The New Corner Office: Review all rates

Don't overpay and don’t under-earn next year

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Episode Transcript

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Good morning, This is Laura. Welcome to the New Corner Office,

(02:12):
the podcast where we share strategies for thriving in the
new world of work, where location and hours are more
flexible than in the past. Today's tip is to review
all rates, what you're paying and what others are paying you.
Many organizations and individuals change their rates around the new year.

(02:35):
Making a plan for this reality now a few weeks
ahead of time increases the chances that you will remain
as profitable as possible. Everyone has their rates and fees.
If you work for someone else, your rate amounts to
your salary and benefits divided by how many hours you work.

(02:56):
If you work for yourself, well you know what you
charge people. Even if you charged by the project, you
probably know how long your projects take, so it all
comes back to an hourly rate somehow. If this number
hasn't budged in a while, now is a good time
to plan how it might go up. If you work
for an organization, use your annual review to talk with

(03:19):
your manager about what you could do to earn more
in the new year. Come with suggestions, ask what he
or she would like to see in order for the
number to go up. If this is not happening and
I recognize that that may be reality some places, I'd
point out that another way to raise your rate is
to work fewer hours. You might be able to negotiate

(03:41):
for more vacation days, for instance, if you can't get
more in salary, or you could make a choice to
draw stricter boundaries about when you are available. If you're
focused during the hours you are working, you may get
just as much done and your rate will go up
just by virtue of not staying in your inbox all night.

(04:03):
If you work for yourself, remind your clients about what
you're doing for them. Mentioned some new benefits that happened
to come with a slightly higher price tag. Of course,
life is a negotiation, and many of us are dealing
with this on the other side too. Vendors, contractors, employees,
and others are looking at raising their rates for the
new year. You want to be fair, for sure, but

(04:25):
you also want to make sure that you are getting
enough value to justify the rates you're paying. If you
feel like you are paying a lot, now is a
good time to start shopping around or making other changes.
For instance, I'm happy with my email newsletter program, but
rates rise as the number of people on the list grows.
So we mitigated the effect of a recent price increase

(04:48):
by cleaning up the list, calling anyone who hadn't opened
the emails in a while. Take a look at your subscriptions.
Are you actually reading them? If a contractor vendor announces
that he or she is raising rates, you can negotiate
for more services. The easiest way to do this is
to look at the market, see what other people are offering,

(05:10):
see what they are charging, make a phone call. I
see that company, why is offering X, which sounds like
a good deal? Tell me what you think we can
do to keep working together. Most likely the person will
propose more services or a bit less of a price increase.
Either option is a win. Sure this takes time, but

(05:35):
time spent on direct rate negotiations tends to have a
big payoff. You might save or earn hundreds or even
thousands of dollars with a few conversations. We seldom get
the entire rate increase we want for ourselves, but we
may not have to pay the entire rate increase other

(05:56):
people want either. That's why it's important to look at everything,
think about what's worth it, think about what's not. Make
a plan over the next few months for dealing with
these increases, and hopefully landing a bit of an increase
for yourself as well. You'll start in a far more
profitable position in the meantime. This is Laura, Thanks for listening,

(06:23):
and here's the succeeding in the New Corner Office. The
New Corner Office is a production of I Heart Radio.
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