May 11, 2023 • 38 mins
Happy Friday! Help celebrate our favorite day of the week as we share your money wins and losses, answer a Money Dilemma about declaring your salary expectations in a job application, AND you slid into our DMs this week about pay rises. They're always exciting right? Well what if they don't match the success of your company, or even inflation? The girls have feelings on this one, and you did too!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
the Order Kerney Whalbury and a waddery woman. And before
we get started on She's on the Money podcast, I
would like to acknowledge the traditional custodians of the land
of which this podcast is recorded on a wondery country,
acknowledging the elders, the ancestors and the next generation coming through.
(00:23):
As this podcast is about connecting, empowering, knowledge sharing and
the storytelling of you to make a difference for today
and lasting impactful tomorrow.
Speaker 2 (00:33):
Let's get into it.
Speaker 3 (00:34):
She's on the Money, She's on the Money.
Speaker 4 (00:57):
Hello, and welcome to She's on the Money, the podcast
for millennials who want financial freedom. Today, my friends, is Friday,
which means it is time to get our little team
together and celebrate you how incredible she is on the
Money community today, Jess, go to your cheer over there. Hi,
my friend. She is going to be sharing our favorite
money wins. We're going to be helping to answer a
juicy money dilemma, which this week is all about discussing
(01:20):
your salary expectations in a job interview. And we're going
to be unpacking something you slid into our DMS about
which this week is all about employer remuneration and asking
for a raise. So let's get into it. My friends, Beck,
how has your week been?
Speaker 1 (01:35):
Hi?
Speaker 2 (01:36):
Pretty good?
Speaker 5 (01:36):
Slow, really slow, housing out produces out of the moment.
Speaker 2 (01:41):
So oh wait, does that mean you've got a cat?
I've got a cat.
Speaker 5 (01:45):
We've got a cat, and honestly, I've never taken care
of a cat before.
Speaker 2 (01:48):
My world has changed.
Speaker 5 (01:49):
Like I'm out of the pub, but I have to
go home at five o'clock to feed something and maature,
it's still alive and I don't actually know what this
world is we converted?
Speaker 2 (01:58):
Now you a cat person? I think I'm pretty cold.
Speaker 5 (02:00):
Yeah, I think I'm pretty close to me.
Speaker 2 (02:05):
I don't want this lie? Do you do?
Speaker 4 (02:08):
Our producer, for those of you following along at home,
has a beautiful Burmese called Jean Parmesan is a brown Burmese,
so he's like a chalky color and he is the
most friendly boy.
Speaker 2 (02:21):
So tell us, Beck, where is he sleeping?
Speaker 5 (02:24):
I don't know because he leaves the room and only
told me that he would be sleeping with me right
against me, But he is avoiding me at all.
Speaker 2 (02:33):
Costs. That's making you feel bad. I'm like, what, he's
trying to stop himself from falling in love with you.
I think that's what it is.
Speaker 5 (02:42):
I think that's why I'm also still single. Everyone's just
scared they'll fall deeply in love with you rifying. It's terrifying.
Speaker 4 (02:49):
I'm really scared of as well. I get it, you're
only happens to dress all the time. Jess, how's your
week ban? Have you accidentally fallen in love?
Speaker 2 (02:55):
I haven't, But you know what, I don't know if
mekeur is in retrograde mercury has to be. I'm feeling
frazzled for no good reason either, Like it's not as
if anything's gone drastically wrong, but I think I just
started off my Monday feeling like I didn't know I
had from my toes, and then yeah, it's just continued
through the week a little bit with these crazy things.
Speaker 5 (03:15):
Yeah, it's scared that something is about to constantly about
to go wrong.
Speaker 2 (03:19):
So that makes sense, Like you're on my edge.
Speaker 5 (03:21):
You're so frizzled that nothing's gone wrong yet, but any
second now something will.
Speaker 2 (03:26):
Yes, I think so. And it was really funny. I
was having a moment. The other day, I had no
pepsi Max left in the house, not no, I was
dealing with a crisis and all I had was solo,
and it was It's things like that that are just
so first world and inconsequential and absolutely ridiculously stupid. And
I'm embarrassed that I'm even admitting them out loud. But
it's just the compounding impact of like lots of teeny
(03:47):
tiny little things going wrong, but I'm making me go,
oh my god, like I just can't this week.
Speaker 4 (03:52):
I feel like that happens all the time to me,
because if something actually goes into crisis, I seem to
switch into crisis mode and I'm really good with dealing
with it. Like I'll be like, okay, cool, well, Beck,
you need to do this, and Jess, could you please
Xyza doesn't matter work or life. I lose my shoe,
I'm done. Yeah, I'm done. We are having a meltdown.
I am not going to deal with that.
Speaker 2 (04:12):
Well.
Speaker 4 (04:12):
I will cry, I'll be hysteric, i will literally be
a little nightmare. But then you'll be like, oh v
this actual, really big crisis happened, and I'll be like, oh, no,
worries I'll pull my stuff together because I have every
single ability to lead you in a crisis personal crisis. Though,
when I lost a shoe different straight well, like we
ran out of tea bags the other day and I cried,
like what is.
Speaker 2 (04:32):
Wrong with me? That's fair, just a moment, mercury. She's
doing her things.
Speaker 5 (04:36):
She's doing a thing.
Speaker 2 (04:37):
Something in the microwave. I don't know. I don't know. Gatorad. Yeah,
in the gatorade in the microwave, like I don't know.
Speaker 4 (04:44):
Like someone's done it and they cooked it on high.
Speaker 2 (04:46):
Like I'm not interested.
Speaker 4 (04:48):
So, Jess, let's talk about something that is interesting, which
is our community money wins. Every single week we go
through these, and they one of my favorite things. Just
sit on my phone and perve on what have you
pulled out as your favorites of.
Speaker 2 (05:00):
So this week I have a money win from Laura,
who says I received a scholarship to do some post
grad study. I originally thought it would cover the cost
of ten K, but they emailed me to say I'd
only get seven point five. I wrote a polite email
asking why I wasn't getting the full amount reimbursed, and
they've since emailed back saying they made an error and
I'll actually get fifteen, not only covering the cost of
the course, but the time for me to study as well.
(05:21):
Money win and also pays to ask, doesn't it? Just
ask the question? Just ask us. One thing they could
say is no, one thousand percent. My next money win
comes from Joe, who said, money win, my fiance proposed
with his grandmother's ring. No, that's so wholesome, right, money loss.
It will need to be resized, but that beats the
cost of a new engagement ring from a jeweler. Absolutely, yee.
Still money win. Still may that's sick. And there's a
(05:41):
bunch of comments saying congratulations do you We're so excited
for you. My next money win comes from Ilona, who said,
got our lease renewed last week with an increase in
our rent, of course, by one hundred dollars a week.
I emailed the real estate agent to negotiate it down
to an eighty dollars increase, and the owner agreed to it.
Small money win from now, money loss from August when
the inn prease rent kicks in, but put on you
(06:02):
for negotiating it.
Speaker 4 (06:03):
I feel like they're going up, really really steeply at
the moment, and it's always worth a crack.
Speaker 2 (06:08):
There's a post on our Instagram at She's in the
money AUS. We put in a little scripty script with
some suggestions of things you could say to your landlord
or your property manager if they do email you with
a rent increase. So if you're in the same boat
as a learner, it might be worth going back and
getting a little help from there. My next money comes
from Catherine, who said one of my colleagues suggested I
request higher duty's allowance to be paid as my supervisor
(06:31):
has left and I'm assuming a lot of his workload. Raise.
The paperwork on Friday and it was signed today. And
the best part is it was backdated to the seventh
of April when my old supervisor left.
Speaker 4 (06:40):
Oh my gosh, how is that also good on your
business for backdating?
Speaker 2 (06:44):
And I feel like that never happens. They're like, string
it out.
Speaker 4 (06:47):
And string it out, and then they're like, oh, we'll
start on the first of July, so you're doing that
job until the first of July for three Yeah.
Speaker 2 (06:52):
And also, I'd never thought about allowance if you're taking
over a role temporarily while someone's gone you know that
should be standard. Yeah, we've spoken before about how like
if someone leaves and you take on their job, you
shask for a raise. But if you're doing it temporarily
and maybe your management say, oh no, we can't do that.
You're only looking after it for six weeks, maybe an
allowance is the way to go very much business. I
(07:14):
think so as well. My next money win comes from Becky,
who said money win. I've been making myself a nice
breakfast on the weekends instead of going out for breakfast
or grabbing something on the go. It's amazing to see
how easy it is to pop some bacon, an egg
and an avocado on a bagel and such a good
feeling not spending thirty dollars. And to be honest, she
put in a photo it looks like brunch that was
gone now it does, doesn't it? Well done, Becky. And
(07:36):
then my last one this week from Amanda said, SotM
will appreciate this. I got a free container of minor
figures oat milk in my Fortnightly Farmers Pick fresh fruit
and vegebox. Oh that's the money wee.
Speaker 4 (07:47):
I feel like oat milk is increasing at the same
rate as inflation.
Speaker 2 (07:51):
Leader.
Speaker 4 (07:51):
That's at least what it costs I paid a million
dollars a couple of weeks.
Speaker 2 (07:55):
That's absolutely cooked.
Speaker 4 (07:56):
All right, let's go to a quick break before we
start making up even more.
Speaker 2 (08:00):
Don't go anywhere. Welcome back, everybody. Let's take a listen
to this week's money dilemma. Hi.
Speaker 4 (08:11):
There, have you got a money dilemma you just can't solve?
The Sheese on the Money team is here to help.
Every week, we tackle your dilemmas, both big and small,
to answer your most burning money, career and life questions.
To get involved, simply head to our website and leave
us a short voice recording and you might just find
yourself on the show. Now, let's take a listen to
this week's money dilemma.
Speaker 3 (08:35):
Hi, Victoria, I've been applying for jobs in an industry
that is new to me. Some of the online applications
ask for an expected salary, and I never know how
to answer that question or what consequences the answer will have.
I have arranged in mind that I think would be
fair and I'll be willing to accept, But I don't
know if I'm lowbuling myself, and what if that bites
me in the bum later or if I'm putting in
(08:57):
arrange its way over what the job is worth and
my application might not be considered.
Speaker 2 (09:02):
Because of this.
Speaker 3 (09:04):
Any help on this would be amazing, Thank you.
Speaker 4 (09:06):
This one is spicy because I get where she's coming from.
Like when she said and what consequences answering that carries.
I was like, yeah, that's exactly how I feel about it.
What would you guys do?
Speaker 2 (09:17):
That's a really good question.
Speaker 5 (09:18):
I shouldn't do this, but I always lowball because I
am scared, and if, like I put what I really
actually want, then they will whoever's recruiting will just skip
right past me because they can get someone a little
bit cheaper, probably the same qualifications, the same skills, what
do you call it, experience experience, the same experience.
Speaker 4 (09:38):
Skills, whatever you want to call it, what you're actually
bringing to the table, because like, you are a really
good cook, so that could be put up for collateral.
Speaker 2 (09:46):
You think I'm a really good cook. I mean you
can cook toast.
Speaker 5 (09:49):
Right, I'm really pretty good a toast. I've actually been
complimented on my toast. Yea, all the way to this
to the exactly.
Speaker 2 (09:59):
To the grass. What do you go to have the
worst part with no butter. Yeah, exactly the worst part. Sorry,
what crust is the best beer? Oh? I did not
know this vote? Look at you anymore? Is she joking?
Speaker 4 (10:13):
Is she just trying to make this contents objectively?
Speaker 2 (10:19):
With any food? Crispy bit is the best bit? Is
the crispy bit of the bread? No, no, no.
Speaker 5 (10:24):
I do like the ugly slice of the bread though,
that's what fily crust?
Speaker 1 (10:28):
Do you mean?
Speaker 2 (10:29):
See that's my caveat. I don't like the butt piece.
I see you call it a butt.
Speaker 5 (10:35):
I actually want to know what everyone calls the ugly slice.
Maybe we can, we want.
Speaker 2 (10:40):
I want to know. He just calls it the butt piece.
But I swear that's really normal. Sorry. The end of
the bread, Oh, the end of the bread, that's okay,
But in the middle yours, if you're sitting in your
butt's the end? But is only the end?
Speaker 4 (11:02):
Anyway? Somebody is broken A very serious you need to answer.
Speaker 2 (11:08):
I'm also called.
Speaker 4 (11:14):
I have been like, hey, Steve, I'm making toast, but
all I've got left is this rerange.
Speaker 2 (11:21):
No, I mean, your buddy is called a end. I'm
still just that is the end of the human right
with you?
Speaker 4 (11:30):
You are sorry, we need a baker, we need a
baker curious in retrograde or gatorades in the microwave.
Speaker 2 (11:39):
But I'm done, sorry, sorry, back contrack, I'm done, beck
back on track. So you just you would lowball it?
Speaker 5 (11:45):
I yes, basically I lobell it. I don't think it's
the right answer, though, but I lowball it.
Speaker 4 (11:50):
Yeah, Okay, Jess used to work in recruitment, so I
feel like you're going to camper very intellectual answer, and
so we'll probably wrap it up here.
Speaker 2 (11:57):
What's yours? Low Balling is definitely not the right answer. Good,
but at least in you. So realistically, any recruiter is
going to try and negotiate you down. So always shoot up,
even if what you say is within the range. I mean,
I say recruiter, and I know that people who work
in recruitment will DM me if I don't put the
caveat on it. No, it won't be recruiter, it won't
(12:18):
be them doing it. The company will always come back
and try and negotiate down that it's their job to
do it. Yeah, even if you say I want to
earn seventy thousand and their range was sixty to eighty
They're still going to try and negotiate. It's just how
that works as a company. So I say, always, always,
always overshoot, because then you have room to negotiate down
to somewhere where you're happy. I wouldn't be too stressed
(12:40):
about setting your expectation too high. I think if you
tacked one hundred grand on, people would probably be like, okay,
like you're clearly But I think that is more of
a reflection that you don't have an understanding of that role.
Because if you know your job, if you know what
you're doing, and you have kept an eye on the market,
you should theoretically have a decent understanding of the value
(13:01):
of that role. And if you don't, you can do
some research. We've spoken about that on the pod before.
So it's more of a red flag in the sense
that you would probably go, oh, they don't really seem
like they know what they're talking about. If your salary
expectation is, you know, twenty thirty thousand, higher chances are
you'll still go through the interview process, and if they
really like you, they'll just try and negotiate you down
because they always want the most skilled person possible. Kind
(13:24):
of the least amount of money possible and then you're
meeting in the middle somewhere. And that's not always the cruiter,
like I said, it is often the employer doing that,
and not every employer is like that, but most commonly
that's kind of the thread that I saw happening.
Speaker 4 (13:38):
Yeah, so I guess I'm coming to this from the
perspective of somebody who has applied for jobs, and so
I really resonate with you, Beck because I feel like
I used to lowball it because you'd be like, well,
they're just going to write off my salary or not
even look at my CV if I put it too high.
Not the case, because on the flip side, I also
am an employer and we do all of our own
(13:58):
recruitment internally outsource that I actually do it myself because
I think that's helping me build my team, if that
makes sense, Like I want to have control over that process.
But we don't ask in the application phase. We actually
ask in their first phone call, so we always do.
I guess this is just that she's on the money process.
You apply for the job, there would be like a
telephone call to like have a chat and prevet and
(14:19):
you know, go through a few like what would you say,
like hygiene questions like when, where, how, why, how far
can you jump? Kind of thing, and then if you're
successful at that will actually go into the recruitment process
of like sitting down and having proper interviews. But it
seems to make sure that we can, you know, not
waste people's time because like if you beck said, well
I want to get paid X, and I'd be like, well,
actually the job is valued at why I can say
(14:42):
is that a deal breaker for you? Really upfront? And
if it is, then cool, we go on our merry way.
You don't get to the end of the recruitment process
and then you know, ditch us because you know the
salary wasn't what you expected. So if I am asking,
it's literally to make sure that your expectations are on
par SORAC. I was recruiting for an admin role and
that role was sitting between X and Y, and a
(15:04):
few people were like wildly above that. It didn't mean
I didn't call them and have that chat. We still
had that chat, but it was like, hey, the roles
actually valued between X and Y, Like you've said this, what's.
Speaker 2 (15:16):
The reason for that?
Speaker 4 (15:17):
And they've said oh, you know, a plethora of different reasons,
and either some people said, oh I thought that the
role was you know at that level, at which point
I can say, hey, Beck, like, it's actually not like
the roles and responsibilities look like a B and C,
and that's why we pay between X and Y, and unfortunately,
like that salary is not feasible or if it's lower, Honestly,
(15:37):
I just go into peptok mode and I'm like, what
the hell, Like, this role's worth way more than that,
Like is it because you think you don't have the
skills or the experience? Like your resume is the reason
I'm calling you. So I think it goes one of
two ways. But if I was answering that question and
it was just strictly a number, I would do a
little bit of research first and put a range. I'd
ever say I want fifty thousand dollars. I'd be like, okay,
(15:59):
I want fifty seventy thousand dollars and give a range.
And in a position where I have been asked the
question directly, I would say, look, I'm looking for a
pretty competitive salary that respects my qualifications and my education
and my experience, and based on the research that I
have done into this space. As I understand it, this
role would be valued between X and Y, so I
(16:21):
would expect the salary to be reflective of that. And
I think you can just take the emotion out of it.
I think when we're having these emotional conversations that are
related to money, we can easily just slip into talking
to a new employer or talking in an interview about like, well,
they'd really need seventy thousand dollars because like, you know,
I'm on seventy thousand dollars right now, and I like
I want to keep my lifestyle. They don't care, Like
(16:44):
at the end of the day, they just don't care.
What you need to do is prove yourself as an individual.
I'm paying you for your skills and experience, and I'm
not paying you because you want to earn that amount
of money. I'm paying you because that's what the role
is worth. So I think if you can distill it
back down to all the role is worth between A
and B, and that's how it's going to work. I
could say, well, I actually have a bit more experience,
(17:06):
so I'm closer to be than I am to a.
Thank you, So much for you know, having that conversation,
or you might go, all right, well, if this salary
is you know, at why I actually want more than that?
Speaker 2 (17:16):
At some point? What does salary progression look like in
this business?
Speaker 4 (17:19):
Is it an income based salary progression? Or is it
do I have to change roles completely? What would that
look like? What does it look like for past employees?
So I think there's a lot of conversation to be had.
I think on this though, before I stop ranting about it.
The one thing that I wouldn't want to disclose is
what I was currently being paid. So if I applied
for a job and you know, they're asking me what
(17:42):
is my salary expectation, I would not be saying, oh,
I want sixty because I'm currently earning sixty and like
I just want this job more than the other one. Yeah, no,
I want sixty if that's what the role is worth,
or I want more. Like the salary you currently earn
is not a reflection of your billy to do a job. Yeah, Like,
if you're currently on fifty thousand dollars and you're applying
(18:04):
for a job that's one hundred thousand dollars, but you
possess all the skills and the experience that is necessary
for that job. It's none of their business that you
came from fifty because that's what the role is worth,
and that's what the role is worth to the business,
and that's how much you should be remunerated for it.
Like there is no you know, stepping stones necessary or
oh well, I'm not on that much now, like maybe
you could save some money.
Speaker 2 (18:24):
No. Yeah, I'm also a big believer in the fact
that whenever you change roles, you should be stepping up
your salary really if like and obviously caveats again where possible,
depending on how blah blah blah blah. But every time
I applied for a new job, especially when I was younger,
I was always adding ten k onto my salary. Like
if I'm earning fifty, I want sixty. If I'm earning sixty,
I want seventy. And that's how I stepped up and
(18:46):
stepped up and stepped up, because that's there's that statistic
that says people it's just on six million dollars back
now I'm the richest woman in the world. No, there's
that statistic that says people who change jobs earn more
than people who do not, because you have that opportunity
in that interview process to set yourself up immediately, and
so I feel like, take advantage of that and don't
let them make you feel lack Just because they're negotiating
(19:09):
doesn't mean you can't negotiate as well. During the recruitment process,
I recommend that you employ out what would a mediocre
middle aged white man do, and then do that strategy
if they would have the audacity to ask for one
hundred grand, Babe, that's what you're doing. Yep.
Speaker 4 (19:23):
So that's that's how I would do it, And I
guess that's how I've gotten where I've gotten.
Speaker 2 (19:26):
If that's not good enough advice, I don't know what is.
It's a middle aged white man the advice. Yeah, exactly, audacious,
read the paper.
Speaker 4 (19:36):
I don't know what else did they do. There's are
probably a whole heap of stereotypes.
Speaker 5 (19:39):
They sneeze really loudly.
Speaker 2 (19:43):
Sneeze, and they sit.
Speaker 4 (19:45):
On chairs weird so that you can't sit on the
chair next to them.
Speaker 2 (19:48):
Yeah, you got to do all these on the plane. Oh,
they take both arm rests checks. Anyway, back on track, Yeah,
let's get back on track. We have a bit of
a theme this week because our community call out was
all so about salary, wasn't it, Victoria.
Speaker 4 (20:01):
Yea, let's talk about that because I'm really excited about
this topic. So this week's community dilemma, let's read it out.
We got a message and it went like this, Hey, girls,
would you be able to give me your opinion on
this one. So recently my employer did their annual remuneration
and review and gave most of the stuff an increase. However,
the increase is not nearly anywhere close to inflation. They
(20:22):
are not open to negotiating and think everyone should be
grateful for the pay rise they got. I should add
the company is not struggling. Last financial year, we did
one hundred and seventy percent of our sales targets talking
in the low millions. Interested to see what the community
thinks and how you guys would handle this situation.
Speaker 2 (20:41):
Leave him sys SI. There so many red flags in
that message. I think it's hard without I guess knowing
the context of you know, the size of the business
and all of those things. Not that that should fully matter,
but it's something that I think you would consider. But yeah, Victoria,
you've said before, if your pay rise doesn't align with inflation,
you're actually getting a pay cup, yep.
Speaker 4 (21:02):
But if your pay rise doesn't align with inflation, you
are getting a pay cup, full stop, end of story.
Because if you got paid ten dollars last year and
now everything's more expensive, and I gave you the same
ten dollars and expected you to be able to live
the same life on that, it's not going to happen.
Speaker 2 (21:15):
Yeah, Like it's not.
Speaker 4 (21:16):
Your lifestyle is going down When my back pocket is
being lined, Absolutely not. It gives me the ick, like
I just it's not even about the ick factor, it's
this is what's fair, this is how the world works,
and from my perspective as a business owner, this is
a cost of business. Like I employed Jess for example,
I employed her for a certain amount per annum, but
(21:36):
as a part of my mapping, as a part of
my planning, as a part of you know, working out
what that looks like, I know that inflation will come
into it. Did I know that inflation would be at
seven point one percent this year? Absolutely I didn't. But
last year, you know, it was two or three percent,
the year before two or three percent. So in my
head because inflation happens every single year in a healthy economy,
so it should be happening anyway. I've always made sure
(21:59):
that we have the buffer to increase my employee's salaries
in line with inflation.
Speaker 2 (22:04):
This year was more. I get it.
Speaker 4 (22:06):
So for some businesses, especially ones that are, you know,
coming out of the pandemic into hard times. Please don't
get me wrong, like, this is not going to apply
to every single situation. Yes, I do think it can
be a struggle for some employers, But for me, that
is a cost of doing business. That is a cost
of just keeping the bare minimum. Like at the end
of the day, just as salary increased by seven percent,
(22:26):
and that she's on the money. I genuinely believe in
walking the walk. So it's Jess, what was your pay rise?
Speaker 2 (22:30):
So it wasn't just seven percent, it was the seven
percent for cost of living.
Speaker 4 (22:34):
Yeap, And then we wiped it off the table and
said that's cost of living. Now let's talk about your performance.
Speaker 2 (22:38):
Yeah, And I really appreciated that because it felt really
transparent and it felt like you had really thought about it.
And I think the thing in this situation that's making
me mad is that she's saying they were up one
hundred and seventy percent on Yeah, exactly. And so as
you said, if you're if you work for a business
or a small business or an industry that is really
struggling right now, I think there's room for conversation. Are
(22:59):
you go okay? You know, in the pandemic, I know
a lot of people gave up there, you know, they
didn't get increases, some people took pay cuts. I think
that's a very different thing. If your company is performing
well and they're not passing that on to employees, that
makes you feel like shit. Like when we sat down,
I felt really valued because you had thought about it
and you said to me, you know, I want you
to be able to live the life that you could
(23:21):
live last year in the same way, and you've worked
really hard, and I want to reward you for that.
And I don't think that, you know, increasing your salary
for cost of living that seven percent increase isn't actually
rewarding anything. It's just letting you buy bread for the
same amount that you bought bread for last year. You know.
So I feel like for this person, if I was
in her shoes, I would be feeling really undervalued and
(23:42):
I'd be feeling really sad, and I'd be feeling like
my employer cares more about their bottom line than about
their people. And I don't think that that's something that
goes away.
Speaker 4 (23:50):
No, And I think that your people are the reason
you have a bottom line.
Speaker 2 (23:54):
To begin with.
Speaker 4 (23:55):
You're not respecting them, Like it blows my mind right,
like this idea that are so replaceable, like I get it,
and having worked in like you know, development and HR
and all of that. Historically, there seems to be this
really transactional nature of talking about people. They'll be like, oh, well,
if she doesn't like it, she can leave and we
can re recruit. It's like, well, okay, but like, let's
(24:15):
take Jess for example, Like let's pretend Jess was a
disgruntled employee and wanted to leave. She has so much
knowledge about my business that is really valuable. We're talking
about the relationships, we're talking about how things work. She
knows how I work, so that makes my life innately easier.
There's a million other things that I guess come into that.
But also the cost of recruitment isn't just oh, let's
(24:38):
pop an add up on seak and what's at like
twelve hundred bucks or something tangtise. That's fine, but that's
twelve hundred bucks. You might not think that's expensive. But
how many months is it going to take of lost
productivity for that new person to be onboarded. Let's say
it's three months, three months of not performing at their
peak just because they're onboarding, and that that time needs
to exist. What about the other implications of the rest
(24:59):
of my staff having to sit down with this new
person and train that person, the time, the energy that
they're spending on you know, you know, training new jests.
Speaker 2 (25:08):
But then also what.
Speaker 4 (25:09):
About the lost productivity of them not doing their job
nine to five month at a Friday because they're training
somebody else. We know that on average, the cost of
recruitment is about thirty five to forty thousand dollars to
a business every single time you lose or gain someone.
It's not a small thing like that's research. That's you know,
not even taking into consideration what a recruiter would be paid.
(25:31):
Because if we talk about the recruitment world, I think
a lot of employees don't understand how that world works.
But a recruiter is making about ten to twenty five
percent of your annual salary just for placing you in
a role, So you and one hundred grand. That placement
fee for that recruiter is between ten thousand and twenty
five thousand dollars, depending on who the recruiter is, what
(25:53):
the recruiter is, if they're specialist, if they're not, what
the salary is. So the higher the salary usually the
lower the person antiage rate that they get.
Speaker 2 (26:02):
But to me, it's wild.
Speaker 4 (26:03):
And that's fine. I'm not saying it's bad. I'm not
saying that they shouldn't be paid. That they're doing their job,
and that's obviously a very big cost to a business.
Like some businesses don't have time for that. I have
historically used recruiters to help me find stuff when I
didn't have the presence of she's on the money right,
because we're in this lucky position where if I put
an ad out, lots of eyes are going to see
it because our community is quite large, Whereas historically, back
(26:26):
when I was starting my finance company, nobody knew who
I was or what I did. And you know what,
it's even harder convincing them to want to work for me. Oh,
I'm a small business and I'm run by a female.
Everyone's like, wh like, no, thank you. So I think
it's really interesting to talk about the cost of recruitment
and what you mean to a business, and a lot
of businesses don't see that value. And you know what,
(26:49):
that's okay because if they don't see your value, you're
going to leave them for somebody who does see your value.
Because I guarantee you it's not about pay, Like pay
is one component of it, but in and feeling like
you're a part of something and feeling like you are
respected to me are all just as important as the
money that you bring home. So I guess TLDR, if
(27:10):
your pay doesn't rise with inflation, it is a pay cut.
End of story, that is it. And I think that
I'm actually going to write a template. We're gonna put
it on our website. You're going to be able to
download it for free, and you can send that to
your employer to address this, because I think there is
a good conversation and your employer might come back and say, look, Beck,
I'm really sorry, Like unfortunately, we are a very small
business and at this point, like if I do it
(27:32):
for you, I have to do it for everybody. And
that would send us bankrupt. That's a conversation they should
be having with you, though you deserve to understand why
they don't think that you are worthy of the same
lifestyle that you had this time last year.
Speaker 5 (27:45):
That is so true. Also, just to cap all of
that off, if anyone tells you that you should be
greedful in any context, I would run.
Speaker 4 (27:54):
Just beIN beIN it, beIN it. Nobody should tell me
what I should be grateful for.
Speaker 2 (28:00):
It's an energy. You should be grateful for me to
turn up and work my ass off your project seventy
Are you joking?
Speaker 1 (28:06):
I know?
Speaker 5 (28:06):
Is that what they said in the DM that the
the employees that they should be great?
Speaker 2 (28:10):
Okay, I just want to double check that that's what.
Speaker 4 (28:12):
Yeah, they should be grateful because they still got a
pay rise. I don't, but it's not in line with inflation.
So technically, my friends, that is still like less than
what I had last year. Like, yes, the dollar amount
is more, but that's inflation. And if your business doesn't
understand that simple concept or respect.
Speaker 2 (28:28):
You, I'm out. Yeah, I'm out.
Speaker 5 (28:30):
Yep.
Speaker 4 (28:30):
It's twenty twenty three, Like we're not putting up with
this anymore. We don't go to offices with white walls
and black desks for the culture. I'm telling you that
right now, absolutely no where.
Speaker 2 (28:40):
To runs this.
Speaker 4 (28:41):
Very curious to see what everyone else said. All right,
so thank you for sitting down and hearing another Victoria round.
We did ask the community a few questions. So we said,
have you had an increase in your pay from an
annual remuneration review. Fifty one percent of you said yes,
Forty nine percent said no. If yes, does this increase
match inflation?
Speaker 2 (29:03):
Is really so angry? Are you ready? I'm ready? Eighty
four percent of you said no. No.
Speaker 4 (29:08):
That means only sixteen percent of you got an increase
that keeps your lifestyle the same.
Speaker 2 (29:13):
It's not even an increase. Crazy.
Speaker 4 (29:17):
We then said, if no, did you talk to your
employer about it? So six percent of you said yeah,
and we came to a good negotiation.
Speaker 2 (29:24):
Only six six percent.
Speaker 4 (29:27):
Twenty two percent said yes, but they didn't care about
my concerns, and fifty two percent said no, I was
just happy I got a pay rise. No, that sucks
one out of ten cannot recommend. I also feel like
this is really you know, it goes back to our
community to keep in mind, we're not all females. We
(29:48):
are ninety eight percent female, and I feel like a
lot of the female experience is shared here. But this
goes full literally everybody. We all deserve to have confidence,
we all deserve to have some level of conviction in
our role. We all should be getting consistent feedback throughout
the years. So when you do sit down for a
performance review, you can go, well, I did ABC and
D and here's my job description, and here's how I
(30:11):
met that criteria. But here's how I went above and beyond.
Speaker 2 (30:14):
So I think there's a lot to.
Speaker 4 (30:15):
This conversation that we have broken down before, and Jess
and I have been talking, and there's going to be
more career content coming up soon because you guys have
been demanding it, like you have been asking for it
and asking for it, and it's something that can help
you increase your income and you know, change your life.
So we're going to create that content for you. But
if you if you are a bit spicy, I get it.
(30:36):
So someone said, I deserve a pay rise, but I
know the company is struggling, so I want to know
the best way to approach this.
Speaker 2 (30:43):
That's really hard.
Speaker 4 (30:44):
Yeah, someone else said, I got a five percent increase,
and when I spoke to my supervisor, his response was,
you are lucky you even got one.
Speaker 2 (30:51):
What is it that you must be a great We
all know.
Speaker 4 (30:55):
We all know that supervisor was a mediocre, middle aged
white man.
Speaker 2 (30:58):
We know, we just know. Soh yeah, So you know,
it's like one of like, I'm not turning up for
the fun of it, doll like, I'm here to be paid.
I would actually like to retire yesterday.
Speaker 4 (31:08):
In fact, if it was a choice, I'd be a
trust fund baby.
Speaker 1 (31:11):
Oh.
Speaker 2 (31:12):
I was born to be rich, you know exactly. I identify
as a billionaire.
Speaker 4 (31:17):
So so start treating me like one is that week?
Speaker 2 (31:21):
Oh my god, that makes me so angry.
Speaker 4 (31:23):
Someone else said, I can't imagine many employers can support
a pay rise in line with inflation.
Speaker 2 (31:28):
So that's fair to say, yeah.
Speaker 4 (31:30):
But we've been given the additional context here where they've
said last financial year, we did one hundred and seventy
percent of our sales targets, and.
Speaker 2 (31:38):
Those targets would have been set in place to ensure
that the business was profitable. So it's not as if
if we hit a million dollars we break even. It
would be if we hit million dollars. We have profited,
we have done well for the year, So then to
do an additional seventy percent on top of that means
they're rolling in it right now.
Speaker 4 (31:54):
Yeah, so someone else said, I'm a midwife, so I
get award. I'm glad union gets us as small in
but we can't ask for more or get any more
than that.
Speaker 2 (32:03):
Which that's tough. Is bullshit, Like, I.
Speaker 4 (32:06):
Think we learned so much during the pandemic about our
frontline workers and how valuable they were to our community,
and we're still not paying them properly.
Speaker 2 (32:14):
What is this? It's unacceptable any industry where it is
standardized like that, teaching and things as well. It's really tough.
And I a few of my friends are teachers, and
it's hard having the conversation because they go, we just
get X amount every year, and I feel like that
amount definitely wouldn't account for inflation this year. But hopefully
those industries are unionized and maybe that's would you say,
(32:36):
that's the job of the union to then say the
increase this year needs to be higher, Yes, but.
Speaker 4 (32:40):
That's the job of the government to allocate more budget
towards our frontline and healthcare workers and every other type
of frontline worker. So I think that they should be
doing more. The unions exist because the government doesn't do enough.
So I think, you know, the inner perfect world, unions
wouldn't have to exist because everyone's being treated fairly and
being paid properly and there's no like politics involved in it.
(33:02):
But there is, so the unions are necessary. Someone else said,
I was advised that base salaries will never increase with
inflation because that's just how this company works.
Speaker 2 (33:12):
Red flag, What the hell? What do you mean that's
how the company works. That's such a black and white,
like tell me you don't care about your people without
telling you don't care about it. Yeah, exactly, exactly. So
every year you're actually worthless to me, Jessica.
Speaker 4 (33:29):
Yeah, if they get so every single year you stay,
it actually gets worse for you. Yeah, I'm going to
pay you less year on your own year. And you
know what compounds inflation in the same way that investment
returns to so it's just going backwards.
Speaker 2 (33:43):
Yeah, if they can increase your hex repayments in line
with inflation, because they recognize that, that is a necessary break.
Even why are we not recognizing that salaries are exactly
the same.
Speaker 4 (33:52):
Yeah, do you want to hear one that's going to
make you really angry already. So someone said, my work
used scare tactics so people would vote for the EBA
with the lower pay rise associated it worked.
Speaker 2 (34:08):
A company that I've worked for did something similarly. They
did not. So it was a company that employed a
lot of young women. And you know, in an industry
where typically you have people who are young, don't I
knew nothing about finance, and I think that was a
very standardized thing. And they brought in an EBA and
it was when for those who don't know, whenever you
(34:29):
bring in that kind of agreement, an enterprise bargaining agreement,
an enterprise bargaining agree, whenever you bring that in, if
you're changing the policy for company as a whole, it
has to be passed by a majority vote. So they
can't a company can't just bring in an EBA like
it has to be put to a vote by the
people who were employed, and they were. Essentially there were
two options on the table, one that paid more, one
that paid less, the one that paid more. There was
(34:51):
some leave that there was some change with the leave,
and essentially rumors were being spread by upper management that
the leave changes were going to like screen over and
that's the worst. Like, you don't want that instability. And
at the time I had no idea. Why would you know?
But now as I trusted your manager, right as an adult,
I look back and I go, oh my god, like
(35:12):
that is actually not how that worked. Wow, that is
so bad.
Speaker 5 (35:16):
That should be illegal.
Speaker 2 (35:17):
Is that illegal?
Speaker 1 (35:18):
No?
Speaker 2 (35:18):
I didn't think it is, because it's it's still freedom
of choice, right, Like I could have made whatever choice
that I wanted. But when I had people, you know,
and everyone was talking about it, Oh, what should I do?
None of us knew what anything meant, don't even know
what any of being it was. If someone who is
a bit more authoritative than you goes, oh, like I
think that blah blah bah blah, Oh my god, yeah
you're so smart, or at least that's what I did.
But now, in hindsight, especially hearing that person, I reckon
(35:40):
that's what happened. Oh that is LI truly the worst.
Speaker 4 (35:43):
So someone else in Bright and News said, well, they
wouldn't give me a race. So I resigned, got a
similar role I don't know the company, and got fifty
percent more money Queen.
Speaker 2 (35:53):
I love it.
Speaker 4 (35:53):
I feel like that's probably a really good place to
leave it, because the rest of them are just really depressing,
like it's actually insane, and I just I think that
we need to know what we're worth and then demand
that because that should actually be the bare minimum. And
if people are trying to tell you that you're three
percent or your five percent pay rise is something that
you should be grateful for.
Speaker 2 (36:13):
Like, please, don't get me wrong.
Speaker 4 (36:14):
I'm sure you're looking at it and going with me
at the end of the day, like I have more
money coming in, but that's not as respectful as it
could be. And I think that mostly we are just
trying to demand respect because there are going to be
a lot of small business owners that aren't able to
put up their salaries. Like we are so lucky in
the world that we live in right now that she's
on the money's doing well enough that we can do that.
(36:35):
And I think then in every single opportunity where I
can pass it on to my team or make sure
that they're in the best possible position or being remunerated
as well as they possibly could, that's my responsibility. And
you know what, it could have been a really hard
conversation if we didn't have a level of profit. But
I also think that that comes down to ultimately the
greed of the business owner as well. And I'm not
saying that every business owner is greedy, But at the
(36:58):
end of the day, I think I still would have
passed it on regardless of wash my profits were looking like.
I just would have changed what I was taking home
to make sure that my staff knew that I still
respected them in the way that I actually do. Yeah,
so everyone's different again, but I think we should be
asking for respect in our workplaces.
Speaker 2 (37:16):
And that's a bare minimum. Yep. And that's the tea.
All right, that's a good tea.
Speaker 4 (37:20):
I'm going to go get a cup of tea now
because mine's gone cold. So have the best week, guys.
I love you, and we will see you on Monday
for Money Days.
Speaker 2 (37:28):
Bye guys. Bye.
Speaker 4 (37:35):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 2 (37:49):
If you do choose to buy a financial.
Speaker 4 (37:51):
Product, read the PDS TMD and obtain appropriate financial advice
tailored towards your needs. Victoria, Divine and She's on the
Money are authorized representatives of Money sherper P, T y
L t D A b N three two one six
four nine two seven seven zero eight a F s
L four five one two eight nine
Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
the Order Kerney Whalbury and a waddery woman. And before
we get started on She's on the Money podcast, I
would like to acknowledge the traditional custodians of the land
of which this podcast is recorded on a wondery country,
acknowledging the elders, the ancestors and the next generation coming through.
(00:23):
As this podcast is about connecting, empowering, knowledge sharing and
the storytelling of you to make a difference for today
and lasting impactful tomorrow.
Speaker 2 (00:33):
Let's get into it.
Speaker 3 (00:34):
She's on the Money, She's on the Money.
Speaker 4 (00:57):
Hello, and welcome to She's on the Money, the podcast
for millennials who want financial freedom. Today, my friends, is Friday,
which means it is time to get our little team
together and celebrate you how incredible she is on the
Money community today, Jess, go to your cheer over there. Hi,
my friend. She is going to be sharing our favorite
money wins. We're going to be helping to answer a
juicy money dilemma, which this week is all about discussing
(01:20):
your salary expectations in a job interview. And we're going
to be unpacking something you slid into our DMS about
which this week is all about employer remuneration and asking
for a raise. So let's get into it. My friends, Beck,
how has your week been?
Speaker 1 (01:35):
Hi?
Speaker 2 (01:36):
Pretty good?
Speaker 5 (01:36):
Slow, really slow, housing out produces out of the moment.
Speaker 2 (01:41):
So oh wait, does that mean you've got a cat?
I've got a cat.
Speaker 5 (01:45):
We've got a cat, and honestly, I've never taken care
of a cat before.
Speaker 2 (01:48):
My world has changed.
Speaker 5 (01:49):
Like I'm out of the pub, but I have to
go home at five o'clock to feed something and maature,
it's still alive and I don't actually know what this
world is we converted?
Speaker 2 (01:58):
Now you a cat person? I think I'm pretty cold.
Speaker 5 (02:00):
Yeah, I think I'm pretty close to me.
Speaker 2 (02:05):
I don't want this lie? Do you do?
Speaker 4 (02:08):
Our producer, for those of you following along at home,
has a beautiful Burmese called Jean Parmesan is a brown Burmese,
so he's like a chalky color and he is the
most friendly boy.
Speaker 2 (02:21):
So tell us, Beck, where is he sleeping?
Speaker 5 (02:24):
I don't know because he leaves the room and only
told me that he would be sleeping with me right
against me, But he is avoiding me at all.
Speaker 2 (02:33):
Costs. That's making you feel bad. I'm like, what, he's
trying to stop himself from falling in love with you.
I think that's what it is.
Speaker 5 (02:42):
I think that's why I'm also still single. Everyone's just
scared they'll fall deeply in love with you rifying. It's terrifying.
Speaker 4 (02:49):
I'm really scared of as well. I get it, you're
only happens to dress all the time. Jess, how's your
week ban? Have you accidentally fallen in love?
Speaker 2 (02:55):
I haven't, But you know what, I don't know if
mekeur is in retrograde mercury has to be. I'm feeling
frazzled for no good reason either, Like it's not as
if anything's gone drastically wrong, but I think I just
started off my Monday feeling like I didn't know I
had from my toes, and then yeah, it's just continued
through the week a little bit with these crazy things.
Speaker 5 (03:15):
Yeah, it's scared that something is about to constantly about
to go wrong.
Speaker 2 (03:19):
So that makes sense, Like you're on my edge.
Speaker 5 (03:21):
You're so frizzled that nothing's gone wrong yet, but any
second now something will.
Speaker 2 (03:26):
Yes, I think so. And it was really funny. I
was having a moment. The other day, I had no
pepsi Max left in the house, not no, I was
dealing with a crisis and all I had was solo,
and it was It's things like that that are just
so first world and inconsequential and absolutely ridiculously stupid. And
I'm embarrassed that I'm even admitting them out loud. But
it's just the compounding impact of like lots of teeny
(03:47):
tiny little things going wrong, but I'm making me go,
oh my god, like I just can't this week.
Speaker 4 (03:52):
I feel like that happens all the time to me,
because if something actually goes into crisis, I seem to
switch into crisis mode and I'm really good with dealing
with it. Like I'll be like, okay, cool, well, Beck,
you need to do this, and Jess, could you please
Xyza doesn't matter work or life. I lose my shoe,
I'm done. Yeah, I'm done. We are having a meltdown.
I am not going to deal with that.
Speaker 2 (04:12):
Well.
Speaker 4 (04:12):
I will cry, I'll be hysteric, i will literally be
a little nightmare. But then you'll be like, oh v
this actual, really big crisis happened, and I'll be like, oh, no,
worries I'll pull my stuff together because I have every
single ability to lead you in a crisis personal crisis. Though,
when I lost a shoe different straight well, like we
ran out of tea bags the other day and I cried,
like what is.
Speaker 2 (04:32):
Wrong with me? That's fair, just a moment, mercury. She's
doing her things.
Speaker 5 (04:36):
She's doing a thing.
Speaker 2 (04:37):
Something in the microwave. I don't know. I don't know. Gatorad. Yeah,
in the gatorade in the microwave, like I don't know.
Speaker 4 (04:44):
Like someone's done it and they cooked it on high.
Speaker 2 (04:46):
Like I'm not interested.
Speaker 4 (04:48):
So, Jess, let's talk about something that is interesting, which
is our community money wins. Every single week we go
through these, and they one of my favorite things. Just
sit on my phone and perve on what have you
pulled out as your favorites of.
Speaker 2 (05:00):
So this week I have a money win from Laura,
who says I received a scholarship to do some post
grad study. I originally thought it would cover the cost
of ten K, but they emailed me to say I'd
only get seven point five. I wrote a polite email
asking why I wasn't getting the full amount reimbursed, and
they've since emailed back saying they made an error and
I'll actually get fifteen, not only covering the cost of
the course, but the time for me to study as well.
(05:21):
Money win and also pays to ask, doesn't it? Just
ask the question? Just ask us. One thing they could
say is no, one thousand percent. My next money win
comes from Joe, who said, money win, my fiance proposed
with his grandmother's ring. No, that's so wholesome, right, money loss.
It will need to be resized, but that beats the
cost of a new engagement ring from a jeweler. Absolutely, yee.
Still money win. Still may that's sick. And there's a
(05:41):
bunch of comments saying congratulations do you We're so excited
for you. My next money win comes from Ilona, who said,
got our lease renewed last week with an increase in
our rent, of course, by one hundred dollars a week.
I emailed the real estate agent to negotiate it down
to an eighty dollars increase, and the owner agreed to it.
Small money win from now, money loss from August when
the inn prease rent kicks in, but put on you
(06:02):
for negotiating it.
Speaker 4 (06:03):
I feel like they're going up, really really steeply at
the moment, and it's always worth a crack.
Speaker 2 (06:08):
There's a post on our Instagram at She's in the
money AUS. We put in a little scripty script with
some suggestions of things you could say to your landlord
or your property manager if they do email you with
a rent increase. So if you're in the same boat
as a learner, it might be worth going back and
getting a little help from there. My next money comes
from Catherine, who said one of my colleagues suggested I
request higher duty's allowance to be paid as my supervisor
(06:31):
has left and I'm assuming a lot of his workload. Raise.
The paperwork on Friday and it was signed today. And
the best part is it was backdated to the seventh
of April when my old supervisor left.
Speaker 4 (06:40):
Oh my gosh, how is that also good on your
business for backdating?
Speaker 2 (06:44):
And I feel like that never happens. They're like, string
it out.
Speaker 4 (06:47):
And string it out, and then they're like, oh, we'll
start on the first of July, so you're doing that
job until the first of July for three Yeah.
Speaker 2 (06:52):
And also, I'd never thought about allowance if you're taking
over a role temporarily while someone's gone you know that
should be standard. Yeah, we've spoken before about how like
if someone leaves and you take on their job, you
shask for a raise. But if you're doing it temporarily
and maybe your management say, oh no, we can't do that.
You're only looking after it for six weeks, maybe an
allowance is the way to go very much business. I
(07:14):
think so as well. My next money win comes from Becky,
who said money win. I've been making myself a nice
breakfast on the weekends instead of going out for breakfast
or grabbing something on the go. It's amazing to see
how easy it is to pop some bacon, an egg
and an avocado on a bagel and such a good
feeling not spending thirty dollars. And to be honest, she
put in a photo it looks like brunch that was
gone now it does, doesn't it? Well done, Becky. And
(07:36):
then my last one this week from Amanda said, SotM
will appreciate this. I got a free container of minor
figures oat milk in my Fortnightly Farmers Pick fresh fruit
and vegebox. Oh that's the money wee.
Speaker 4 (07:47):
I feel like oat milk is increasing at the same
rate as inflation.
Speaker 2 (07:51):
Leader.
Speaker 4 (07:51):
That's at least what it costs I paid a million
dollars a couple of weeks.
Speaker 2 (07:55):
That's absolutely cooked.
Speaker 4 (07:56):
All right, let's go to a quick break before we
start making up even more.
Speaker 2 (08:00):
Don't go anywhere. Welcome back, everybody. Let's take a listen
to this week's money dilemma. Hi.
Speaker 4 (08:11):
There, have you got a money dilemma you just can't solve?
The Sheese on the Money team is here to help.
Every week, we tackle your dilemmas, both big and small,
to answer your most burning money, career and life questions.
To get involved, simply head to our website and leave
us a short voice recording and you might just find
yourself on the show. Now, let's take a listen to
this week's money dilemma.
Speaker 3 (08:35):
Hi, Victoria, I've been applying for jobs in an industry
that is new to me. Some of the online applications
ask for an expected salary, and I never know how
to answer that question or what consequences the answer will have.
I have arranged in mind that I think would be
fair and I'll be willing to accept, But I don't
know if I'm lowbuling myself, and what if that bites
me in the bum later or if I'm putting in
(08:57):
arrange its way over what the job is worth and
my application might not be considered.
Speaker 2 (09:02):
Because of this.
Speaker 3 (09:04):
Any help on this would be amazing, Thank you.
Speaker 4 (09:06):
This one is spicy because I get where she's coming from.
Like when she said and what consequences answering that carries.
I was like, yeah, that's exactly how I feel about it.
What would you guys do?
Speaker 2 (09:17):
That's a really good question.
Speaker 5 (09:18):
I shouldn't do this, but I always lowball because I
am scared, and if, like I put what I really
actually want, then they will whoever's recruiting will just skip
right past me because they can get someone a little
bit cheaper, probably the same qualifications, the same skills, what
do you call it, experience experience, the same experience.
Speaker 4 (09:38):
Skills, whatever you want to call it, what you're actually
bringing to the table, because like, you are a really
good cook, so that could be put up for collateral.
Speaker 2 (09:46):
You think I'm a really good cook. I mean you
can cook toast.
Speaker 5 (09:49):
Right, I'm really pretty good a toast. I've actually been
complimented on my toast. Yea, all the way to this
to the exactly.
Speaker 2 (09:59):
To the grass. What do you go to have the
worst part with no butter. Yeah, exactly the worst part. Sorry,
what crust is the best beer? Oh? I did not
know this vote? Look at you anymore? Is she joking?
Speaker 4 (10:13):
Is she just trying to make this contents objectively?
Speaker 2 (10:19):
With any food? Crispy bit is the best bit? Is
the crispy bit of the bread? No, no, no.
Speaker 5 (10:24):
I do like the ugly slice of the bread though,
that's what fily crust?
Speaker 1 (10:28):
Do you mean?
Speaker 2 (10:29):
See that's my caveat. I don't like the butt piece.
I see you call it a butt.
Speaker 5 (10:35):
I actually want to know what everyone calls the ugly slice.
Maybe we can, we want.
Speaker 2 (10:40):
I want to know. He just calls it the butt piece.
But I swear that's really normal. Sorry. The end of
the bread, Oh, the end of the bread, that's okay,
But in the middle yours, if you're sitting in your
butt's the end? But is only the end?
Speaker 4 (11:02):
Anyway? Somebody is broken A very serious you need to answer.
Speaker 2 (11:08):
I'm also called.
Speaker 4 (11:14):
I have been like, hey, Steve, I'm making toast, but
all I've got left is this rerange.
Speaker 2 (11:21):
No, I mean, your buddy is called a end. I'm
still just that is the end of the human right
with you?
Speaker 4 (11:30):
You are sorry, we need a baker, we need a
baker curious in retrograde or gatorades in the microwave.
Speaker 2 (11:39):
But I'm done, sorry, sorry, back contrack, I'm done, beck
back on track. So you just you would lowball it?
Speaker 5 (11:45):
I yes, basically I lobell it. I don't think it's
the right answer, though, but I lowball it.
Speaker 4 (11:50):
Yeah, Okay, Jess used to work in recruitment, so I
feel like you're going to camper very intellectual answer, and
so we'll probably wrap it up here.
Speaker 2 (11:57):
What's yours? Low Balling is definitely not the right answer. Good,
but at least in you. So realistically, any recruiter is
going to try and negotiate you down. So always shoot up,
even if what you say is within the range. I mean,
I say recruiter, and I know that people who work
in recruitment will DM me if I don't put the
caveat on it. No, it won't be recruiter, it won't
(12:18):
be them doing it. The company will always come back
and try and negotiate down that it's their job to
do it. Yeah, even if you say I want to
earn seventy thousand and their range was sixty to eighty
They're still going to try and negotiate. It's just how
that works as a company. So I say, always, always,
always overshoot, because then you have room to negotiate down
to somewhere where you're happy. I wouldn't be too stressed
(12:40):
about setting your expectation too high. I think if you
tacked one hundred grand on, people would probably be like, okay,
like you're clearly But I think that is more of
a reflection that you don't have an understanding of that role.
Because if you know your job, if you know what
you're doing, and you have kept an eye on the market,
you should theoretically have a decent understanding of the value
(13:01):
of that role. And if you don't, you can do
some research. We've spoken about that on the pod before.
So it's more of a red flag in the sense
that you would probably go, oh, they don't really seem
like they know what they're talking about. If your salary
expectation is, you know, twenty thirty thousand, higher chances are
you'll still go through the interview process, and if they
really like you, they'll just try and negotiate you down
because they always want the most skilled person possible. Kind
(13:24):
of the least amount of money possible and then you're
meeting in the middle somewhere. And that's not always the cruiter,
like I said, it is often the employer doing that,
and not every employer is like that, but most commonly
that's kind of the thread that I saw happening.
Speaker 4 (13:38):
Yeah, so I guess I'm coming to this from the
perspective of somebody who has applied for jobs, and so
I really resonate with you, Beck because I feel like
I used to lowball it because you'd be like, well,
they're just going to write off my salary or not
even look at my CV if I put it too high.
Not the case, because on the flip side, I also
am an employer and we do all of our own
(13:58):
recruitment internally outsource that I actually do it myself because
I think that's helping me build my team, if that
makes sense, Like I want to have control over that process.
But we don't ask in the application phase. We actually
ask in their first phone call, so we always do.
I guess this is just that she's on the money process.
You apply for the job, there would be like a
telephone call to like have a chat and prevet and
(14:19):
you know, go through a few like what would you say,
like hygiene questions like when, where, how, why, how far
can you jump? Kind of thing, and then if you're
successful at that will actually go into the recruitment process
of like sitting down and having proper interviews. But it
seems to make sure that we can, you know, not
waste people's time because like if you beck said, well
I want to get paid X, and I'd be like, well,
actually the job is valued at why I can say
(14:42):
is that a deal breaker for you? Really upfront? And
if it is, then cool, we go on our merry way.
You don't get to the end of the recruitment process
and then you know, ditch us because you know the
salary wasn't what you expected. So if I am asking,
it's literally to make sure that your expectations are on
par SORAC. I was recruiting for an admin role and
that role was sitting between X and Y, and a
(15:04):
few people were like wildly above that. It didn't mean
I didn't call them and have that chat. We still
had that chat, but it was like, hey, the roles
actually valued between X and Y, Like you've said this, what's.
Speaker 2 (15:16):
The reason for that?
Speaker 4 (15:17):
And they've said oh, you know, a plethora of different reasons,
and either some people said, oh I thought that the
role was you know at that level, at which point
I can say, hey, Beck, like, it's actually not like
the roles and responsibilities look like a B and C,
and that's why we pay between X and Y, and unfortunately,
like that salary is not feasible or if it's lower, Honestly,
(15:37):
I just go into peptok mode and I'm like, what
the hell, Like, this role's worth way more than that,
Like is it because you think you don't have the
skills or the experience? Like your resume is the reason
I'm calling you. So I think it goes one of
two ways. But if I was answering that question and
it was just strictly a number, I would do a
little bit of research first and put a range. I'd
ever say I want fifty thousand dollars. I'd be like, okay,
(15:59):
I want fifty seventy thousand dollars and give a range.
And in a position where I have been asked the
question directly, I would say, look, I'm looking for a
pretty competitive salary that respects my qualifications and my education
and my experience, and based on the research that I
have done into this space. As I understand it, this
role would be valued between X and Y, so I
(16:21):
would expect the salary to be reflective of that. And
I think you can just take the emotion out of it.
I think when we're having these emotional conversations that are
related to money, we can easily just slip into talking
to a new employer or talking in an interview about like, well,
they'd really need seventy thousand dollars because like, you know,
I'm on seventy thousand dollars right now, and I like
I want to keep my lifestyle. They don't care, Like
(16:44):
at the end of the day, they just don't care.
What you need to do is prove yourself as an individual.
I'm paying you for your skills and experience, and I'm
not paying you because you want to earn that amount
of money. I'm paying you because that's what the role
is worth. So I think if you can distill it
back down to all the role is worth between A
and B, and that's how it's going to work. I
could say, well, I actually have a bit more experience,
(17:06):
so I'm closer to be than I am to a.
Thank you, So much for you know, having that conversation,
or you might go, all right, well, if this salary
is you know, at why I actually want more than that?
Speaker 2 (17:16):
At some point? What does salary progression look like in
this business?
Speaker 4 (17:19):
Is it an income based salary progression? Or is it
do I have to change roles completely? What would that
look like? What does it look like for past employees?
So I think there's a lot of conversation to be had.
I think on this though, before I stop ranting about it.
The one thing that I wouldn't want to disclose is
what I was currently being paid. So if I applied
for a job and you know, they're asking me what
(17:42):
is my salary expectation, I would not be saying, oh,
I want sixty because I'm currently earning sixty and like
I just want this job more than the other one. Yeah, no,
I want sixty if that's what the role is worth,
or I want more. Like the salary you currently earn
is not a reflection of your billy to do a job. Yeah, Like,
if you're currently on fifty thousand dollars and you're applying
(18:04):
for a job that's one hundred thousand dollars, but you
possess all the skills and the experience that is necessary
for that job. It's none of their business that you
came from fifty because that's what the role is worth,
and that's what the role is worth to the business,
and that's how much you should be remunerated for it.
Like there is no you know, stepping stones necessary or
oh well, I'm not on that much now, like maybe
you could save some money.
Speaker 2 (18:24):
No. Yeah, I'm also a big believer in the fact
that whenever you change roles, you should be stepping up
your salary really if like and obviously caveats again where possible,
depending on how blah blah blah blah. But every time
I applied for a new job, especially when I was younger,
I was always adding ten k onto my salary. Like
if I'm earning fifty, I want sixty. If I'm earning sixty,
I want seventy. And that's how I stepped up and
(18:46):
stepped up and stepped up, because that's there's that statistic
that says people it's just on six million dollars back
now I'm the richest woman in the world. No, there's
that statistic that says people who change jobs earn more
than people who do not, because you have that opportunity
in that interview process to set yourself up immediately, and
so I feel like, take advantage of that and don't
let them make you feel lack Just because they're negotiating
(19:09):
doesn't mean you can't negotiate as well. During the recruitment process,
I recommend that you employ out what would a mediocre
middle aged white man do, and then do that strategy
if they would have the audacity to ask for one
hundred grand, Babe, that's what you're doing. Yep.
Speaker 4 (19:23):
So that's that's how I would do it, And I
guess that's how I've gotten where I've gotten.
Speaker 2 (19:26):
If that's not good enough advice, I don't know what is.
It's a middle aged white man the advice. Yeah, exactly, audacious,
read the paper.
Speaker 4 (19:36):
I don't know what else did they do. There's are
probably a whole heap of stereotypes.
Speaker 5 (19:39):
They sneeze really loudly.
Speaker 2 (19:43):
Sneeze, and they sit.
Speaker 4 (19:45):
On chairs weird so that you can't sit on the
chair next to them.
Speaker 2 (19:48):
Yeah, you got to do all these on the plane. Oh,
they take both arm rests checks. Anyway, back on track, Yeah,
let's get back on track. We have a bit of
a theme this week because our community call out was
all so about salary, wasn't it, Victoria.
Speaker 4 (20:01):
Yea, let's talk about that because I'm really excited about
this topic. So this week's community dilemma, let's read it out.
We got a message and it went like this, Hey, girls,
would you be able to give me your opinion on
this one. So recently my employer did their annual remuneration
and review and gave most of the stuff an increase. However,
the increase is not nearly anywhere close to inflation. They
(20:22):
are not open to negotiating and think everyone should be
grateful for the pay rise they got. I should add
the company is not struggling. Last financial year, we did
one hundred and seventy percent of our sales targets talking
in the low millions. Interested to see what the community
thinks and how you guys would handle this situation.
Speaker 2 (20:41):
Leave him sys SI. There so many red flags in
that message. I think it's hard without I guess knowing
the context of you know, the size of the business
and all of those things. Not that that should fully matter,
but it's something that I think you would consider. But yeah, Victoria,
you've said before, if your pay rise doesn't align with inflation,
you're actually getting a pay cup, yep.
Speaker 4 (21:02):
But if your pay rise doesn't align with inflation, you
are getting a pay cup, full stop, end of story.
Because if you got paid ten dollars last year and
now everything's more expensive, and I gave you the same
ten dollars and expected you to be able to live
the same life on that, it's not going to happen.
Speaker 2 (21:15):
Yeah, Like it's not.
Speaker 4 (21:16):
Your lifestyle is going down When my back pocket is
being lined, Absolutely not. It gives me the ick, like
I just it's not even about the ick factor, it's
this is what's fair, this is how the world works,
and from my perspective as a business owner, this is
a cost of business. Like I employed Jess for example,
I employed her for a certain amount per annum, but
(21:36):
as a part of my mapping, as a part of
my planning, as a part of you know, working out
what that looks like, I know that inflation will come
into it. Did I know that inflation would be at
seven point one percent this year? Absolutely I didn't. But
last year, you know, it was two or three percent,
the year before two or three percent. So in my
head because inflation happens every single year in a healthy economy,
so it should be happening anyway. I've always made sure
(21:59):
that we have the buffer to increase my employee's salaries
in line with inflation.
Speaker 2 (22:04):
This year was more. I get it.
Speaker 4 (22:06):
So for some businesses, especially ones that are, you know,
coming out of the pandemic into hard times. Please don't
get me wrong, like, this is not going to apply
to every single situation. Yes, I do think it can
be a struggle for some employers, But for me, that
is a cost of doing business. That is a cost
of just keeping the bare minimum. Like at the end
of the day, just as salary increased by seven percent,
(22:26):
and that she's on the money. I genuinely believe in
walking the walk. So it's Jess, what was your pay rise?
Speaker 2 (22:30):
So it wasn't just seven percent, it was the seven
percent for cost of living.
Speaker 4 (22:34):
Yeap, And then we wiped it off the table and
said that's cost of living. Now let's talk about your performance.
Speaker 2 (22:38):
Yeah, And I really appreciated that because it felt really
transparent and it felt like you had really thought about it.
And I think the thing in this situation that's making
me mad is that she's saying they were up one
hundred and seventy percent on Yeah, exactly. And so as
you said, if you're if you work for a business
or a small business or an industry that is really
struggling right now, I think there's room for conversation. Are
(22:59):
you go okay? You know, in the pandemic, I know
a lot of people gave up there, you know, they
didn't get increases, some people took pay cuts. I think
that's a very different thing. If your company is performing
well and they're not passing that on to employees, that
makes you feel like shit. Like when we sat down,
I felt really valued because you had thought about it
and you said to me, you know, I want you
to be able to live the life that you could
(23:21):
live last year in the same way, and you've worked
really hard, and I want to reward you for that.
And I don't think that, you know, increasing your salary
for cost of living that seven percent increase isn't actually
rewarding anything. It's just letting you buy bread for the
same amount that you bought bread for last year. You know.
So I feel like for this person, if I was
in her shoes, I would be feeling really undervalued and
(23:42):
I'd be feeling really sad, and I'd be feeling like
my employer cares more about their bottom line than about
their people. And I don't think that that's something that
goes away.
Speaker 4 (23:50):
No, And I think that your people are the reason
you have a bottom line.
Speaker 2 (23:54):
To begin with.
Speaker 4 (23:55):
You're not respecting them, Like it blows my mind right,
like this idea that are so replaceable, like I get it,
and having worked in like you know, development and HR
and all of that. Historically, there seems to be this
really transactional nature of talking about people. They'll be like, oh, well,
if she doesn't like it, she can leave and we
can re recruit. It's like, well, okay, but like, let's
(24:15):
take Jess for example, Like let's pretend Jess was a
disgruntled employee and wanted to leave. She has so much
knowledge about my business that is really valuable. We're talking
about the relationships, we're talking about how things work. She
knows how I work, so that makes my life innately easier.
There's a million other things that I guess come into that.
But also the cost of recruitment isn't just oh, let's
(24:38):
pop an add up on seak and what's at like
twelve hundred bucks or something tangtise. That's fine, but that's
twelve hundred bucks. You might not think that's expensive. But
how many months is it going to take of lost
productivity for that new person to be onboarded. Let's say
it's three months, three months of not performing at their
peak just because they're onboarding, and that that time needs
to exist. What about the other implications of the rest
(24:59):
of my staff having to sit down with this new
person and train that person, the time, the energy that
they're spending on you know, you know, training new jests.
Speaker 2 (25:08):
But then also what.
Speaker 4 (25:09):
About the lost productivity of them not doing their job
nine to five month at a Friday because they're training
somebody else. We know that on average, the cost of
recruitment is about thirty five to forty thousand dollars to
a business every single time you lose or gain someone.
It's not a small thing like that's research. That's you know,
not even taking into consideration what a recruiter would be paid.
(25:31):
Because if we talk about the recruitment world, I think
a lot of employees don't understand how that world works.
But a recruiter is making about ten to twenty five
percent of your annual salary just for placing you in
a role, So you and one hundred grand. That placement
fee for that recruiter is between ten thousand and twenty
five thousand dollars, depending on who the recruiter is, what
(25:53):
the recruiter is, if they're specialist, if they're not, what
the salary is. So the higher the salary usually the
lower the person antiage rate that they get.
Speaker 2 (26:02):
But to me, it's wild.
Speaker 4 (26:03):
And that's fine. I'm not saying it's bad. I'm not
saying that they shouldn't be paid. That they're doing their job,
and that's obviously a very big cost to a business.
Like some businesses don't have time for that. I have
historically used recruiters to help me find stuff when I
didn't have the presence of she's on the money right,
because we're in this lucky position where if I put
an ad out, lots of eyes are going to see
it because our community is quite large, Whereas historically, back
(26:26):
when I was starting my finance company, nobody knew who
I was or what I did. And you know what,
it's even harder convincing them to want to work for me. Oh,
I'm a small business and I'm run by a female.
Everyone's like, wh like, no, thank you. So I think
it's really interesting to talk about the cost of recruitment
and what you mean to a business, and a lot
of businesses don't see that value. And you know what,
(26:49):
that's okay because if they don't see your value, you're
going to leave them for somebody who does see your value.
Because I guarantee you it's not about pay, Like pay
is one component of it, but in and feeling like
you're a part of something and feeling like you are
respected to me are all just as important as the
money that you bring home. So I guess TLDR, if
(27:10):
your pay doesn't rise with inflation, it is a pay cut.
End of story, that is it. And I think that
I'm actually going to write a template. We're gonna put
it on our website. You're going to be able to
download it for free, and you can send that to
your employer to address this, because I think there is
a good conversation and your employer might come back and say, look, Beck,
I'm really sorry, Like unfortunately, we are a very small
business and at this point, like if I do it
(27:32):
for you, I have to do it for everybody. And
that would send us bankrupt. That's a conversation they should
be having with you, though you deserve to understand why
they don't think that you are worthy of the same
lifestyle that you had this time last year.
Speaker 5 (27:45):
That is so true. Also, just to cap all of
that off, if anyone tells you that you should be
greedful in any context, I would run.
Speaker 4 (27:54):
Just beIN beIN it, beIN it. Nobody should tell me
what I should be grateful for.
Speaker 2 (28:00):
It's an energy. You should be grateful for me to
turn up and work my ass off your project seventy
Are you joking?
Speaker 1 (28:06):
I know?
Speaker 5 (28:06):
Is that what they said in the DM that the
the employees that they should be great?
Speaker 2 (28:10):
Okay, I just want to double check that that's what.
Speaker 4 (28:12):
Yeah, they should be grateful because they still got a
pay rise. I don't, but it's not in line with inflation.
So technically, my friends, that is still like less than
what I had last year. Like, yes, the dollar amount
is more, but that's inflation. And if your business doesn't
understand that simple concept or respect.
Speaker 2 (28:28):
You, I'm out. Yeah, I'm out.
Speaker 5 (28:30):
Yep.
Speaker 4 (28:30):
It's twenty twenty three, Like we're not putting up with
this anymore. We don't go to offices with white walls
and black desks for the culture. I'm telling you that
right now, absolutely no where.
Speaker 2 (28:40):
To runs this.
Speaker 4 (28:41):
Very curious to see what everyone else said. All right,
so thank you for sitting down and hearing another Victoria round.
We did ask the community a few questions. So we said,
have you had an increase in your pay from an
annual remuneration review. Fifty one percent of you said yes,
Forty nine percent said no. If yes, does this increase
match inflation?
Speaker 2 (29:03):
Is really so angry? Are you ready? I'm ready? Eighty
four percent of you said no. No.
Speaker 4 (29:08):
That means only sixteen percent of you got an increase
that keeps your lifestyle the same.
Speaker 2 (29:13):
It's not even an increase. Crazy.
Speaker 4 (29:17):
We then said, if no, did you talk to your
employer about it? So six percent of you said yeah,
and we came to a good negotiation.
Speaker 2 (29:24):
Only six six percent.
Speaker 4 (29:27):
Twenty two percent said yes, but they didn't care about
my concerns, and fifty two percent said no, I was
just happy I got a pay rise. No, that sucks
one out of ten cannot recommend. I also feel like
this is really you know, it goes back to our
community to keep in mind, we're not all females. We
(29:48):
are ninety eight percent female, and I feel like a
lot of the female experience is shared here. But this
goes full literally everybody. We all deserve to have confidence,
we all deserve to have some level of conviction in
our role. We all should be getting consistent feedback throughout
the years. So when you do sit down for a
performance review, you can go, well, I did ABC and
D and here's my job description, and here's how I
(30:11):
met that criteria. But here's how I went above and beyond.
Speaker 2 (30:14):
So I think there's a lot to.
Speaker 4 (30:15):
This conversation that we have broken down before, and Jess
and I have been talking, and there's going to be
more career content coming up soon because you guys have
been demanding it, like you have been asking for it
and asking for it, and it's something that can help
you increase your income and you know, change your life.
So we're going to create that content for you. But
if you if you are a bit spicy, I get it.
(30:36):
So someone said, I deserve a pay rise, but I
know the company is struggling, so I want to know
the best way to approach this.
Speaker 2 (30:43):
That's really hard.
Speaker 4 (30:44):
Yeah, someone else said, I got a five percent increase,
and when I spoke to my supervisor, his response was,
you are lucky you even got one.
Speaker 2 (30:51):
What is it that you must be a great We
all know.
Speaker 4 (30:55):
We all know that supervisor was a mediocre, middle aged
white man.
Speaker 2 (30:58):
We know, we just know. Soh yeah, So you know,
it's like one of like, I'm not turning up for
the fun of it, doll like, I'm here to be paid.
I would actually like to retire yesterday.
Speaker 4 (31:08):
In fact, if it was a choice, I'd be a
trust fund baby.
Speaker 1 (31:11):
Oh.
Speaker 2 (31:12):
I was born to be rich, you know exactly. I identify
as a billionaire.
Speaker 4 (31:17):
So so start treating me like one is that week?
Speaker 2 (31:21):
Oh my god, that makes me so angry.
Speaker 4 (31:23):
Someone else said, I can't imagine many employers can support
a pay rise in line with inflation.
Speaker 2 (31:28):
So that's fair to say, yeah.
Speaker 4 (31:30):
But we've been given the additional context here where they've
said last financial year, we did one hundred and seventy
percent of our sales targets, and.
Speaker 2 (31:38):
Those targets would have been set in place to ensure
that the business was profitable. So it's not as if
if we hit a million dollars we break even. It
would be if we hit million dollars. We have profited,
we have done well for the year, So then to
do an additional seventy percent on top of that means
they're rolling in it right now.
Speaker 4 (31:54):
Yeah, so someone else said, I'm a midwife, so I
get award. I'm glad union gets us as small in
but we can't ask for more or get any more
than that.
Speaker 2 (32:03):
Which that's tough. Is bullshit, Like, I.
Speaker 4 (32:06):
Think we learned so much during the pandemic about our
frontline workers and how valuable they were to our community,
and we're still not paying them properly.
Speaker 2 (32:14):
What is this? It's unacceptable any industry where it is
standardized like that, teaching and things as well. It's really tough.
And I a few of my friends are teachers, and
it's hard having the conversation because they go, we just
get X amount every year, and I feel like that
amount definitely wouldn't account for inflation this year. But hopefully
those industries are unionized and maybe that's would you say,
(32:36):
that's the job of the union to then say the
increase this year needs to be higher, Yes, but.
Speaker 4 (32:40):
That's the job of the government to allocate more budget
towards our frontline and healthcare workers and every other type
of frontline worker. So I think that they should be
doing more. The unions exist because the government doesn't do enough.
So I think, you know, the inner perfect world, unions
wouldn't have to exist because everyone's being treated fairly and
being paid properly and there's no like politics involved in it.
(33:02):
But there is, so the unions are necessary. Someone else said,
I was advised that base salaries will never increase with
inflation because that's just how this company works.
Speaker 2 (33:12):
Red flag, What the hell? What do you mean that's
how the company works. That's such a black and white,
like tell me you don't care about your people without
telling you don't care about it. Yeah, exactly, exactly. So
every year you're actually worthless to me, Jessica.
Speaker 4 (33:29):
Yeah, if they get so every single year you stay,
it actually gets worse for you. Yeah, I'm going to
pay you less year on your own year. And you
know what compounds inflation in the same way that investment
returns to so it's just going backwards.
Speaker 2 (33:43):
Yeah, if they can increase your hex repayments in line
with inflation, because they recognize that, that is a necessary break.
Even why are we not recognizing that salaries are exactly
the same.
Speaker 4 (33:52):
Yeah, do you want to hear one that's going to
make you really angry already. So someone said, my work
used scare tactics so people would vote for the EBA
with the lower pay rise associated it worked.
Speaker 2 (34:08):
A company that I've worked for did something similarly. They
did not. So it was a company that employed a
lot of young women. And you know, in an industry
where typically you have people who are young, don't I
knew nothing about finance, and I think that was a
very standardized thing. And they brought in an EBA and
it was when for those who don't know, whenever you
(34:29):
bring in that kind of agreement, an enterprise bargaining agreement,
an enterprise bargaining agree, whenever you bring that in, if
you're changing the policy for company as a whole, it
has to be passed by a majority vote. So they
can't a company can't just bring in an EBA like
it has to be put to a vote by the
people who were employed, and they were. Essentially there were
two options on the table, one that paid more, one
that paid less, the one that paid more. There was
(34:51):
some leave that there was some change with the leave,
and essentially rumors were being spread by upper management that
the leave changes were going to like screen over and
that's the worst. Like, you don't want that instability. And
at the time I had no idea. Why would you know?
But now as I trusted your manager, right as an adult,
I look back and I go, oh my god, like
(35:12):
that is actually not how that worked. Wow, that is
so bad.
Speaker 5 (35:16):
That should be illegal.
Speaker 2 (35:17):
Is that illegal?
Speaker 1 (35:18):
No?
Speaker 2 (35:18):
I didn't think it is, because it's it's still freedom
of choice, right, Like I could have made whatever choice
that I wanted. But when I had people, you know,
and everyone was talking about it, Oh, what should I do?
None of us knew what anything meant, don't even know
what any of being it was. If someone who is
a bit more authoritative than you goes, oh, like I
think that blah blah bah blah, Oh my god, yeah
you're so smart, or at least that's what I did.
But now, in hindsight, especially hearing that person, I reckon
(35:40):
that's what happened. Oh that is LI truly the worst.
Speaker 4 (35:43):
So someone else in Bright and News said, well, they
wouldn't give me a race. So I resigned, got a
similar role I don't know the company, and got fifty
percent more money Queen.
Speaker 2 (35:53):
I love it.
Speaker 4 (35:53):
I feel like that's probably a really good place to
leave it, because the rest of them are just really depressing,
like it's actually insane, and I just I think that
we need to know what we're worth and then demand
that because that should actually be the bare minimum. And
if people are trying to tell you that you're three
percent or your five percent pay rise is something that
you should be grateful for.
Speaker 2 (36:13):
Like, please, don't get me wrong.
Speaker 4 (36:14):
I'm sure you're looking at it and going with me
at the end of the day, like I have more
money coming in, but that's not as respectful as it
could be. And I think that mostly we are just
trying to demand respect because there are going to be
a lot of small business owners that aren't able to
put up their salaries. Like we are so lucky in
the world that we live in right now that she's
on the money's doing well enough that we can do that.
(36:35):
And I think then in every single opportunity where I
can pass it on to my team or make sure
that they're in the best possible position or being remunerated
as well as they possibly could, that's my responsibility. And
you know what, it could have been a really hard
conversation if we didn't have a level of profit. But
I also think that that comes down to ultimately the
greed of the business owner as well. And I'm not
saying that every business owner is greedy, But at the
(36:58):
end of the day, I think I still would have
passed it on regardless of wash my profits were looking like.
I just would have changed what I was taking home
to make sure that my staff knew that I still
respected them in the way that I actually do. Yeah,
so everyone's different again, but I think we should be
asking for respect in our workplaces.
Speaker 2 (37:16):
And that's a bare minimum. Yep. And that's the tea.
All right, that's a good tea.
Speaker 4 (37:20):
I'm going to go get a cup of tea now
because mine's gone cold. So have the best week, guys.
I love you, and we will see you on Monday
for Money Days.
Speaker 2 (37:28):
Bye guys. Bye.
Speaker 4 (37:35):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 2 (37:49):
If you do choose to buy a financial.
Speaker 4 (37:51):
Product, read the PDS TMD and obtain appropriate financial advice
tailored towards your needs. Victoria, Divine and She's on the
Money are authorized representatives of Money sherper P, T y
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