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How to Nail a Money Conversation in the Workplace

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Having the money conversation isn’t the easiest thing to tackle, especially in the workplace. The types of money conversations you may encounter can vary, and the proper way to handle each will depend on the workplace culture. If a money conversation is executed well, it can lead to more career opportunities and benefits.

Learn the best ways to navigate a money conversation in the workplace using the foolproof tips below. 

  1. Understand the company culture: Before beginning a money conversation, it’s important to understand how transparent the company culture is from the top down. If you don’t notice many coworkers having conversations on the topic, it might be best to avoid it altogether. However, if your leaders show transparency in the organization, it may be more appropriate to talk about finances such as raises, bonuses, and reimbursements.
  2. Create a strategic plan: Your strategic plan will depend on the type of money conversation you plan to have. Whether you are planning to ask your boss for a raise or asking a coworker to compare yearly salaries, have a roadmap in mind on how to navigate the conversation. Keep the discussion direct and specific, especially if you are having a conversation with a manager or director. 
  3. Have an end goal: Your end goal should be at the forefront of your mind throughout the planning stages. This will help you to not stray from the main point throughout the conversation. If you are discussing salary with a manager, having data and evidence to support your stance will only help you stay on the right track to the goal. 

The more practice you have with money conversations, the more comfortable and confident you will feel! Use the graphic below to help you in the planning stages. Consider your counterpart’s personality type in order to have a successful conversation from start to finish.

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