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Speaker 1: Good morning, This is Laura. Welcome to the New Corner Office,
Speaker 1: the podcast where we share strategies for thriving in the
Speaker 1: new world of work, where location and hours are more
Speaker 1: flexible than in the past. Today's tip is to review
Speaker 1: all rates, what you're paying and what others are paying you.
Speaker 1: Many organizations and individuals change their rates around the new year.
Speaker 1: Making a plan for this reality now a few weeks
Speaker 1: ahead of time increases the chances that you will remain
Speaker 1: as profitable as possible. Everyone has their rates and fees.
Speaker 1: If you work for someone else, your rate amounts to
Speaker 1: your salary and benefits divided by how many hours you work.
Speaker 1: If you work for yourself, well you know what you
Speaker 1: charge people. Even if you charged by the project, you
Speaker 1: probably know how long your projects take, so it all
Speaker 1: comes back to an hourly rate somehow. If this number
Speaker 1: hasn't budged in a while, now is a good time
Speaker 1: to plan how it might go up. If you work
Speaker 1: for an organization, use your annual review to talk with
Speaker 1: your manager about what you could do to earn more
Speaker 1: in the new year. Come with suggestions, ask what he
Speaker 1: or she would like to see in order for the
Speaker 1: number to go up. If this is not happening and
Speaker 1: I recognize that that may be reality some places, I'd
Speaker 1: point out that another way to raise your rate is
Speaker 1: to work fewer hours. You might be able to negotiate
Speaker 1: for more vacation days, for instance, if you can't get
Speaker 1: more in salary, or you could make a choice to
Speaker 1: draw stricter boundaries about when you are available. If you're
Speaker 1: focused during the hours you are working, you may get
Speaker 1: just as much done and your rate will go up
Speaker 1: just by virtue of not staying in your inbox all night.
Speaker 1: If you work for yourself, remind your clients about what
Speaker 1: you're doing for them. Mentioned some new benefits that happened
Speaker 1: to come with a slightly higher price tag. Of course,
Speaker 1: life is a negotiation, and many of us are dealing
Speaker 1: with this on the other side too. Vendors, contractors, employees,
Speaker 1: and others are looking at raising their rates for the
Speaker 1: new year. You want to be fair, for sure, but
Speaker 1: you also want to make sure that you are getting
Speaker 1: enough value to justify the rates you're paying. If you
Speaker 1: feel like you are paying a lot, now is a
Speaker 1: good time to start shopping around or making other changes.
Speaker 1: For instance, I'm happy with my email newsletter program, but
Speaker 1: rates rise as the number of people on the list grows.
Speaker 1: So we mitigated the effect of a recent price increase
Speaker 1: by cleaning up the list, calling anyone who hadn't opened
Speaker 1: the emails in a while. Take a look at your subscriptions.
Speaker 1: Are you actually reading them? If a contractor vendor announces
Speaker 1: that he or she is raising rates, you can negotiate
Speaker 1: for more services. The easiest way to do this is
Speaker 1: to look at the market, see what other people are offering,
Speaker 1: see what they are charging, make a phone call. I
Speaker 1: see that company, why is offering X, which sounds like
Speaker 1: a good deal? Tell me what you think we can
Speaker 1: do to keep working together. Most likely the person will
Speaker 1: propose more services or a bit less of a price increase.
Speaker 1: Either option is a win. Sure this takes time, but
Speaker 1: time spent on direct rate negotiations tends to have a
Speaker 1: big payoff. You might save or earn hundreds or even
Speaker 1: thousands of dollars with a few conversations. We seldom get
Speaker 1: the entire rate increase we want for ourselves, but we
Speaker 1: may not have to pay the entire rate increase other
Speaker 1: people want either. That's why it's important to look at everything,
Speaker 1: think about what's worth it, think about what's not. Make
Speaker 1: a plan over the next few months for dealing with
Speaker 1: these increases, and hopefully landing a bit of an increase
Speaker 1: for yourself as well. You'll start in a far more
Speaker 1: profitable position in the meantime. This is Laura, Thanks for listening,
Speaker 1: and here's the succeeding in the New Corner Office. The
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