By Ben McEachenWednesday 8 Mar 2023PodcastsReading Time: 2 minutes
Everyone wants to be paid more. But what’s really behind our push for a pay rise?
The second season of Money: Faith and Finance podcast kicks off with a frank discussion about the motivation behind more money.
“I don’t think it’s greedy to ask for one; I think it helps to know why you are asking for one,” co-host Pete Burrows said.
Pete is a Sydney accountant and he explained to Ben McEachen (Hope Mornings) that taking a good, hard look at your reasons.
“I think employees need to ask themselves: ‘Why am I worth more than I was yesterday, doing this job?'” Pete said.
“Also, what is the role worth? Can it be benchmarked to another person somewhere else, doing a similar job.”
Looking to others is not the only evidence you will need to present in any pitch for more pay, though.
“You need to put forward your case a bit. You need to show how you benefitted the business and added value.”
Pete recommended being specific about the ways you have contributed to your workplace and its goals, to indicate why extra income is commensurate.
Think about your boss. Seriously
Diving deep into what drives your pay rise request can take you to places you might not have expected, according to Pete.
A place where you consider whether your boss can actually afford to beef up your pay packet.
Given how inflation and interest rates, for example, are impacting everybody all at once, Pete pointed out that can mean employers may genuinely have no scope for increased wages.
“Your boss has pockets as well… and may or may not be able to afford [pay rises],” Pete said.
“There is no ‘Pay Rise’ bucket.
“[Pay rises] do come out of profit and they hit the bottom line.”
Also, Pete advised against asking for a pay rise at “ad hoc” or random times. Moments which were not prepared for, either by yourself or your boss.
Listen to the full Pay Rise episode in the player above or wherever you get your podcasts.