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Successful Strategies for Engaging Money Conversations in the Workplace

April 6, 20210 Comments
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Successful Strategies for Engaging Money Conversations in the Workplace

Money conversations can be uncomfortable in any setting, but the workplace introduces added challenges that make them trickier than ever. Whether discussing financial matters with colleagues or managers, it can be hard to know which talking points go “too far” and which are appropriate.

Why have money conversations at work?

You can probably think of several reasons why conversations about money are important and even natural in a business setting. From the formality of asking a manager for a raise or promotion to the informality of “water cooler talk” about salaries and benefits with co-workers, money finds its way into countless areas of work life.

While it’s important to respect company culture as well as your colleagues’ boundaries, these conversations can be critical for self-advocacy and career development. If you covered a work expense with your own money, you deserve a reimbursement. If you’ve been working with the same company for years and have proven yourself, you may want to ask for a promotion. Thereare several reasons to have money conversations, so it’s important to prepare yourself for when they come up.

How to approach money talk

Every conversation is different, and each may require you to consider different factors.

● Salary with co-workers. When discussing your salary with co-workers, remember to take into consideration what the other person may be earning. A quick Google search forthe salary of a certain role in your geographical area may help you decide whether comparing salaries could be beneficial or create some resentment. That said, comparingyourself to others can become a bad habit in the workplace. Be sure to engage these conversations wisely and only when you’re sure they’ll be productive and fruitful.

● Salary with employer. If you feel you deserve a raise, your boss or supervisor might be able to help. Before walking into this conversation, be sure to prepare your talking points ahead of time. Have concrete, quantifiable examples of your accomplishments ready to back up your argument.

● Reimbursements. It can feel vulnerable asking for money we’re owed from our workplaces. Remind yourself that reimbursements are a regular part of any company’s day-to-day operations, and work up the courage to ask in a friendly or casual way. “By the way, I was wondering…” is a great way to introduce the topic without sounding pushy.

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