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Money, Money, Money

Money. The M word. It’s that time of year when budgets are either just finished or still being trawled through, salaries get talked about and generally everybody is really crotchety and self-righteous about their worth!

The subject of salaries is always the interesting one; I have had some interesting conversations with senior people with great salaries and how they decide the salaries of those earning a lot less. It does always surprise me how far removed people become from the value of money and how this then influences their decision making. In companies where the HR support is significant and the salary comparison data is available, that helps with the objective part of a decision, in others the remuneration committee sits and pontificates.

How about you – particularly if you are a freelance consultant? How do you budget and how do you negotiate your fee? I know many who fear negotiating because of the risk of the client deciding they don’t need a more expensive person. I don’t actually have a magic wand to help you here but these few questions may get you thinking:

Why do you deserve a pay increase?
Will you be bringing extra value for money or will they receive the same service as they are already getting?
What is the cost of living rise this year – are you worth more than that or is that fair or would you rather leave well alone?
When is the best time to ask for more?
What does the budget for your household look like, what significant changes are there in that?
Will standing still cover the cost for you? Is it up to your client to pay for your household increases?
If the client doesn’t pay, what options do you have available to meet your needs?
If you negotiate upwards successfully and they expect more for their pound of flesh – can you deliver?
What level of increase are they giving to their own staff – can you ask for that too?

Good luck with whatever you route take.

Penny Whitelock FinstLM

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