The secret to out-earning your colleagues begins with asking -- here's how to effectively do it

Susie Moore is a career coach and the author of “What If It Does Work Out?“. In this video, she explains when and how to ask for more money. The following is a transcript of the video.

People who earn more ask.

Ask, ask, ask, ask. Asking’s a massive form of action. Typically you’ll notice if someone’s moved around in different companies, over time, they tend to earn more because there’s always that conversation at the recruitment and selection phase of, “What are you looking for?” So there’s a negotiation that can happen organically.

If you’re in the same job though, for a while, having that conversation can be more tricky. Especially if you don’t have annual reviews. They don’t exist everywhere anymore.

The most important thing is to understand what your role is being paid, in the market, again everything is market research. Understand kind of where you sit, if you think it’s too low you’re probably right. Really get that information, be equipped with it, understand why you’re good at what you do. I mean, that’s the other thing people will just remember their mistakes. They made a mistake on a report four months ago, and then still feel sick about it, versus going, “Well I grew the team, and I increased profit, and I streamlined this process and I bring a lot of value to the office in terms of my attitude.”

So, really being able to understand your value as an employee, doing the research, knowing what other people like you are getting paid, those two things are really critical. And then you just have to ask, you have to set up a conversation, with your boss, and go for it.

I mean, think about it. A few minutes of an awkward conversation over time, like how that will compound your income, it’s absolutely worth it. Actually, I love what Tim Ferriss says about this, he says that a successful person can almost be measured by the number of uncomfortable conversations they’re willing to have.

That conversation, those few minutes, when you think of the upside versus the downside, it’s absolutely worth doing.

More from Libby Kane:

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.