AYP kicked off our brand new “Coffee Conversations” Series with Christine Jensen and Cat Emerson from Kernel Wealth and the It’s No Secret podcast. Make sure to check out their awesome podcast for financial tips and tricks.
We had a great group of people with great insights to share on all sorts of topics relevant for young professionals and it was fantastic hearing everyone share about themselves and the things that they have learned through their career.
Here are some of the takeaway tips:
1. Set a meeting with an agenda to talk about your pay
Most managers are busy and hard to pin down, so make sure you set a meeting time and agenda if you’re looking to have a chat about your pay. That way everyone is on the same page, and your boss doesn’t feel confronted or unprepared for the conversation. This also keeps you committed so you don’t put off the conversation if you’re nervous. Explaining your goals and plans for the future will help your manager to see where you’re coming from when asking for a pay increase or a promotion. When they know what your plans are for the future, they can assist you with getting to where you need to go and it allows them the opportunity to give you some advice that you may not have thought about yourself.
2. Say yes to (the right!) opportunities
When working your way up the ladder you need “good leadership skills” which is easier said than done when you’re not already a manager. So how do you find leadership skills outside of leadership?
Take on opportunities and responsibilities to show your manager that you have “leadership potential” – ask to shadow them to meetings, take on responsibilities or maybe look for those opportunities outside of work in your side-hustles and group activities. Joining a committee (like the AYP committee – we’re always interested in new members) is a great way to add those skills to your CV.
3. Talk about your pay
How do you figure out what you’re worth? Often recruiting companies will send out a pay report for different industries which is a great opportunity to compare, or you can also call them up directly for a chat. Talk to your friends & colleagues (they probably need to be in other companies) about your pay – whether you want to take a direct approach like Cat or a more indirect approach – like asking them for a range if you’re uncomfortable or unable to ask about their exact pay. e.g. Do you make under $70k or over $90k?
4. Set a good example of work-life balance for your team
Those in the group in management positions also noted the challenges of setting a good example to the team in terms of work-life balance. Working overtime is necessary sometimes, but it should be an outlier and not the norm and taking time to prioritise yourself is important to help avoid burn-out. The “loud goodbye” might be a good trick to help show your team that leaving at 5 o’clock is the right thing.
5. Create a safe space for a conversation
Talking about your financial situation and financial literacy is challenging but we’re hoping to take a small step towards normalising the conversation. It shows us that the challenges we face are often shared, and that we are not alone.
However, be careful not to push the topic on someone you think needs help – create a safe space where they can open up or talk about what’s going on with you and the steps you’re taking or the challenges you’re facing.
Maybe invite them to come along to our next Coffee Conversations morning, Thursday June 15th 2023 at Spectra Cafe!
