Ali Abdaal - How to Make More Money as an Employee
The video emphasizes that while entrepreneurship is often touted as a path to financial freedom, it is not suitable for everyone. Instead, it offers nine practical strategies for employees to advance in their careers and earn more money. These strategies are shared by Jenny Wood, a former Google executive and career development expert. Key strategies include becoming your boss's favorite employee, preparing thoroughly for one-on-one meetings, and sending a weekly update email to your manager. The video also highlights the importance of communicating effectively, being a positive energy contributor, and having career development conversations with higher-ups. These strategies are designed to help employees gain visibility, build strong relationships with their managers, and ultimately secure promotions and raises. The video also mentions the importance of aligning personal goals with company objectives and being proactive in career development.
Key Points:
- Become your boss's favorite employee to increase chances of promotions and raises.
- Prepare thoroughly for one-on-one meetings with your manager to demonstrate value.
- Send a weekly update email to your manager to increase visibility of your work.
- Communicate effectively by focusing on company benefits rather than personal gains.
- Schedule career development conversations with your manager and their superiors.
Details:
1. 💼 The Reality of Making More Money
- Entrepreneurship is not for everyone; only about 7% of the population become entrepreneurs, leaving 93% as employees.
- Advancing within a company can lead to financial success, with opportunities for promotions and raises.
- Jenny Wood, a former Google executive, founded the 'Own Your Career' program, helping thousands improve their careers and earnings.
- The video aims to discuss nine practical strategies for employees to earn more within their current jobs.
- Focus is on actionable steps to improve career advancement and salary growth without starting a business.
2. 👔 Becoming Your Boss's Favorite
- Your boss can significantly influence your career progression, financial freedom, and overall success by approving raises, recommending promotions, and assigning valuable projects.
- A positive relationship with your boss impacts your happiness, productivity, engagement, and motivation, potentially more than personal relationships.
- A negative relationship with your boss can lead to stress, anxiety, sleep deprivation, and hinder career growth.
- Being valued by your boss can enhance your job satisfaction, confidence, and increase chances of promotions and raises.
- Building a strong relationship with your boss is a strategic step towards career advancement and increased income.
3. 📅 Preparing for One-on-Ones
- The majority of people do not prepare adequately for one-on-one meetings, often starting with an empty document.
- An upgraded, yet insufficient, preparation might include vague topics like hiking backpack sales or a career check-in.
- Jenny, a professional career coach, recommends organizing your one-on-one document into four categories: business, operations, people, and career (added every four to six weeks).
- Each category should include bullet points with numbers and links to provide concrete data for discussions.
- Improving preparation can significantly impact your career advancement, as it influences not only your actions but also your manager's perception of your contributions.
4. 📧 The Monday Morning Email
4.1. The Importance of Visibility in Career Advancement
4.2. Voice Pal App for Efficient Writing
5. 🔄 You vs. I Communication
- Shift from 'I' to 'You' in communication to focus on the other party's needs and interests.
- In professional emails, replace phrases centered around 'I' with those centered around 'You' to enhance engagement.
- Example: Instead of saying 'I loved the gift box you sent,' say 'Thank you for the gift box you sent.'
- In job interviews, prioritize how you can add value to the company rather than discussing personal growth goals.
- Employers are more interested in how you can improve business metrics like customer satisfaction, revenue, and productivity.
- Candidates should articulate specific skills and how they align with the company's mission and goals.
- Instead of focusing on what you will gain, emphasize how your skills will benefit the company and contribute to its success.
- Use job interview examples: Instead of saying 'I am looking to grow my career with your company,' say 'I can help grow your company's market share by leveraging my skills in sales and customer engagement.'
- Incorporate diverse scenarios where shifting from 'I' to 'You' can create a more positive impact, such as client presentations and networking events.
- Highlight the strategic advantage of 'You-focused' communication in building stronger professional relationships and achieving business objectives.
6. 🐙 Taming the Octopus: Communicate Clearly
- Communicating with conviction is essential for career success, enabling more compelling and influential exchanges.
- The 'Tame the Octopus' tool focuses on succinct communication to enhance influence and authority.
- A role-play example highlighted ineffective communication as a 'word salad' that fails to impress superiors.
- An improved communication approach involves listing key points, prioritizing them, and providing concise explanations.
- Pausing to organize thoughts before speaking enhances perceived preparedness and intelligence.
- Providing three clear options with a point of view (POV) impresses superiors and supports decision-making.
- Communicating with a structured approach is often perceived as common sense but is not commonly practiced.
- Effective communication involves preparation, such as writing down answers before speaking.
7. 📊 The First Slide That Grabs Attention
- The first slide is crucial for capturing the audience's attention and setting the tone for the rest of the presentation.
- Prioritizing the first slide is essential, as it should clearly convey the purpose and key message of the presentation immediately.
- Executives and managers value concise information due to their time constraints, making clarity and focus on the first slide imperative.
- The 'Grab' method focuses on providing key information upfront to enhance audience understanding and engagement.
- An effective first slide avoids excessive data and unclear messaging, which can detract from the presentation's impact.
- An example comparison illustrates how the 'Grab' method improves clarity and focus, highlighting the transformation from an ineffective to an effective slide.
8. ⚡ Becoming an Energizer at Work
- Being a net positive energy contributor is highly valued in organizations.
- Managers often have numerous back-to-back meetings; being someone they look forward to meeting with can be advantageous.
- Net positive energy contributors, or 'Energizers,' are seen as assets within a workplace.
- Research shows that Energizers earn more, receive more promotions, and get better evaluations from peers and managers.
- Creating an 'energy map' in organizations can identify Energizers and drainers.
- Positive energy contributors perform better on objective tests of job performance.
- Building a positive relationship with a boss through being an Energizer can lead to longer tenure, promotions, and raises.
- Being a positive force in the workplace increases the likelihood of becoming a favored employee.
9. 📈 Scheduling Career Development Chats
- Schedule dedicated 30 to 45-minute meetings specifically titled 'Career Development Conversation' to distinctly focus on growth and advancement, rather than routine discussions.
- Engage not only with your direct manager but also with your manager’s manager to enhance visibility and access to opportunities for promotions and raises. This dual engagement strategy should include preparing specific agendas that highlight achievements and goals.
- Building relationships with higher-level managers and their peers can significantly improve chances of career advancement, as these decisions often involve multiple stakeholders. Strategies include attending cross-departmental meetings and seeking mentorship opportunities.
- Initiating career development conversations proactively can mitigate feelings of insecurity and impostor syndrome. For example, Jenny at Google found that these proactive engagements improved her confidence and visibility within the company.
- Organizations function as social groups; therefore, cultivating positive relationships across different levels can enhance professional growth and workplace dynamics. Examples include participating in company events and networking within industry forums.
10. 🤝 Partnering for a Promotion
- Lead with 'what' and 'how' questions when discussing promotions. For example, ask 'What steps can I take to achieve a promotion?' to engage your manager.
- Avoid yes or no questions like 'Can I get a raise?' as they do not encourage dialogue or manager buy-in.
- Propose a clear timeline, such as aiming to achieve a raise in six months, to provide focus and direction.
- Involve your manager in the promotion process by treating them as a partner who is part of your success team.
- Additional resources on how to get a raise are available in the book mentioned and its links in the video description.