Boost Your Earning Potential By Learning Another Language

Stuck on the lower rung of the corporate ladder? Looking to break into a new sphere of work? One of the best skills for Americans to pick up is conversational skills in a foreign language.

Americans are Behind

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Roughly 78% of Americans only speak English. This is understandable, as the USA covers a great geographical area, with most citizens not even possessing a passport.

However, as business becomes more global, many are quickly mastering English as a foreign language.

Employee Advantage

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Seeing the previous statistic, adding another language to the arsenal can only be a positive feature. It is also a unique way to stand out amongst other employees in any profession.  

You Vs. Translator

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While relying on digital translators may be sufficient for travel purposes, the nuance of language should not be gambled on for aspects like contracts, medical documents, and diplomatic work.

There is too much room for error and too much at stake for a simple miscommunication.

Technological Takeover

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Even with the progression of linguistic programming, humans are still the heart and soul behind it.

Native speakers of all languages contribute to their development, and having access to several languages gives better insight into how technology functions.

Earning Benefits

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Bilingual workers in the US earn more money on average. While the standard percentage is 2-3.8%, several employees note as much as a 5% higher earning potential compared to their monolingual colleagues.

Promotion and Growth

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Juggling tasks in multiple languages offers a unique perspective that others may be blind to. Additionally, being bilingual can offer cultural insight that allows for overseas business opportunities, making the ideal candidate for large-scale companies.

A Fresh Start

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Are you stuck in an insufferable job? Are you looking for a transition to a new field? Polishing your language skills can provide a variety of options in industries such as customer service, education, human resources, and healthcare.

On the Rise

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The U.S. workforce has seen an elevation in bilingual workers. From 2016 to 2019, the U.S. Bureau of Labor Statistics reported a 14% jump in individuals who can confidently work in more than one language.

Incentive to Learn

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Many corporations are aware of the increase in the demand for multilingual talent. Several businesses, like Cardinal Health and Spectrum, offer sign-on bonuses and financial incentives for those looking to learn a new language.

Bulletproof Profession

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With an abundance of opportunities and an additional skill on the resume, multilingual employees have a distinct advantage. These skills can be challenging to replace or train, making it less plausible for disqualification from employment

Retire in Style

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Additional pay accrues with time, regardless of how much. Sage employees have stored this extra income in retirement.

It is reported that, over a standard working career, bilingual employees can potentially add $67,000 to their retirement plan.

More Rights, Less Fights?

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One downside is, of course, the social component. Companies are not required to pay more for bilingual work.

Also, speaking a foreign language with coworkers in an English-dominated workplace can cause problems with HR and upper management.

A Manager’s Gemstone

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Despite the social drawbacks, most managers state that having additional languages on their team is a vital asset.

Gtinux cites a poll that 61% of hiring managers believe being a polyglot positively contributes to the work environment.

Where to Start?

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Many online and in-person resources are available for anyone who wants to start their language journey. Digital platforms like Duolingo, Memrise, and Preply offer diverse services to get started.

Clock the Hours

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While there is no exact timeframe for achieving fluency, Language Testing International provides a breakdown of how many offers one should study to obtain superior skills in a desired language.

Depending on affinity and practice, this time can range from 24-92 weeks.

Progress Over Perfection

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It’s important to recognize how long it takes to acquire fluency. Even the easiest languages on this list may still demand years of devoted study. But speaking enough to be understood is certainly better than not being understood at all.

Start Learning Today

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The world is full of beautiful and strange diction. Why not start learning one today? And who knows, it may very well be what motivates a loft promotion or a substantial sign-on bonus.

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The post Boost Your Earning Potential By Learning Another Language first appeared on From Frugal to Free.

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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.

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