In this episode, we discuss the importance of understanding the unique dynamics of different businesses and industries when considering career progression and salary negotiations. The first step is to have a conversation with your employer about your career goals and workplace expectations. Reflecting on what you want from your workplace and career progression is crucial. 

Workplace expectations and opportunities can vary significantly. It's essential to identify the expectations, benchmarks, and opportunities within your specific workplace. This includes understanding the difference between billable hours and hours per week, and how many clients you are expected to manage in a typical 38-hour workweek. Additionally, knowing the expectations tied to your wage is vital.

Many people turn to job search engines like Seek or Indeed to compare salaries. However, it's important to remember that these platforms may not align with industry awards and are not policed for accuracy. It's also crucial to understand whether the listed salaries include superannuation or not. High salaries often come with high expectations, as you need to generate sufficient income for the company. It is crucial to assess the value of all components of positions to make an informed decision.

From a financial perspective, companies divide money in specific ways, often using a 3-4 ratio. We encourage you to do your research, including looking at company websites, to understand how responsibilities align with pay packets. Salaries are not independent of job responsibilities, and it’s important to recognize this when evaluating your own compensation.

When asking for a pay rise, resources and PD, consider key factors and common questions. If your job involves driving, for example, that should be factored into your request. Demonstrating your value before asking for a raise is crucial. Business owners are more likely to agree to a pay rise if they can see tangible outcomes from your work. Think about how you can invest in the business and bring more value.

Adopting a mindset where service comes before money can be beneficial. Ensure that your job description and salary are aligned. If you want a pay rise, you need to go above and beyond your current job description. Be proactive and don't wait until the last minute, as businesses operate on budgets. Having a clear goal in mind and being open to negotiation can help you achieve the salary you desire while maintaining a good relationship with your employer.

Don't be afraid to talk about money. Developing a healthy money mindset is essential, and we reference Lorraine Murphy's, Mike Michalowicz Denise Duffield Thomas, Bent not Broke and Mel browne work on this topic. Budgeting resources like those from Mel Browne, the Barefoot Investor, and books like "Crucial Conversations" can be very helpful. If you want to earn more money, educate yourself and evaluate your current money habits. Often, spending habits remain the same regardless of income level.

Profit First and Clockwork

https://mikemichalowicz.com/clockwork/

Melissa Browne

https://www.melissabrowne.com.au/

Bent Not Broke and Gemma Mitchell Finance

www.bentnotbroke.com.au

The Barefoot Investor

https://www.barefootinvestor.com/

Lorraine Murphy 

https://www.lorrainemurphy.com.au/

For Lizzy’s courses

www.lizzydawson.com.au

For Emily’s courses 

www.emilymackie.com.au