We Need to Talk About Money and How You Can Make More
Have you ever truly thought about why money has been a taboo subject in the world of work? The simple answer is if everyone talked about it, it would likely lead to many employees realizing they’re underpaid. That would be a big problem for companies. I’m determined to change how my clients, students, and readers handle the topic of compensation. To do that, let’s go back …
When you were a kid did anyone ever do career goal setting with you that involved setting targets around your income? I doubt it. Well it’s time we talk about it. It’s time we talk about money. I’m tired of people selling themselves short.
Most of us were raised with money being a taboo subject. It was ingrained in us that asking someone how much money they make was rude. I remember many times being very curious about what different jobs paid or what people I knew made but it never felt appropriate to ask. Looking back now, that was ridiculous. Let’s get over this please!
Imagine if we truly taught young people the lifestyle differences that come with different income levels. Imagine if we discussed different professions through the lens of not only enjoying that type of work, but it also being something that could sustain a good lifestyle. Imagine if we chose career paths with our eyes wide open knowing the likely financial impact of our choices? For me, the money problem starts there. We don’t truly educate people (starting at childhood) on how different incomes levels impact your entire life.
Fast-forward to the working world. No matter what profession you find yourself in, the taboo nature of money is perpetuated by discussions about compensation with coworkers being highly frowned upon. I remember being strictly told not to talk to coworkers about compensation in my 20s. It was as if the company had some power over my ability to openly communicate. They didn’t but I believed they did. That was nuts.
Thankfully websites like payscale.com and glassdoor.com have made it possible to find out what certain jobs ‘should’ pay but we can do better than just relying on third party data.
The more we open up the conversation about money, what certain positions pay, how raise structures work, and the like, the more we all elevate.
So what can you do to make more money? 3 things:
1. Do your research on what your current position or the position your interviewing for should pay. Payscale.com or glassdoor.com are great, free sites.
2. Politely ask people in the type of position you have or are trying to get what someone typically gets paid in that role. They may volunteer their exact pay or may give you a range. Either way, that information is power. I’d probably make some small talk first before hitting them with the money question but as long as you’re polite and give them the ‘out’ of generalizing a typical range then you’ll be fine.
3. Negotiate. Don’t accept the first offer or first raise you’re given. As long as you’re gracious and can back up your counter offer with a) how your experience and b) how similar roles justify a higher pay then you will be respected and likely rewarded for your negotiation skills.
Want to talk about money with me? I regularly help people negotiate their offers on their way into companies and their raises once they’re in. I’m happy to jump on a quick call wiith you and offer advice on your specific situation. If you want help, send me a note. My email is merryn@madetohire.com.