Learn to Embrace Money Talks

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It’s the end of 2019, and we want to help you get straight to the point when it comes to money. Whether you’re a business owner, a contractor or an employee, there are certain conversations that just make us feel uncomfortable. They are often around money, job titles, vacation days, or simply advocating for your worth in the workplace or marketplace. The temptation is to run far, far away from these awkward encounters, but more often than not, these tough conversations are what propel you forward in your career and earning power.  

Here is what we can tell you about awkward conversations, the more you have them, the less scary they are. Truthfully, they may always feel a bit uncomfortable but slowly you’ll gain confidence knowing that you’ve voiced your needs and it will help to get you what you deserve.

 It’s hard to talk about money in terms of a new salary or hourly rates for several reasons:

1) We often don’t know what other people in our industry make.

It’s imperative to do your research. Understand the going rate for your services, for your level of experience and education, and be honest with yourself about it. If you feel that you should be earning more given your market research, then own that decision and make a case for yourself.

2) We sometimes shy away from the money conversation because of imposter syndrome. We don’t think we deserve the raise or to increase our rate because we still feel new to the industry and as if we don’t know enough yet.

Again, speak with your peers! Don’t undercut your value because you haven’t worked your entire life in the field. Your value also comes from the time and money spent on education, certifications and the effort you put in to your role daily.

3) We think our boss or someone else is going to stop us one day and just magically know it’s our time for a raise.

Don’t be shy, this is your career and you have every right to inquire about your progress and the opportunity to advance.

The reality is that you don’t get what you don’t ask for. Step one is knowing you want to have that conversation with your boss or your client about increased rates. Then, you need to be willing to hear no and have a back-up plan. Once you have the ball rolling and have the topic of money on the table, it’s your chance to turn “no” into either a “yes” or “not now”. If your boss says it’s not time for a raise, you now have a chance to ask for a follow up or a check in for three months from now to reassess and continue the conversation. Think of creative solutions to your ask and always come to the table with several negotiable requests. If there’s no money to allocate for a salary increase, perhaps you can negotiate a title change or more vacation or flex days to work from home. Think about what is truly valuable to you and create your wish list from there. If the answer is still no, always ask for what needs to improve, what are your targets, and for another opportunity to prove your case. These conversations are never a waste of time.

The courage it takes to have the awkward talk shows your boss, your peers and your clients that you are willing to take control of your current situation and are thinking about your future. Even if the answer is “not now,” it will be no surprise when you address the topic again or even leave the company to find a better opportunity. Never apologize for knowing your value, but always be honest with your skills, the marketplace and then be patient with the process. Only ask for another conversation when you truly feel like you have something new to justify your ask, have conquered an assigned task, or have taken initiative to step into a new role. It’s not greedy to ask for more money, but is it your job to explain why you deserve it and ensure that the rate is within industry norm.

The more you lean into the tough conversations, the more equipped you’ll be to handle all the uncomfortable talks that must happen for business to success and for you to feel valued.

 If you’d like to chat more or need legal advice, please contact info@awelegal.com