. Frankly, many live by the notion that expertise is all that’s needed to dominate their field. While expertise is a key ingredient to success, communication is a soft skill that will greatly increase your income. The primary leaders in any field are all great communicators. To dominate your field, you must also learn to communicate effectively with others. To get started, I would recommend the book, “How to Win Friends and Influence People,” by Dale Carnegie. You’ll find it in my recommended books page.
Leadership
“Everything rises and falls on leadership.”
John Maxwell
John C. Maxwell is one of the most iconic authors and speakers on the subject of leadership. When I was a college student, I had the opportunity to hear him speak at my university once but did not yet appreciate his wisdom. I now own many of his books and always recommend him to others as someone to learn from. Leadership is a soft skill that you must acquire and develop. By doing so, your income will also increase tremendously over time.
According to Maxwell, leadership is influence – nothing more, nothing less. If you want to increase your income and dominate your field, leadership is the soft skill to get there. Many people believe that leaders are born, which means only a select few can be leaders. The reality is that all leaders are developed over time, even if some have a natural gift for it. Without leadership, nothing gets accomplished. Leadership causes people to take responsibility to ensure problems are solved, tasks are done, and goals are met.
My favorite book by Maxwell is called, “5 Levels of Leadership.” It destroys the notion that someone is a good leader because they hold a position. Maxwell says that this is the lowest level of leadership called – positional leadership. Many people stop at this level and think they’ve become a leader because someone gave them a title. I personally know many people who are good leaders that don’t have a title. One reason they are good leaders is because they have influence with others, which doesn’t require a formal position.
If you want to increase your income, develop the soft skill of leadership. Begin to read books by Maxwell and others on the subject. Decide today that you will take personally responsibility in any area you work in. Leaders lead without being asked or begged to do so, and don’t make excuses for a lack of execution. Leaders also don’t complain and voice problems, but rather come up with solutions and voice new ways to solve those problems. Leadership is the key to rising to the top in any field you work in.
Self-Discipline
“The first and best victory is to conquer self.”
Plato
Self-discipline is the final soft skill to discuss that will increase your income. As Plato mentions, it is certainly the first victory we must win to become successful in any area. To achieve anything in life requires discipline. We all must continually strive to win this battle against our own will, emotions, and desires. You won’t find a single successful individual who has risen to the top of their field without self discipline.
Instead of self discipline, many individuals engage in a practice of self sacrifice. This happens when we sacrifice our health in pursuit of gaining one more business deal. We may even sacrifice our emotional well being in the process of reaching what we think will bring us success. The reality is that it takes self discipline to reach your goals and succeed without the side effect of self sacrifice.
When we discipline ourselves we will understand the importance of balance. We will work when we work and learn to play when we play. We will understand that we must manage our time effectively in order to ensure other areas of our lives get proper attention and focus.
“For every disciplined effort, there are multiple rewards.”
Jim Rohn
This quote really sums it up for us. Self discipline is a soft skill you must acquire if you want the associated rewards. Jim also said,
“Everything has its price. Neglect discipline, and there will be a price to pay.”
It works both ways. You can either acquire this soft skill, implement it daily, and reap its rewards. Or you can neglect this soft skill, ignore it daily, and reap its consequences. Either way, self discipline has a major influence on your ability to succeed and increase your income.
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