The Career Capitalist

You're Hardcore But I Love You Anyway... (Talking Points when asking employers about Compensation)

We've talked elsewhere on the Career Capitalist about when to talk about comp (and the dangers of being the first one to bring it up) and how to answer questions from interviewers related to your expected salary when asked, yet you persist - you want to be proactive and ask the interviewer about compensation for the position (before they ask you)....

Is asking about compensation before an interviewer brings it up ever a good idea?  Usually not.  Most of the interviewers you run into will note this as unusual and you run the risk of being identified as driven by money.  Not a great way to start off the interview process.  Remember, when it comes to your knowledge of the target comp for a position you are pursuing, there are 3 different states you can be in as a candidate:

1.  You won't take a job below a specific minimum salary.  Period...

2.  You are unsure about what salary you can command in the marketplace, and with this in mind, don't want to establish a minimum that would eliminate you.

3.  You have a pretty good understanding of what the position might pay, which is acceptable to you.

Among these three situations, only one (#1), really presents a compelling argument for you to be bold and bring up the comp the position might yield.  After all (you say) why waste everyone's time if it is not a $$ fit for you, right?  Maybe.  The worst possible outcome is that the $$ are a fit after you ask, but the interviewer/recruiter is so turned off by the question that you will no longer be considered, whether they disclose that or not.

Here's the golden rule -  If you pro-actively ask an employer about money, ask early and very late in the process, never in the middle.  If you have to engage the employer and ask about compensation for a position, do it on the first call you get, or late in the process when the next step is a likely offer.   Most companies you would want to work for will run you through a multi-faceted interview process, so don't put off the "influencers" or the "approvers" in the process by asking about money.  Often times these folks are in the process to ensure they can simply work with you, to see if the dialog is comfortable, etc.  Ask the money question and most of them will frame you as driven by money or worse yet, selfish.

Suggested talking points - "Since we are very early in the process and attempting to determine overall fit on both ends, can you tell me what the targeted compensation range for the position is?"  Use phrases like this on the first call you get, and the odds of a misstep related to comp are minimal....

 

What Are Your Salary Requirements? Setting up the Negiotiation...

You are somewhere in the interview process - the initial phone screen, a first interview, a final interview, whatever..... And the question comes - "What are your Salary Requirements?", or it's first cousins - "What kind of money do you need?" or my personal favorite, "What's it gonna take?"....  For investments, you could turn to Jim Cramer... For personal finance, you could turn to Dave Ramsey (pictured at right)... For the job search, turn to the Career Capitalist....

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A question easily asked, but hard to answer.  Before you get your 30-Second message in place, you need to know what your personal reality is from a compensation standpoint.  Get in touch with your money side and identify which one of these scenarios is you...

1.  You won't take a job below a specific minimum salary.  Period...

2.  You are unsure about what salary you can command in the marketplace, and with this in mind, don't want to establish a minimum that would eliminate you.

3.  You have a pretty good understanding of what the position might pay, which is acceptable to you.  With this in mind, you aim to generate an offer as high up in the range as possible should you reach the offer stage.

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OK - so you know which scenario is you.  Now that you have that figured out, the question comes -  "What are your Salary Requirements?"...   The ball is in your court, and the first thing you should do is attempt to extract some information.  After all, the potential employer has asked you to talk compensation, so you should feel secure about talking money,  With this in mind, the Capitalist recommends you use the following type of conversation tree when answering the question...

Interviewer Question - "What are your Salary Requirements?"

You - "I would be looking for a salary that's in line with what you traditionally pay associates in this position with skills and experience similar to mine.  Can you tell me with associates with my skills and experience earn in this role?  Is there an established range for this position?"

Interviewer - Will respond one of four ways - 1) With actual information on what others similar to you have earned (if they are smart they will do that in the format of a range), or 2) Will say "I don't know", or 3) "That wasn't my question" (or a variation of this response), or 4) "That's none of your #$&# business" (Just joking, this rarely happens.  If it does, you probably want to move on....)

You - Respond in one of three ways, as outlined below based on your scenario...

1.  You won't take a job below a specific minimum salary.  Once given the info by the interviewer, you provide your minimum as a range (with your minimum the low end of the range), but adjust your minimum upward if the interviewer gives you data that suggests the offer would likely be more than your original minimum (this allows you not to low-ball yourself).  "I'm looking for a salary somewhere between 51K and 61K, depending on the overall opportunity provided by the position and working for your company".   

2.  You are unsure about what salary you can command in the marketplace.  If the interviewer gives you salary data on the job, you should provide a range similar to scenario #1 above with the normal salary provided as the low end of your range. That tells the interviewer they can afford you, but they might have to negotiate a little bit.  If they give you range information, you should provide a range back similar to scenario #1, but the low-end of your range should be the midpoint of the range they quoted you.  Once again, this tells them they can afford you but they may need to negotiate.  If they provide you with no information, provide a range, but make it wider than the scenario provided above, and let the interviewer know that as you learn more about the position, you should be able to narrow that down...

3.  You have a pretty good understanding of what the position should pay - This is a scenario similar to #2, but you have better market data than is present in scenario #2.   Follow the guidance listed in scenario #1.  If the interviewer doesn't provide any data, use your gut to establish a minimum you feel is fair based on your research, but be careful not to eliminate yourself from consideration.

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So that's the conversation tree I recommend.  The key with this is skill practice with these talking points and being prepared for this conversation at any time in the hiring process with any employer.  You need to have your 30-second speech ready for your specific scenario, and have a specific response ready whether the interviewer gives you specific salary data, or if they choose not to.    Have fun and be in control!!

 

The Money Trap - When to Talk Comp...

Talking compensation in the interview process is a minefield.  Appear too proactive on the money front, and you'll be DOA in the process, since many of the folks who are involved in the interview process are much more uncomfortable than you (the candidate) taking about the projected salaries... Ask too late (or not at all) and you risk blowing 3-6 hours of your life on an interview process that ultimately delivered an offer that is 70% of your minimum acceptable salary.  What do you do?  Hope for the best?  Hire Bob Sugar (see picture at right) to do the dirty work so you don't have to?

Here's a couple of regular flavors you'll deal with as you talk to companies about money:

A.  The target company will use technology to secure your salary needs - and never talk about it again.

B.  The target company will use tech to secure your salary needs - and engage you on it early in the process (perfect!)

C.  The target company waits until the interview process to ask you about money - then asks you for your needs early, in the middle, or late in the process (or a combination of points).

D.  The target company never asks you about money or shares compensation info on the job.  You're on your own skippy, if you want to know, you'll have to ask (worst case scenario for you, the candidate).

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Here's a couple of thoughts about when to talk compensation to make sure you don't blow it on the money front:

1.  Use the application process and technology to tell your target company what you need - Many companies now have online application processes that include questions about your current and required compensation.   Figure out your position on the money issue, and communicate it via this channel.  It's a safe bet to assume companies which ask for this info are reviewing it before they call you - they don't want to waste their time any more than you want to waste yours.

2.  Be ready to answer the money question at any point in the process.  We talk about your 30 second message related to compensation elsewhere on The Career Capitalist, so get your talking points organized and be ready to communicate the message at anytime in a consistent, non-threatening manner.   It's one of several "elevator speeches" you need to have down cold to effectively move forward in any career search mode.

3.  If you pro-actively ask an employer about money, ask early and very late in the process, never in the middle.  If you have to engage the employer and ask about compensation for a position, do it on the first call you get, or late in the process when the next step is a likely offer.   Most companies you would want to work for will run you through a multi-faceted interview process, so don't put off the "influencers" or the "approvers" in the process by asking about money.  Often times these folks are in the process to ensure they can simply work with you, to see if the dialog is comfortable, etc.  Ask the money question and most of them will frame you as driven by money or worse yet, selfish.