The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
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Talking about money in the workplace can be a tricky situation, depending on the culture of the company and who you are discussing with. If done correctly, money conversations can lead to several benefits such as an increased salary.
Learn how to have safe but effective conversations about money in the workplace using the tips below.
Assess the situation: How you handle a money conversation depends on the coworker and the scenario. For example, it could be a co-worker who is asking you about your current salary. Or, it could be your boss in consideration of a raise or year end bonus. Understanding the situation will help you know how to best handle the conversation.
Be direct: Money conversations can vary, such as discussing a raise, seeking reimbursement on a team lunch meeting, or simply comparing salaries. For each of these types of money conversations, be clear and specific on what you need to know.
Know the rules: Each company is unique in how they handle open conversations on money. Before having any conversations, do your research on your company’s culture, as well as your residing state’s pay secrecy laws.
The conversation of money is important, as it helps to sustain employee motivation in business success. Knowing how to have a successful conversation about money can benefit your career and your financial status.