023 I Want More Money

So, you want more money don’t you? I think we all do. As humans we can never have enough and this is an issue that I think is very relatable. Most of us have this issue at one point or another in our professional lives. In this episode I will discuss the ways in which to bring up this issue with your company and how to approach it if you want the best chance of success.

"The key to getting that raise you want is value."

The bottom line is this: when an employee comes and says “I need more money,” nobody cares. I’ve heard so many reasons for why my employees need more money! Some of the more ridiculous ones include economic inflation, getting a divorce, or even buying a Porsche! My response was always, “Yea, not my problem!” Asking for a pay raise just doesn’t work this way and it is a totally wrong approach. The key to getting that raise you want is value. Think about that. How much value do you, as an employee, bring to your organization? If you are paid a certain amount and you decide that it isn’t enough, downing tools is not the answer! In my eyes, if you decide to do 80% of the work just because you feel you aren’t getting paid what you deserve, you are a criminal! I would throw you out of my company. The smarter was is to deliver 110-120% so that your boss is happy with you and is more open to giving you a pay rise next time.

"You are a good employee when your manager sees you as one!"

Now let’s speak about the average employee, how do you determine their value to the organization? My thesis is that you are a good employee when your manager sees you as one! Understand where your value comes from and how it is determined in your organization. Make sure that you can gauge how you’re doing, for example with an annual performance review. Your manager should know that you want more money. This should come across as information, not as bribe or blackmail! Additionally, I would not talk about money; instead focus on talking about responsibility. That sounds much better, and of course everyone knows what you really mean. Talk about your value to the company and how you want to become more important.

"Know your value in the organization!"

You must also understand the rules involving raises in your organization. Some companies only give raises at certain points of the year. Another issue may be that there is a union that organizes raises. Be aware of the rules and how they impact you. In summary, how do you get more money? The process is similar to how you should go about getting promoted. When an employee says that they want more responsibility, that sounds like he is ready for a higher position! A higher position goes together with a higher salary. Do the work, and the potential rewards are limitless!

Stay in lead!