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FRIDAY DRINKS: With V Away, It's A G & J Friday! · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
0:04
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
0:08
Speaker 1: we get started on She's on the Money podcast, I
0:11
Speaker 1: would like to acknowledge the traditional custodians of the land
0:14
Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
0:23
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
0:27
Speaker 1: the storytelling of you to make a difference for today
0:31
Speaker 1: and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
0:34
Speaker 3: She's on the Money. She's on the Money.
0:57
Speaker 2: Hello, and welcome to She's on the My the podcast
1:00
Speaker 2: for millennials who want to financial freedom. Today is Friday,
1:04
Speaker 2: which means it's time to sit back with the girls
1:06
Speaker 2: with a bevy in hand, to unpack our favorite moments
1:09
Speaker 2: of the week and of course, to celebrate you are incredible.
1:12
Speaker 2: She's on the Money community. As always, we'll be sharing
1:15
Speaker 2: our favorite money wins, we'll be discussing what is making
1:19
Speaker 2: news in finance, and we'll be helping to answer a
1:22
Speaker 2: juicy money question, which this week is all about asking
1:25
Speaker 2: for a pay rise and exactly how to do it.
1:28
Speaker 2: But first it is time to recap the week that was.
1:32
Speaker 2: Jessica Ritchie, Hello, what happened on money Diaries this week?
1:35
Speaker 2: My girl?
1:36
Speaker 4: This week we had like a really good, I think
1:39
Speaker 4: solid diarist. So she was working really hard to educate
1:43
Speaker 4: herself around finances. Her husband was on this journey with her,
1:46
Speaker 4: which was really lovely to hear that they were doing
1:48
Speaker 4: it together and trying to, you know, just educate themselves.
1:51
Speaker 4: They have a young daughter and their end goal is
1:55
Speaker 4: that they want to invest so that they can educate
1:57
Speaker 4: her and allivate her future and kind of give her
2:01
Speaker 4: opportunities that maybe they didn't have, which I think, if
2:04
Speaker 4: you're a parent, is what all parents might absolutely for
2:07
Speaker 4: your kids to have the things that you didn't and
2:08
Speaker 4: for them the next generation to live a better life.
2:10
Speaker 4: So it was really wholesome, and you know, it was
2:12
Speaker 4: one of those diaries that I think a lot of
2:14
Speaker 4: people can relate to because a lot of us are
2:15
Speaker 4: on that journey currently still and so to hear that
2:18
Speaker 4: they were doing it and supporting each other and incredible
2:21
Speaker 4: improving for the future, you love to see it. You
2:22
Speaker 4: love to see it, I think Jack We've also done
2:24
Speaker 4: an episode in the past about investing for your kids
2:28
Speaker 4: and how it works from like a tax perspective and
2:29
Speaker 4: all of that. So if you are someone who has
2:31
Speaker 4: a little bubba and you want the best for them
2:33
Speaker 4: and you want to try and invest, but you're not
2:35
Speaker 4: sure how to do it, scroll back that episode.
2:37
Speaker 2: Yes, also just diving in here. Victoria is not here.
2:41
Speaker 2: Probably knowledge that who needs it. It is just the
2:44
Speaker 2: two of us today because the big woman is hitting
2:47
Speaker 2: the slopes overseas.
2:48
Speaker 4: Yes, you do tell me all about Wednesday, George.
2:50
Speaker 2: Absolutely, girl. It was part two of our recession series,
2:54
Speaker 2: so exciting, but this time it was all about preparing
2:57
Speaker 2: your finances for a recession, which was really good. It
3:01
Speaker 2: was packed full of tips and I think personally for
3:03
Speaker 2: me it made me feel far less stressed. We talked
3:06
Speaker 2: about the many ways that the potential looming recession could
3:10
Speaker 2: impact us. So if you are worried, definitely have a listen.
3:13
Speaker 2: It will ease your fears. There's nothing to worry about.
3:16
Speaker 2: It's all going to be fine. Stressful at all, It's
3:19
Speaker 2: all fine.
3:20
Speaker 4: But the house is on fire. No, I feel like
3:21
Speaker 4: those episodes are really good, Like the two part is obviously.
3:24
Speaker 4: Last week we did part one where we discussed what
3:26
Speaker 4: is a recession? What does it look like now? The markers,
3:28
Speaker 4: all those kinds of things, and it's something that for
3:31
Speaker 4: people our age, if we lived through it, we were
3:34
Speaker 4: probably relatively young. Yeah, just because, and I say that
3:37
Speaker 4: very broadly, the average age is pretty close to ours,
3:40
Speaker 4: and so we might not have really understood the impacts
3:43
Speaker 4: of it. You don't understand something, it's really scary, exactly So.
3:46
Speaker 4: I think I reallyacked that that episode made me feel
3:49
Speaker 4: a little bit prepared, and you know, having tangible tips,
3:53
Speaker 4: and some of them might have seemed a little bit obvious,
3:55
Speaker 4: but I think when we panic, we forget our basics,
3:59
Speaker 4: and sometimes those basics are what gives you, like a
4:01
Speaker 4: really solid grounding. So it was a really good episode
4:04
Speaker 4: and if anyone like me it's a little bit an
4:06
Speaker 4: anxious queen, hopefully you feel a bit better now, exactly right.
4:09
Speaker 2: We also spoke about what to do with your debts,
4:11
Speaker 2: your job, your investments, So if you're worrying about all
4:13
Speaker 2: of those things, it's the place to go.
4:15
Speaker 4: Jess Oh, I love that all right, Well, have you
4:18
Speaker 4: got some budget direct money wins?
4:19
Speaker 2: There? George Gill you know I do. I'm so excited.
4:21
Speaker 2: I got some wins, We've got some losses, We've got
4:22
Speaker 2: them all. The first win of the week it comes
4:25
Speaker 2: from Caitlin. Two money wins. I went on a pub
4:28
Speaker 2: crawl on Saturday and I still had cashim a wallet
4:31
Speaker 2: when I got home. Gives that Caitlin. The second win
4:34
Speaker 2: for Caitlin is that a friend gave her a lift
4:36
Speaker 2: to the airport this morning, saving her a cab fair.
4:39
Speaker 2: That's huge. That's love friendship. Yeah, we love to see it.
4:42
Speaker 2: The next win it comes from Katie money win. I've
4:45
Speaker 2: moved to Canberra for UNI and found the rent is
4:47
Speaker 2: phenomenally expensive here. I was initially planning to pet sit
4:51
Speaker 2: for the first month, but I've lined up two more
4:54
Speaker 2: month long gigs and I'm considering pet sitting for as
4:56
Speaker 2: long as possible to save money while I study my Masters.
5:00
Speaker 2: Plus I get all the puppy cuddles none of the
5:02
Speaker 2: it bills. That's so good.
5:03
Speaker 4: I remember Emma from The Broke Gen who we Lave Queen.
5:06
Speaker 4: She used to pet see it a lot and I
5:08
Speaker 4: can't remember the name of it. But there's an app
5:10
Speaker 4: where you can literally find and actually Charlotte who used
5:14
Speaker 4: to work for Zella did this and hope having fun
5:17
Speaker 4: over there, Queens.
5:17
Speaker 2: It's huge in Europe.
5:18
Speaker 4: But there's an app that you can use to find
5:21
Speaker 4: people who are looking for pet sitters and we'll give
5:23
Speaker 4: you bored in exchange. Oh crazy, I mean if you're
5:27
Speaker 4: a pet person. I remember for a while I couldn't
5:29
Speaker 4: have pets and I was like, I will cuddle someone's cabsolutely,
5:32
Speaker 4: give it to me, put it in front of me,
5:33
Speaker 4: and then you get bored as well.
5:34
Speaker 2: That's huge. Do you remember it was the app named
5:37
Speaker 2: mad Pause. I feel like it's rough from us to
5:40
Speaker 2: throw it out there and yeah, tell the girl, yeah
5:43
Speaker 2: at mad Pause. I think it might have been mad Pause.
5:44
Speaker 4: Check it out, friends, Yeah, if you need some made
5:46
Speaker 4: a round if you're in Canberra, give it a currently,
5:48
Speaker 4: it's working.
5:48
Speaker 2: Give it a go. The next thing it comes from
5:50
Speaker 2: Brianna Money. When I've been discussing a favorite wine with
5:54
Speaker 2: my coworkers and I looked it up to see that
5:56
Speaker 2: it was on sale at Dan Murphy's for fifteen dollars.
5:59
Speaker 2: I miss my partner to pick up a bottle for
6:01
Speaker 2: dinner while it was a good price, only for him
6:04
Speaker 2: to venture out and find Dan's had closed, so we
6:07
Speaker 2: headed to another store to find it on sale for
6:09
Speaker 2: five dollars a bottle. You're making money, Jess. Naturally he
6:13
Speaker 2: grabbed all seven bottles that were left on the shelf
6:16
Speaker 2: t thirty dollars and we still can't believe our luck.
6:19
Speaker 2: Well it's on Brianna. That's a Naturally bottles. Yeah, they
6:24
Speaker 2: did the right thing. The next one comes from Jacinta
6:27
Speaker 2: money Win. I got myself a podcast mic at half
6:30
Speaker 2: the price squeek, just Cinta. I wants what the potty is?
6:34
Speaker 2: Good luck with it. The next one comes from Madeline
6:36
Speaker 2: money Win with a question mark. I made a summary
6:39
Speaker 2: with my partner of all of our streaming services and
6:42
Speaker 2: monthly subscriptions, which was getting a little out of hand.
6:45
Speaker 2: We then went through and unsubscribed from most things we
6:47
Speaker 2: didn't need and combined the separate subscriptions. I was shocked,
6:51
Speaker 2: and now we are looking at saving over one point
6:54
Speaker 2: one k annually that we're not going to be spending
6:57
Speaker 2: on those services. That is going into our savings in stead.
7:00
Speaker 2: It's a great feeling getting it done. How Coul's that good?
7:02
Speaker 2: That's huge. It adds up. We don't think about it
7:05
Speaker 2: that's how they get you. So I play a month
7:07
Speaker 2: a hot deal. Yeah, and then over the course of
7:09
Speaker 2: your lifetime, yeah, six subscriptions to every platform streaming platform
7:12
Speaker 2: known to man, millions of dollars. Yepes down the drain.
7:15
Speaker 2: Well done to you, Madeline. The next week it comes
7:18
Speaker 2: from Bethany money Win. I've unsubscribed from all the retail
7:21
Speaker 2: marketing emails I was receiving, including my favorite stores, and
7:24
Speaker 2: I haven't spent a cent on the after pay day sales.
7:27
Speaker 2: I've paid off more of my after pay account and
7:30
Speaker 2: I pre ordered the new Investing with Shees on the
7:32
Speaker 2: Money Book for thirty three percent off on Amazon. Well, Bethany,
7:35
Speaker 2: we love it. When does that one come out? Joe
7:37
Speaker 2: September twenty Thank you for supporting Holy Dooley. That is
7:40
Speaker 2: very really soon.
7:42
Speaker 4: And as we're recording this today, I believe it is
7:44
Speaker 4: still on sale on Amazon if anybody is looking to
7:46
Speaker 4: get your little nubby sacker bargain exactly right.
7:50
Speaker 2: Beautiful the last one Jess for the day. I liked it.
7:54
Speaker 2: It's from Tish money Win. I found security cameras we
7:57
Speaker 2: really wanted for our house for three hundred forty nine
8:00
Speaker 2: dollars online. We went to Bunnings and they were four
8:02
Speaker 2: hundred and nine dollars, so I got them price matched
8:07
Speaker 2: to get the ten percent better deal. They came down
8:09
Speaker 2: to three hundred and fifteen dollars. What's Bunning's Bunnings is
8:13
Speaker 2: little slogan if you find it, and they do they
8:19
Speaker 2: really they do it so well done to Bunnings World,
8:21
Speaker 2: unto Tish the marketing. Clearly. That is all for the
8:27
Speaker 2: budget directed money wins this week, my girl.
8:29
Speaker 4: Yes, it's been great celebrating your budget direct money wins
8:32
Speaker 4: of the week.
8:33
Speaker 2: Budget Direct is you're and solved.
8:35
Speaker 4: Let's head to a break, George, and then when we
8:36
Speaker 4: come back, I have got a really fun topic for us.
8:38
Speaker 2: To chat about. Stunning see them.
8:45
Speaker 4: Or Brady George this week. It's not a news article.
8:48
Speaker 4: It's a little a little happening from the She's on
8:49
Speaker 4: the Money Instagram at sees on the Money aus. If
8:52
Speaker 4: anyone followers, sure, come over. We have little spicy convos.
8:56
Speaker 4: We put up a post about income Gill and we
8:58
Speaker 4: basically it was just a question, we said do you
9:00
Speaker 4: have income guilt? And in a caption we were talking
9:03
Speaker 4: about the fact and we have spoken about this on
9:05
Speaker 4: the pod before how sometimes, particularly women, when we're out
9:08
Speaker 4: earning our peers our partners, we feel a little bit guilty,
9:12
Speaker 4: which we should not, And so that was kind of
9:14
Speaker 4: where we thought the conversation was going to go. But interestingly,
9:17
Speaker 4: people were talking about it going the other way, which
9:19
Speaker 4: was something that I hadn't really considered. So, if you're
9:23
Speaker 4: not earning as much as your peers, feeling guilty about
9:26
Speaker 4: being behind or you know, not having reached, I guess
9:30
Speaker 4: your potential is what I saw someone see, which I
9:33
Speaker 4: thought was a really interesting concept to unpack because it
9:36
Speaker 4: seems like everybody's just feeling guilty.
9:38
Speaker 2: Yeah, and we shouldn't be, yep.
9:40
Speaker 4: So I wanted to talk about the how and the
9:41
Speaker 4: why and you know, is this something you've ever experienced.
9:44
Speaker 2: George just I remember, I think we've spoken about this
9:48
Speaker 2: on the podcast before, and we were talking about feeling
9:52
Speaker 2: guilty or not really feeling guilty about out earning our partners.
9:56
Speaker 2: It's like were wrong and there was no guilt there really,
9:59
Speaker 2: But I think, yeah, I do kind of feel it
10:04
Speaker 2: to a point, probably from an under earning perspective. I
10:08
Speaker 2: think I'm like a quietly competitive person. Yeah, so there
10:13
Speaker 2: is a little bit of that, And I don't really
10:15
Speaker 2: know explicitly what my friends all earn. Yeah, but I
10:18
Speaker 2: think some of them are on a better wicket. And
10:20
Speaker 2: I am like, oh, I should be working harder, but
10:22
Speaker 2: there's also just no time. And even what I just said,
10:25
Speaker 2: I should be working harder, that's incorrect because hard work
10:28
Speaker 2: doesn't but it also doesn't equate to a higher salary
10:32
Speaker 2: necessarily or no, you know, more money that way. So
10:35
Speaker 2: what is it something that I struggle with? And I'm
10:38
Speaker 2: thinking that it's a very female thing. Once again, we
10:41
Speaker 2: feel guilty about most of the things that we do.
10:43
Speaker 2: J Rid, Is it something that you've struggled with?
10:45
Speaker 4: Yeah, I think it's interesting because it kind of relates
10:49
Speaker 4: back to I don't know fomo's the right word, but
10:53
Speaker 4: that concept that you're just never doing good enough. And
10:56
Speaker 4: I remember on a Friday Drinks episode not too long ago,
11:00
Speaker 4: sort of a money dilemma about goal setting and celebrating
11:04
Speaker 4: your little wins, and in that conversation I said that
11:07
Speaker 4: for me, achieving the goal is you know enough, but
11:11
Speaker 4: it's always kind of directly onto the next And I
11:13
Speaker 4: think a byproduct of that mindset is that you kind
11:17
Speaker 4: of am always chasing the next thing, and you're always
11:20
Speaker 4: trying to get to the next place, and so you're
11:22
Speaker 4: maybe not always feeling entirely fulfilled.
11:26
Speaker 2: She's getting very dark and deep. You know.
11:29
Speaker 4: It's that concept of oh, well, I've achieved this thing.
11:33
Speaker 4: I can do better. I can achieve something better and bigger.
11:36
Speaker 4: And absolutely, I think you know, in the industry that
11:39
Speaker 4: we're both working.
11:40
Speaker 2: We work in creative industries.
11:41
Speaker 4: You see people, you know, absolutely killing it and doing
11:45
Speaker 4: their own thing and making his money and traveling the
11:47
Speaker 4: world and doing all of these amazing things that we
11:49
Speaker 4: all would love to do, and you forget that there's
11:52
Speaker 4: probably someone looking at you going, oh my god, she's
11:55
Speaker 4: got it all. She's got to figure it out. And
11:57
Speaker 4: it's definitely a total trap that I'm very much guilty
12:01
Speaker 4: of falling into. And you know, salaries are part of
12:04
Speaker 4: that as well. I earn a good salary in my job.
12:06
Speaker 4: I also freelance as well. By all accounts, I feel
12:10
Speaker 4: like I'm doing pretty fine, but I definitely am always
12:12
Speaker 4: going I want to be investing more, or I want
12:15
Speaker 4: to be saving more, I want to be donating more,
12:17
Speaker 4: Like I just want more, And it's so hard because
12:20
Speaker 4: then I feel guilty about not being happy with what
12:23
Speaker 4: I've got. So I'm guilty because I'm not earning enough,
12:25
Speaker 4: and then I'm guilty because I'm not satisfied, and it's
12:27
Speaker 4: just this big guilt shame spiral.
12:29
Speaker 1: Yeh.
12:30
Speaker 4: They can be a little bit harder to dig yourself
12:31
Speaker 4: out of sometimes.
12:32
Speaker 2: Yes, well, I think it's worthwhile reminding that that's capitalism, baby, Like,
12:38
Speaker 2: that's that's what we're living under, and it's it's pretty
12:41
Speaker 2: I don't know, it's gross or word. Yeah, Like, I
12:45
Speaker 2: think sometimes we do need to tap into why we're
12:47
Speaker 2: doing what we're doing. And I know a lot of
12:49
Speaker 2: us we're not working in careers that we love and
12:52
Speaker 2: we are just earning money to put food on the table.
12:55
Speaker 2: But it is it's worth reminding yourself that why do
12:58
Speaker 2: you want more? Do you more? Yeah? I know for me, like,
13:02
Speaker 2: over the last twelve months, I earned more money than
13:04
Speaker 2: I've ever earned with Hugo George. You don't really notice
13:07
Speaker 2: it because there's that lifestyle creep. You get taxed more
13:10
Speaker 2: when you earn more. The difference isn't that large, So
13:14
Speaker 2: I think it's also maybe worse reminding yourself of that
13:18
Speaker 2: as well. But yeah, it's just capitalism. It's it's really
13:24
Speaker 2: it is.
13:25
Speaker 4: It's awful and it's a really hard spot to find
13:26
Speaker 4: yourself in. And so for everyone who was, you know,
13:29
Speaker 4: joining the conversation on that post, first we thank you
13:31
Speaker 4: for being so candid. We're all right there with you,
13:34
Speaker 4: regardless of which end of the spectrum you're on. It
13:36
Speaker 4: seems like there are a lot of people that are
13:38
Speaker 4: feeling it just the same as you, and I would
13:41
Speaker 4: encourage you. And this is also a reminder to me to,
13:44
Speaker 4: you know, exercise a little gratitude.
13:47
Speaker 2: Not to say that.
13:47
Speaker 4: Anyone's being ungrateful, but I think sometimes taking stock and
13:51
Speaker 4: being like, wow, this year I earned more than I
13:53
Speaker 4: ever have. That's incredible, George, that's so exciting. And as
13:57
Speaker 4: much as we're trying to move on to the next
13:58
Speaker 4: thing and trying to always be better, and on some level, yes,
14:01
Speaker 4: that's important because that's how we improve ourselves. Also being
14:05
Speaker 4: thankful for what you've done and recognizing the hard work
14:09
Speaker 4: that you put in to get there, because you're just
14:10
Speaker 4: doing the best that you can exactly, and that's amazing.
14:12
Speaker 2: Yeah. And another thing to add to that, Jess, I
14:15
Speaker 2: think would be asking yourself what your measure of success
14:18
Speaker 2: is is it the money that you're earning? Yeah? I
14:22
Speaker 2: know for me, I've never met someone and been like,
14:24
Speaker 2: oh my god, that person earns three hundred grand a year.
14:27
Speaker 2: What a legend. Let's be friends. Like money does not
14:31
Speaker 2: come into the conversation. You're drawn to people's or are
14:34
Speaker 2: their energy, their personalities. It's like the least interesting thing
14:37
Speaker 2: about a person. Yeah, so yeah, I think probably questioning
14:41
Speaker 2: why you think money is the key to success. I
14:44
Speaker 2: mean traditionally it has been associated, of course, and it's
14:46
Speaker 2: so nice to be financially comfortable, But fleshing out what
14:50
Speaker 2: you think success is and what you value in other
14:52
Speaker 2: people is a really good way of understanding how to
14:55
Speaker 2: value yourself. I think one hundred percent well said.
14:57
Speaker 4: By are a therapist. Oh my goodness, Well, should we
15:03
Speaker 4: take a listen to the money dilemma for this week?
15:05
Speaker 2: Let's do it? Tom, Hi, there, have you got a
15:09
Speaker 2: money dilemma you just can't solve that. She's on the
15:12
Speaker 2: Money team is here to help. Every week we tackle
15:15
Speaker 2: your dilemmas, both big and small, to answer your most
15:17
Speaker 2: burning money, career and life questions. To get involved, simply
15:21
Speaker 2: head to our website and leave us a quick voice
15:23
Speaker 2: recording and you may just find yourself on the show. Now,
15:26
Speaker 2: let's take a listen to today's money dilemma.
15:30
Speaker 5: Hello, ladies. My money dilemma is how is the best
15:34
Speaker 5: way to ask your employer about a pay increase? Cost
15:39
Speaker 5: of living is going up and I really want to
15:42
Speaker 5: have a sit down conversation.
15:43
Speaker 2: With my workplace.
15:45
Speaker 5: Trouble is, I work for disability company and they have
15:50
Speaker 5: told me in the past that I am being paid
15:53
Speaker 5: above what the normal award rate is for my position.
15:57
Speaker 5: So how do I go about checking to say if
16:02
Speaker 5: this is still applicable, if I can ask for an increase.
16:05
Speaker 5: I just really like some help and clarification around this issue.
16:09
Speaker 4: Thanks alrighty, We did touch on this in our how
16:13
Speaker 4: to Have Difficult Conversations with your Boss episode, but I
16:16
Speaker 4: really wanted to talk about the element of this dilemma,
16:20
Speaker 4: which was the award rate. Yes, which is a term
16:23
Speaker 4: that gets thrown around a lot, in my opinion, by employers,
16:26
Speaker 4: an award rate. If you're not familiar, most people fall
16:30
Speaker 4: into an award. Essentially that's a category of employment. So
16:34
Speaker 4: there's a retail award, there's a building award, there's I'm
16:39
Speaker 4: going blank, but there's like a million and one, and
16:40
Speaker 4: if you want to figure out what award you're in,
16:42
Speaker 4: you can actually go to the Fairwork website and there's
16:44
Speaker 4: a questionnaire that will prompt you and find the correct one.
16:48
Speaker 4: An award outlines essentially what would you call it, like
16:52
Speaker 4: your rights as an employee, so ours worked because it
16:56
Speaker 4: can differ industry to industry. Penalty rates will very award
17:00
Speaker 4: to award as well. The only time an award is
17:04
Speaker 4: not applicable, I believe, and I'm not an expert, please
17:06
Speaker 4: with it is if you're on an enterprise agreement. And
17:08
Speaker 4: an enterprise agreement is an agreement that a company will
17:11
Speaker 4: sign and you essentially waive your award rights to fall
17:15
Speaker 4: under a new set of rules. And so it's a
17:18
Speaker 4: company wide thing. You would have to sign a document,
17:20
Speaker 4: it's a whole we thing. But generally speaking, a lot
17:22
Speaker 4: of people will fall into awards. And so this person's
17:25
Speaker 4: employer is saying, we're paying you the award rate, which
17:29
Speaker 4: is minimum wage for your job. So there's a national
17:33
Speaker 4: standard of minimum wage, but within different industries there's different expectations.
17:37
Speaker 4: So like you know, minimum wage for a teacher might
17:39
Speaker 4: differ for minimum wage for a retail worker, for example,
17:42
Speaker 4: and that's based on you know, skills and hours, and
17:45
Speaker 4: I don't know who comes up with these things. Somebody
17:47
Speaker 4: puts it all together and goes that sounds right. So
17:49
Speaker 4: when they're saying that we're paying you above award rate,
17:52
Speaker 4: they're essentially saying we're paying you.
17:53
Speaker 2: Above minimum wage.
17:55
Speaker 4: Now, how much they're paying you above is really the question,
17:58
Speaker 4: because you could be paying me a dollar an hour more. Yes,
18:00
Speaker 4: you're paying me above a ward it doesn't mean that
18:03
Speaker 4: you're paying me in line with what the industry standard
18:05
Speaker 4: currently is. And the award rates, I would argue, are
18:09
Speaker 4: definitely in a lot of cases not reflective of the market.
18:12
Speaker 4: Right now, we know, we've spoken about the fact that
18:14
Speaker 4: it's a candidate poor market. There's a still shortage and
18:17
Speaker 4: a lot of industries salaries need to increase to keep
18:21
Speaker 4: up with the rising cost of living, but the award
18:24
Speaker 4: rates haven't really shifted to significantly. In fact, in some
18:28
Speaker 4: industries like retail, they've removed penalty rates for like Sundays
18:31
Speaker 4: and stuff. You're joking, yeah, and I mean that happened
18:33
Speaker 4: a little while but that's not super recent. But when
18:36
Speaker 4: I was still working in retail, they were scaling it back.
18:38
Speaker 4: So it used to be double and a half, then
18:40
Speaker 4: it went to double, then it went to you know,
18:41
Speaker 4: and it was like, over a few years it would
18:43
Speaker 4: steadily decrease until it was just flat across thought. And
18:46
Speaker 4: I wouldn't be surprised if other industries were the same.
18:48
Speaker 4: But for me, I feel like their employer is kind
18:51
Speaker 4: of using this as a bit of a crutch and saying, oh, well,
18:53
Speaker 4: we pay you more than what we have to. I'm
18:56
Speaker 4: a good guy exactly, and I don't necessarily know that
18:59
Speaker 4: that's the case, But what do you think, George, I
19:00
Speaker 4: feel like I'm just talking about I'm loving it.
19:02
Speaker 2: I agree with you, That's what I was going to say.
19:04
Speaker 2: I don't really care for the tone the employer here
19:07
Speaker 2: by saying we already pay you above the award rate.
19:10
Speaker 2: I don't like that. So in terms of going for
19:14
Speaker 2: a pay rise, I definitely start by asking them, so
19:17
Speaker 2: just take you up a meeting with your manager, have
19:19
Speaker 2: a chat about it. Bring that evidence in terms of evidence, sorry,
19:22
Speaker 2: I mean like examples of you going above and beyond
19:25
Speaker 2: or doing things outside of your role description, so you
19:28
Speaker 2: can really show your manager that you deserve this pay rise.
19:30
Speaker 2: We're not just entitled to them because we want one.
19:33
Speaker 2: I tried that in the past, didn't go well, and
19:35
Speaker 2: it in tears for me. It's embarrassing. So come armed
19:39
Speaker 2: with your evidence, with your story, and if they don't
19:41
Speaker 2: go for it, I'd be prepared to walk away.
19:44
Speaker 4: Well, this is the thing, because I would argue that
19:46
Speaker 4: if you're saying that you want a salary increase, it's
19:49
Speaker 4: because of one of two reasons. It's because you feel
19:51
Speaker 4: like you're not being paid in line with other people
19:53
Speaker 4: doing the same thing, maybe you know, for other companies
19:56
Speaker 4: or in other industries. Or it's because you feel like
20:00
Speaker 4: you're going above and beyond in your role. And either way,
20:02
Speaker 4: they're very reasonable reasons to ask for an increase. And
20:06
Speaker 4: if it's the first one and you're looking at you know,
20:09
Speaker 4: Sally over here is doing the same job as you,
20:11
Speaker 4: and she's earning twenty k more a year for another company,
20:14
Speaker 4: Go work for Sally's company.
20:16
Speaker 2: Yeah.
20:16
Speaker 4: I actually think that there's a point at which you
20:19
Speaker 4: don't owe your employer anything.
20:21
Speaker 5: Yep.
20:22
Speaker 4: And I think as people sometimes we can get really
20:24
Speaker 4: caught up in loyalty and we can be ghastly a
20:27
Speaker 4: little bit into thinking you're not going to do better
20:29
Speaker 4: anywhere else, like I look after you really well, and
20:32
Speaker 4: that's actually not true. If you have good skills, if
20:35
Speaker 4: you are a nice human being, there are other companies
20:39
Speaker 4: that will meet your expectations. And as employers, I think
20:43
Speaker 4: there's a responsibility on them to look after their staff
20:46
Speaker 4: because if you don't, ultimately you're putting yourself out because
20:49
Speaker 4: you're losing a good employee. And I can't remember what
20:51
Speaker 4: the number is, but I remember reading a stat about
20:53
Speaker 4: how much it costs an employer to replace an employee,
20:57
Speaker 4: and more often than not, it's more expensive than just
20:59
Speaker 4: giving them the pay rise. Yeah, because you have to hire,
21:01
Speaker 4: and you have to advertise, and you have to train,
21:03
Speaker 4: and it's a drain on resources in that sense. And
21:06
Speaker 4: so I think that if what you're asking for is reasonable,
21:10
Speaker 4: and I mean only you can really determine that, and
21:13
Speaker 4: if they're not prepared to meet it, then be prepared
21:16
Speaker 4: to go cards on the table, I'm going to go elsewhere.
21:18
Speaker 2: Yeah, yeah, you do. You need to understand your value.
21:21
Speaker 2: And as you said, it costs so much money for
21:23
Speaker 2: employers to employ new people, but you do. You need
21:25
Speaker 2: to think of yourself as like your own little business.
21:28
Speaker 2: Employers like their cutthroat they have to do what they
21:31
Speaker 2: have to do to keep their business afloat. I think
21:34
Speaker 2: it's helpful to kind of adopt that mindset from your
21:36
Speaker 2: own perspective, even if it does feel a little bit personal,
21:40
Speaker 2: it's not. It's business, baby. You've got to look after
21:42
Speaker 2: yourself because no one else will. And if you don't
21:44
Speaker 2: ask for this, parisee and it's not going to happen.
21:46
Speaker 2: So yeah, I would ask. And if they say no,
21:49
Speaker 2: walk away.
21:49
Speaker 4: Yeah, look around. There's nothing wrong with that. And yeah,
21:52
Speaker 4: no that we believe in you. We think you deserve.
21:55
Speaker 2: We believe in you big time.
21:56
Speaker 4: And if you need more tips and tricks, go back
21:58
Speaker 4: to that episode. And we've done a couple of others
22:00
Speaker 4: as well on negotiating. And there was an episode way
22:03
Speaker 4: back in season one called She Works Hearts for the
22:05
Speaker 4: Money that was specifically about paarrisis, so incredible. Head to
22:07
Speaker 4: those for some extra tips.
22:09
Speaker 2: But I reckon that's about all your bloody love an
22:13
Speaker 2: episode with Jay Rock. It's always a pleasure sharing then
22:16
Speaker 2: with you. Do we want some boring but importance to.
22:19
Speaker 4: Yeah, hit me with that.
22:20
Speaker 2: Alrighty guys, please remember that the advice shed on She's
22:24
Speaker 2: on the Money is general in nature and does not
22:26
Speaker 2: consider your individual circumstances. She's on the Money exists purely
22:30
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22:32
Speaker 2: make an investment or a financial decision. And we promise
22:36
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22:39
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Speaker 2: seven zero nine seven seven nine seven zero four nine
22:45
Speaker 2: AFSL two three six five two three and we will
22:48
Speaker 2: see you on Monday. Team see you them, Bye, guys,