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5 Languages That Will Earn You The Most Money

5 Languages That Will Earn You The Most Money

Deciding to learn a new language is one thing.

Deciding which of the most useful languages to learn is another. This is the question we’re going to address today.

We’ve talked about the amazing benefits of learning a language, such as clearing our mind to improve our decision making skills.

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    But did you know that it can help you make more money?

    You’ve probably heard the popular saying by Warren Buffet, “the more you learn, the more you earn.” It turns out this rule applies more than ever for learning a new language.

    Even with the addition of over 295,000 jobs in the United States, there are millions of people struggling to find full-time work, or any work at all.

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    The good news is, learning a language has shown to not only increase your chances of finding amazing work opportunities, but it’s shown to increase your earnings.

    CareerBuilder.com’s hiring forecast showed that 39 percent of U.S. employers said they plan to hire bilingual candidates, and half said that if they had two equally qualified candidates, they would be more inclined to hire the bilingual one.

    Make more money

    Learning a language has shown to add between 10–15% to your wage, according to language specialist recruitment agency, Euro London.

    This only goes to show that learning a language is a wise investment for anyone, at any age, whether you’re preparing to enter the workforce, or looking to expand your opportunities.

    Assuming an average salary of around $45,000, a 2% “language bonus” average over 40 years, and also a 1% raise annually, you’d have an extra $67,000 by the time you retire. Since you can learn a new language quickly with the right solution, that’s a pretty good investment of your time.

    What’s more, salary bonuses vary depending on the exact language in which you’re proficient. Here’s a quick breakdown of a few different secondary languages and their annual bonuses as reported by The Economist:

    • Spanish — 1.5 percent bonus
    • French — 2.3 percent bonus
    • German — 3.8 percent bonus
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      This means that you can make an additional $50,000 to $125,000, just for knowing how to speak a foreign language!

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      Expand your career opportunities

      More importantly, with the rise of globalization, there’s an exponential demand for jobs that require a foreign language.

      Interpreters and translators are among the top five fastest growing occupations, according to the Bureau of Labor Statistics, with opportunities expected to increase by 46% between 2012 and 2022. For example, members of the U.S. military can earn up to $1,000 more per month if they are proficient in multiple languages.

      You can open your doors to new career opportunities, such as becoming a Game Translator for Nintendo, where you’ll be paid to translate video games!

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        5 of the most useful languages to learn

        Let’s dig into the 5 most useful languages to learn if you want to make more money and improve your career.

        1. German

        As we shared in the graph above, German is known to be the best language that will earn you the big bucks, earning you over 125,000 (Euros) in bonuses!

        This may come as a surprise to many people, because one would assume a language like Mandarin, Japanese, or Spanish, with a higher GDP (by language) will correlate to higher earnings. While this is true for most cases, German is a special case, as Germany is one of the three European powerhouses. This means that the language will be more economically valuable for an outsider than the language of a relatively more closed economy.

        fig2-gdp-ppp-by-lang

          2. French

          With over 200M people in 5 different continents around the world speaking French, you can see why it ranks as one of the most useful languages to learn.

          At first glance, French may appear to be spoken by only those living in France, but it happens to be the second most widely learned language after English. Knowing how to speak French opens the doors to French companies in not only France, but other French-speaking parts of the world such as Canada, Switzerland, Belgium, and North and sub-Saharan Africa. As the world’s fifth biggest economy and number-three destination for foreign investment, France is a key economic partner.

          For students looking to pursue their Masters or MBA degrees, knowing French can act as a big advantage. Renown French universities and business schools are ranked as some of the top higher education institutions in Europe and the world. Students who can speak French are eligible for additional scholarship opportunities, which can save you tens of thousands of dollars in the end.

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            3. Spanish

            Over the past decade, knowing how to speak Spanish has not only been an advantage for job seekers, but it’s become a necessity. In the United States and Europe, Spanish is the foreign language of choice after English, and it’s also the official language to over four continents around the world.

            population

              No matter what industry you are in, the numbers alone present a strong case to learn Spanish, especially in business. In addition to the sheer number of people you can reach by knowing how to speak Spanish, countries like Mexico, Chile, and Colombia are quickly becoming a powerhouse in the global economy.

              Here’s the cherry on top of the sundae: Spanish is the easiest language out of the most useful languages to learn, if you already speak English!

              4. Mandarin

              It’s no secret that China is the world’s new dominant economy, with a growing influence from Africa to the Americas. If you’re in business, then China is a goldmine of opportunities, with over a billion people that you can target.

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              According to London-based search firm Ascentator, demand for executive positions by American and multinational companies in China has risen 35 percent from the previous years, echoing similar figures from other recruiting firms.

              However, unlike Spanish, Mandarin is a complicated language to learn.

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                The good news is, everyone knows it. If you can manage to learn Mandarin, you can bet that your future boss and co-workers will be impressed.

                5. Arabic

                The Arab world is recognized as one of the wealthiest regions in the world, with over $600B in GDP. The size of the Middle Eastern economy alone as a whole has increased by approximately 120% in the five year period from mid-2003 to mid-2008.

                arabic-alphabet_picture_chart

                  Due to the abundance of market opportunities in the Middle East, Western Arabic speakers are in very high demand, but in very low supply. Those who speak Arabic have the opportunity to develop an international career in a variety of industries such as education, finance, journalism, foreign services and more.

                  What’s your favorite out of the 5 most useful languages to learn?

                  We’d love to hear from you below.

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                  Last Updated on December 5, 2018

                  How to Lead a Team More Effectively and Be a True Leader at Work

                  How to Lead a Team More Effectively and Be a True Leader at Work

                  Being an efficient manager and a charismatic boss at the same time can seem like an impossible task. Is there a way to deliver the desired results for your business while remaining liked and respected by your staff?

                  We all know bad examples of team leaders who seem to fail at one aspect or the other, or even at both. But we’ve also heard of awesome managers who seem to juggle both things well enough.

                  How do they do it?

                  By sticking to few proven ways that let them maintain a positive karma score while remaining efficient. In this article, we’ll guide you through 11 smart management tips on how to lead a team and become something more than a boss – a leader.

                  1. Find a Management Strategy and Stick to It

                  There’s nothing worse than a boss that keeps changing his or her opinions and assignments depending on their mood or a book they read this week. Chaotic decisions increase the insecurity and frustration of your team, so you better find your strategy and stick to it.

                  If you do find some new methods you want your staff to follow, make sure they don’t contradict the general direction you are taking. Otherwise, you risk making your team take one step forward and two steps back.

                  2. Set Goals​ and Track Progress in Reaching Them

                  Set individual and collective goals​ for your team and track the progress in reaching them. This might sound obvious at first, but too often we find ourselves stuck between daily customer requests and monthly reports, and the bigger goal or vision seems to fade away.

                  According to Elon Musk (and many other successful CEOs around the Globe), it’s crucial to have a clear and motivating aim to where the company is heading. His aim for the space transportation company SpaceX is “to make humankind a multi-planetary species”.[1] That’s a huge goal but the company is slowly moving closer to it by reaching smaller steps and milestones, like launching self-landing rockets. This is also a very inspiring and meaningful goal that helps employees endure the company’s extremely high expectations and 60 to 70-hour work weeks.[2]

                  Even if your goals are not as grand, setting and reaching milestones will give you a clear insight into the team’s overall efficiency and daily progress. With time, you will be able to see the weak spots and improve your results.​

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                  3. Demand Learning from Your Team

                  CEO of print on demand startup Printful, Davis Siksnans, believes that:[3]

                  “The key for a company going through rapid growth is to empower your employees’ self-development.”

                  His company with 500 employees spanning two continents demands a culture of learning and provides all the tools necessary to do it.

                  Their idea is –  as the company scales, people have to grow in their positions too, which means that they have to be constantly learning. Siksnans says:

                  “We try to hire people for what they might become, but they need to have that drive.“

                  Alternatively, you can provide educational courses for your employees or invite informal lecturers to educate and inspire your team. You can also encourage peer-to-peer learning by asking employees to teach their particular experience or skill to co-workers.

                  4. Invest in a Pleasant Work Environment

                  Studies show that a well-designed office environment can increase your team’s overall performance by as much as 20%. You’ll be surprised to see that even very small interior tweaks that don’t require major investments can improve your workers’ performance.

                  Some ideas for a more productive and pleasing work environment:

                  • Invest in modern furniture – offer ergonomic chairs, standing desks, and individually arranged workplaces​.
                  • Start an in-house library – reading for pleasure just 30 minutes a day is proven to be enough to become more effective at work,[4] improve focus, and deal with problems like depression and anxiety.​
                  • Play jazzy office music – rhythmic background music will help workers feel more energetic and enthusiastic while doing everyday tasks.​
                  • Set up entertainment or break rooms – being able to relax and have fun at work creates a strong commitment, helps employees relax and clear their minds, and boosts productivity.​
                  • Bring in uplifting office decor – it’s been found that art in the workplace can boost productivity,[5] lower stress, and even encourage employees to innovate.​
                  • Decorate the office with live plants for freshness and a welcoming feel. Furthermore, plants are found to ensure better air quality and increase workers’ productivity by 15%.[6]

                  5. Be Kind and Sincere to Your Team

                  Did you know that 50% of employees quit because they dislike working with their manager?[7] In fact, most times when people leave their jobs they actually leave their managers. Being friendly and sincere may not be enough to be a successful manager, but it’s a big part of it.

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                  Some ways to show you appreciate and care for your staff:

                  • Celebrate the progress and achievements of your employees. And don’t be shy to simply say thanks.​
                  • Talk to your employees regularly and really listen to what they have to say. Address their concerns, help them reach their goals and do your best to improve their work and daily life.
                  • If you’re having a bad day, don’t pour out your stress and anger on the staff. Instead, try to recharge yourself by appreciating the achievements of your team and setting the next goals.
                  • Try not to overload your team with work. Every company has rush periods when it’s okay to have more work than usual. But remember that people cannot work under prolonged pressure and stress.
                  • Don’t be selfish – it can be very demotivating to see that the manager only focuses on what you can do for him and doesn’t care about your goals and well-being.​ As the CEO of Xerox Anne M. Mulcahy put it,[8]

                    “Employees who believe that management is concerned about them as a whole person — not just an employee — are more productive, more satisfied, more fulfilled.”

                  Whenever you are having doubts about your kind attitude, remember – satisfied employees are productive employees which lead to satisfied customers and eventually – success for your company.

                  6. Offer Flexible Work Hours

                  The traditional Monday to Friday, 9 to 5 job is beginning to slip away. Increasingly more people are working remotely or having flexible work hours, and we can expect this trend to continue. To adapt to these changing habits and remain competitive in the labor market, more employers are offering the chance to choose your own work hours, work from home or even from another city or country.

                  Offering flexible hours is a powerful way to inspire your existing staff and give them intrinsic motivation. Why not let your employees choose their preferred working hours while keeping the 8-hour day? For example, night owls are unhappy and unproductive if they have to come to work before 10 AM, while others might prefer to start at 7 and finish earlier.

                  You can go even farther and hire remote workers – this way you’ll be able to recruit from a global talent pool and even save money on office expenses like desks, stationery, electricity, etc.[9]

                  7. Track Your Team’s Productive Time

                  Not monitoring your employees’ progress and efficiency can result in poor performance and slacking. Instead of letting things go with the flow, you should consider installing time-tracking software on your employees’ computers and see who’s doing great and who might need a productivity boost.

                  But don’t get it wrong – there’s no need to become big brother and watch every step your employees take. If you use the time-tracker as a spying tool, you will only see increasing suspicion and insecurity around you, and your employees’ happiness levels will drop.

                  On the contrary, choose software that allows employees to mark private time that won’t be tracked. In addition, consider these time-management tactics:

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                  • Allow flexible work hours. (see Tip No 6)
                  • Encourage breaks – studies show that employees who take regular breaks are more productive than those who don’t.[10]
                  • Enable remote work to show your employees that you trust them and that they can work from home or even from another country (if they can maintain sufficient productivity).
                  • Consider offering bonuses to your most productive employees (those who show productivity levels above 90 or 95%).

                  8. Use Only Constructive Criticism

                  Constructive criticism means offering valid and rational opinions about the work of others, involving both positive comments and remarks about what should be improved. Constructive criticism is usually expressed in a friendly manner rather than an oppositional one.

                  When you evaluate your team’s work, give them feedback that’s helpful, specific, and sincere. Don’t be shy to praise, but also be direct and even strict when necessary.

                  9. Don’t Give Special Treatment to Yourself

                  The boss’s actions are – directly or indirectly – observed by your team. This means that your employees look up to you and often mimic your attitude towards your work and the company – especially if your actions don’t show commitment. Nobody wants to work for a leader who doesn’t go all in or inspire motivation.

                  What you should do is lead by example. If you expect your employees to arrive at work on time and work 8 hours, do the same yourself. If you want them to show initiative, show it yourself and encourage others to do the same.

                  Jeff Weiner is the CEO of LinkedIn – a company of 3,000 employees that consistently ranks as one of the best workplaces with a 92 percent employee-approval rating.[11] Weiner’s workdays are reported to be equally long or even longer than those of his employees, allowing him to stay “extremely credible as a leader.”

                  10. Empower Your Employees

                  Here’s a common mistake many managers make:

                  They don’t motivate their staff and assume they simply love to work for their company.​ Such belief can result in painful losses for the company – especially these days when many companies are in desperate need of a reliable workforce.

                  Instead of directly thinking about bonuses and perks, consider intrinsic motivation. For example, enable flat organization in your team and listen to your employees’ ideas when they come up with opinions and suggestions. Your company might actually benefit a great deal from the feedback, and the unique ideas employees come up with.

                  You can also start an initiative where employees can freely share or pitch their business ideas to you or the founders of the company. If the idea is accepted by the management, the project can be developed, and the employee can have equity options.

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                  If people feel they have an impact in the company, they become more motivated, engaged and interested in the company’s growth.

                  11. Nurture Your Company Culture

                  Company culture is the personality of a company that defines the overall work environment and relationships between teammates. It also includes company mission, values, ethics, and goals.

                  Some examples of company cultures are the Horizontal corporate culture (collaborative and equal; popular among startups and free-spirited businesses) and Conventional corporate culture (a more risk-averse and hierarchy-based approach common in traditional companies).

                  However, you don’t have to stick to pre-existing boxes when creating your corporate culture. You might think of your team as a family, a sports team, or even a hippie camp if it fits your business and purpose. But keep in mind that by the time a company’s size reaches 20 employees, the company culture is set,[12] and any changes will need to be implemented in smaller teams.

                  Whichever personality you choose for your company, make sure to live by it and nurture it. Some things that might help:

                  Team building events, relevant books in your office library and proper on-boarding for the new employees to get everyone on the same page from the very beginning.

                  Be a Leader, Not a Boss

                  Using the words of Printful’s CEO Davis Siksnans, the ultimate goal is to “Hire great people who don’t have to be managed.”

                  However, when you do need to demonstrate some initiative and control, act as a leader rather than as a boss.

                  In other words, don’t be afraid to show the personality behind your role. And keep these 11 tips close to your heart.

                  Featured photo credit: rawpixel via unsplash.com

                  Reference

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