Money shouldn’t make the world go round, but it does. We like to think that we don’t care about it but usually the people that don’t care about money are the people that already have it.
I’m from a poor background. I grew up in a council-house in the UK and my mother worked very hard to provide for her 4 children, whilst supporting my step-father through university.
One of my first introductions to value was when I got my first job. A job that is labelled by the ‘minimum wage’ and everyone, despite skillset is paid the exact same. Lower than what the living wage is estimated to be in the UK.
But what does that mean? (I know I just started a sentence with ‘But’, however that’s how people naturally speak… forgive me) It means that 6% of the UK workforce is paid less money than it costs to live, and that’s expected to double by 2020 to over 10%
More than 1/3rd of the population of the United States is on some kind of means-tested welfare. We’re fighting a losing battle.
This culture of work means you can work hard and still be in debt, owe money to the bank and find it hard to provide for your loved ones.
So for those not fortunate to have a good wage, how do you get one? This is what I’ll be teaching you today.
I’ve helped myself, members of my family and countless others get raises they deserve over the course of the last 4 years.
One friend, last week for example, got a whopping £9,000 ($10,958) financial lift in their salary after my advice.
Let’s get started. They say time is money…
GET A NEW JOB (SERIOUSLY)
The fastest way to get more money is to get someone else’s. Change jobs to another company that values your role and responsibilities at a higher rate.
I won’t say who, but I used to work for a company in Wales that was a great place to work. After 18 months there I was running circles around the Head of Marketing and their interim replacement’s budget was £230,000 off. Horrendous.
That person was paid more than me, and I genuinely knew the job better.
Half of your determined value by employers comes from age. Something I refuse to give employers during an interview.(You’re not legally required to)
After speaking to one man at that company, he hadn’t had a pay rise in 14 years. Despite the company’s growing profits and market share.
I quit instantly.
After circling my CV to the right recruitment agencies, I had another job interview within 2 days. Paying £5,000 more than my previous role, with the exact same responsibilities.
Humans, by nature, don’t like change. Sometimes your only way to progress is to leapfrog to a different lilypad, flowing faster downstream.
BONUS : GET MORE THAN THEY’RE WILLING TO PAY
Here’s something I learned that could help you. A job is advertised for between £30k – £40k. That’s what the company is willing to pay. However, outside of that is the cost of recruitment. Estimated at about £5,000 for the process.
If you’re confident in your ability to be the right candidate for the role, don’t hesitate to ask for more than they’re offering.
I did this once and was offered the job within 1 hour of leaving the interview room.
It’s a quick way to score yourself a £2,000 or £3,000 pay rise before you’ve even started your job.
Companies want to hire you to fill the gap in their workforce. You want to be hired to get a salary to pay your bills. They need you, as much as you need them… and if you’re the right person for the job, they’ll find budget to get you. Guaranteed.
SMASHING YOUR KPI’s
But what if you don’t want to leave your job? What if the trade off on money you could potentially earn doesn’t balance the convenience you’re currently experiencing at work?
You should NEVER chase money. Happiness is more important… and some people are happy in their roles for 15+years on the same wage.
If you don’t want to leave your job, but you’d like a raise to afford that holiday, or to plan for a family. This lesson is for you.
I’m astounded at the number of jobs that don’t have KPI’s or ‘Key Performances Indicators’ within their contracts. A company is hiring you to increase sales, but if they never say by how much, how do you really know if you’re doing a good job?
Your role might be to increase social media, but if they never say to what figure, what does a good job look like?
Asking your manager to set you goals is the 1st step in the long-game of getting a higher salary.
You set targets to surpass them.
Only then will you be able to prove your worth to a company.
SIDE NOTE: If you’re not valued by a company, and you’re doing a good job, quit. They’ll never value you if they don’t already. Let them hire someone lesser and move onto greater things.
Simply show you’ve exceeded your goals to your immediate line manager and have a candid conversation about your current salary. It’s important to give a reason. So here are some examples for you.
- You’ve been killing it for 5 years, no raise. It’s about time you were recognised for your hard work.
- Inflation causes an unfair tipping of the scales. It’s more expensive to live on the wage you agreed to 2 years ago (especially after Brexit)
- You love the company, and you’re looking to progress within it, but personally you have your own goals too, you can’t afford a mortgage on your current wage and you’d like to stay… but if the company can’t afford a raise you’ll unfortunately have to look at getting another job.
- The going rate for your role in that particular city/town is much higher than what you’re currently earning. That’s unfair, and if they don’t want to meet that standard, you’ll unfortunately have to move on.
- You’re doing your manager’s old job for half the price after they quit. You deserve more. Added responsibility deserves added financial compensation.
The beauty of this, is employers that truly value you will offer a raise by themselves. If they know you to understand the true value of your work to them and their business. That’s a dream company to work for.
WHAT IF THE COMPANY CAN’T AFFORD A RAISE?
Some companies can’t afford a pay rise. Simply put, they’re strapped for cash.
This is where these alternative solutions come in. How do you get paid more, without getting paid more?
Strangely enough that’s not a riddle. The answer is “Work less”
If you’re currently working 40 hours for £30,000 per year, and you want a £5,000 pay rise but your company can’t afford it, you simply have to work 6.6 hours per week less.
Imagine having Friday’s off from here on out? That’s worth more than money.
You could use that time to follow your passions, start a side business or re-charge your batteries.
40 hours per week is so arbitrary anyway. Can we really say we’re productive for all 40 of those hours? I’m not.
Sweden is moving to a 6-hour work day, as studies have shown workers can achieve the same in 6 hours as they do in 8.
That extra time makes workers happier in their own personal lives and more determined to work hard when they are at work.
If your company can’t afford it, more time could be the perfect compromise.
WHAT IF THEY STILL REFUSE YOUR PAY RISE?
For those that are good at their job, I refer you back to paragraph one. Find another job at this point.
However, there are some reading this that don’t deserve a pay rise. They slack-off, are consistently late, take many sick days to nurse hangovers and have no intention of ever going above and beyond their core responsibilities for a company.
I’ve heard horror stories from friends whose loved ones have quit because “they can’t be bothered” or “the boss is a prick”. I’ve witnessed workers who stand up and shout “fuck this, I’m going home” because their Grandmother’s dog died.
Things die and break-ups occur to everyone, but some use these situations as excuses for their attitude in work.
In stoicism, you’re in control of your choices, but also your perceptions. Those with a bad attitude towards a situation often overreact in that way. They’re the cause of their own demise at work, and thus their salary is reflective of their effort in that role.
Say yes to working late, to answering the phone on a weekend, to taking on more responsibility without being asked, to use your initiative to seek out areas for improvement in your own career.
Say yes to hard work, to late nights learning new skills, to less time in front of the TV.
Say yes to all those things and the tides will change for you.
Imagine what you could do with the extra cash. Save for Holiday’s, experiences, pensions, a new car, a better home, a comfortable life.
Imagine the relief you’d have knowing your bills were paid and you could treat your girlfriend/wife to a weekly date night. No expense spared… but make sure they don’t order the Turbot, it’s £50 per fish.
More money means less stress and more room to be completely free.
Freedom is happiness to all.