(Refer our High Quality Management Encyclopedia “Management Universe” at: http://management-universe.blogspot.com/)
(I suggest that you should read all my previous posts on “Competency Matrix” on this site itself. You may also like to refer my blog post http://shyam-bhatawdekar.blogspot.com/ or my article on http://knol.google.com/k/competency-matrix#)
The money you can earn as a professional by using your competency depends squarely on the value it can add. Extent of value derived by the usage of your competency is decided by the user or the customer. If the perception of the customer allows your competency to be seen as a high value adding competency, you can claim more money for providing that competency to your customer and more often than not, the customer will pay you that much. On the other hand even if you reach the highest level of expertise in a particular competency, it is not necessary that you will end up earning more particularly when the customer does not see it delivering high value to him.
It is also a matter of supply and demand. The much needed rare competencies may get paid more since at that point of time they are seen to be delivering high value to its customers in their perception.
An example will illustrate the point brought out in this paragraph. You will generally see that a specialist doctor say, a surgeon will end up earning lots more that the best or most proficient waiter in a restaurant. Yet a chief chef in the same restaurant, if he is worth his salt (as far as proficiency or expertise in cooking is concerned) may also end up earning as much as the doctor or an engineer.
So, it seems that high value adding competencies alone can earn more money for you.
You may like to enjoy reading all the “Management Anecdotes” authored by Shyam Bhatawdekar at: http://management-anecdotes.blogspot.com/
For Musings of Shyam Bhatawdekar on various topics refer http://shyam-bhatawdekar-musings.blogspot.com/
For “out of box thinking” articles by Shyam Bhatawdekar, refer: (Out of Box Ideas) http://wow-idea.blogspot.com/
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