Owning Your Income Through Career Conversations

Apple Podcasts | Spotify

If you’ve been listening, then you know we’ve started a series on the five personal finance pillars. With each main episode, we’re also releasing a bonus episode to dive deeper into a specific topic related to that week’s pillar.

This week’s focus is on Income, and I want to go a little deeper into something that often doesn’t get enough attention—having compensation conversations with your manager. These conversations can be difficult to bring up – for both you and your manager – but they are so important to have on a regular basis.

As someone who has managed people for 13 years, I’ve had the opportunity to lead diverse teams. Everyone brings a different personality and communication style, so I’ve had to adapt my approach along the way.

Today, I want to walk through 9 things that I value in conversations about compensation and career growth opportunities. I hope that by sharing these 9 things, that it will make it easier for you to have a conversation with your manager about your compensation.

1. Be Your Own Advocate

Your manager should always advocate for their team, but you should also advocate for yourself. That shows you’re invested in your role, the team, and the company.

When you ask, “What can I do to get to the next level?”—that tells your manager that you care about your development. It also creates space for a productive and forward-thinking conversation.

Your manager plays a big role, but it’s a shared responsibility. You’re in the best position to track your progress, set goals, and speak up about your achievements. Don’t assume great work will always speak for itself – advocate for it.

 2. Come Prepared

Bring a list of your contributions, especially ones your manager may not have seen. Highlight both the skills you’ve mastered and the ones you’re building to grow into the next role. It’s important to be specific with examples rather than with broad general statements.

This is where having a “Brag List” is useful to remind yourself and your manager about all the great things you have done. And if you need help getting started, we’ve created a simple brag list template—check the show notes to download it and start tracking your wins today.

3. Understand That Timing Matters

Pick your moment wisely. If it's an extremely busy or stressful time, your manager might not be able to give your request the attention it deserves. You want to make sure you have the proper attention as these are important discussions.

Secondly, Compensation discussions are more effective when they happen during a time when a decision can be made and implemented. If it’s the wrong season for raises or promotions, even the best conversation might hit a wall. If you wait until review season to start the conversation, you’re probably too late. Promotions and raises are often decided months in advance—so plan ahead and start talking 6–12 months before you'd like to see change.

4. Ongoing Communication Is Key

If you’re not regularly in touch with your manager, it’s harder to understand what’s going well—or what’s not. Career conversations aren’t one-offs—they’re built on consistent communication over time. I am not saying these conversations need to happen every single day, but it’s a good idea to have these conversations on a quarterly basis. That way if something needs to get back on track, then you’re not waiting a full year to address it.

 5. Collaborate on Growth Opportunities

When you are open to collaborating on projects that stretch your skills, then your manager will see you are striving to reach the next level. It’s a win-win. You grow, and the team gets stronger. And, as a bonus you could ask for extra pay or recognition for taking on a stretch assignment outside your normal responsibilities.

6. Match (or Exceed) Your Managers Effort

If your manager is putting in the time to plan development opportunities, then you should at least meet that same effort. Mutual commitment builds trust and momentum. If you don’t follow up on the actions you agreed upon during a career and compensation conversation with your manager, then it may appear that you are not serious about taking these next steps.

7. Listen to What Your Manager is Saying

It can be hard to keep listening when the answer is ‘no’ – but understanding the why is just as important as the outcome. It might be a no because of company promotion timing or perhaps you need to work on a few skills before being promoted. You need to make sure you leave the conversation with what your next steps are to continue to drive towards whatever your next step is. Your manager should be the one to help you create this plan.

 Even if you do everything right, there can still be structural or organizational roadblocks.

 8. Sometimes Managers are Limited to What Companies Will Do

There are some companies who will set limits to what employees can earn for raises, market adjustments or when promotions can happen. It’s the job of your manager to make sure they are advocating for the best possible outcome for you. You can also ask your manager to bring in your HR business partner into the conversation so you can understand what company limitations there might be so you can stay informed.

9. Don’t be Worried About Getting Fired for Bringing up These Conversations

You should not be worried about having these conversations with your manager. And, if you’re feeling anxious just bringing it up, that could be a sign it’s not the right company for you. You should feel valued at your company and if they truly value you, then it’s not going to be a big deal if you initiate a compensation conversation.

If employees are happy on the team, then the team will operate much better as individuals and when collaborating as a team. Any negativity or unhappiness can ripple through the team and put a damper on progress. It should always be your manager’s goal to ensure you feel valued on the team.

Before I wrap up, I want to leave you with a few final thoughts about what to do if your manager isn’t engaging as you’d hope.

If you’re not getting much engagement from your manager, there are a few possibilities:

1. You may not be meeting performance expectations—and your manager isn’t being clear with you about it.

2. You may have a manager who simply doesn’t know how to have development conversations.

3. Or, frankly, you may have a manager who doesn’t care.

In any of these cases, it’s worth taking a step back and asking yourself: Is this the right environment for me? If not, it might be time to explore other roles or companies where your growth will be supported and valued.

 These conversations can feel intimidating, but they’re an important part of owning your career—and your income. One of the best parts of being a manager is recognizing great work—whether through a promotion, a raise, a bonus, or even a special shoutout. When someone truly earns it, getting to celebrate that moment together is magic. If you haven’t talked to your manager about your growth recently, maybe this is your nudge to start.

If you end up having a conversation with your manager, then I’d love to hear about it! Email me at hello@liveyourmoneystyle.com

Thanks for listening—if this episode helped you, consider sharing it with a friend, rating the show, or subscribing so you don’t miss what’s next.

Resources

Brag List