2. To Get More Money Add More Value
By Wallace Huey
Most people in salaried jobs in the private sector want more pay either through a pay rise or promotion. They often consider approaching management to negotiate, or even demand, increases in pay. But is this approach the one most likely to yield a positive outcome?
How do you feel when someone close to you becomes more demanding? Defensive, uncooperative, angry? The way to have your needs met more abundantly with regard to money is to provide more value.
When you focus on giving then all the stress is taken out of the situation. How do you feel when someone wants to give you more of something valuable? Delighted, happy, open? People who pay salaries are human beings and respond as human beings. By exploring ways you can give more value first and then ask for a pay increase or promotion later, you are setting yourself up for success.
So if you are employed in private industry, see your need for a pay increase as an opportunity to get creative. Seek out needs in your workplace that are not being met and offer to meet them.
If you are employed in the public sector where salaries are fixed and negotiated by agreements with public sector unions, your best path to greater financial abundance is to gain promotion. A big part of adding more value is being able to identify what your employers need and then setting about finding ways to meet those needs. So if, in order to gain promotion, you need to develop your skills or add to your qualifications, then engage in further study either by applying for paid leave or by funding such study yourself outside working hours.
There is an old adage, success comes to those who are prepared. So if you have a new position in mind, and opportunities come up occasionally for promotion to these higher paid positions, prepare well in advance by making sure you are well qualified to fill the position and versed in the communication skills needed to put your case across to the interview panel. Then when you apply for the more highly paid position, you are increasing your chances of being selected.
If you are running your own business, the principle of identifying and then meeting your customers needs by adding more value to your product or service, is the path to being able to charge more and thereby increasing profitability.
For example, here at Trans4mind we originally sold our workshops online for $25 each. Then we discovered that if our online workshops were accompanied by a trainer the customer would get many times more value from our online training. So we recruited a team of trainers and sold our workshops, trainer assisted, into the corporate world for $800 each!
There are also other ways as a business owner you can increase profits, through becoming more efficient. This can easily be achieved by listening to the ideas of your team who deliver your business’s services and getting their cooperation on how efficiencies can be made. This allows you to get more value from your team, which in turn delivers more value for your customer.
So we can see that the key to increasing your salary in the private sector, improving your prospects to promotion in the public sector and increasing your margins as a business owner is - in all three cases - to focus on ways of increasing the value of what you offer.
I’d like to finish with a true story from my old friend Mike Costigan. He told me a story about a gang of workmen who were laying railroad tracks out in the west of America. As the men were working, a train - pulling a luxury railway carriage - appeared down the track and stopped. The workmen were amazed to see the head of the railroad get out and come over and chat to one of the gang of workmen. The two spoke as longtime friends. Then the head of the railroad got back in his private carriage and disappeared down the track.
One of the gang plucked up courage and asked the man, “How come you know the head of the railroad?” The man replied, “We worked together laying track 25 years ago. We know each other well.” The other members of the gang were all surprised. “Yes,” the gang member continued, “I went to work for a wage, but he went to work for the railroad.”
So by thinking of the big picture, identifying unmet needs, focusing on what you can give, and by giving more with a good heart, you are dramatically increasing your chances of making more money.
And showing more love for all the people with whom you work, is the secret to meeting their needs and adding value to the work you do.