The Compensation Conversation Part 2: How To Set (And Meet) Realistic Salary Expectations
I think we can all agree—most of us are still slightly uncomfortable having the money discussion with our recruiters, let alone a potential employer. In our first article in this series, we began to unpack the topic, looking at how to differentiate worth vs. value and how to start determining the ultimate question of “How much am I really worth as a candidate” because, let’s be honest, that’s what every candidate really wants to know.
In this article we’re diving deeper into the money question because here at CLT Recruiters, we reject the notion that the compensation conversation should be the most difficult part of the job hunt.
Know Thyself.
If you’re going to make it through the salary conversation without breaking a sweat, the first place to begin is to know yourself. For starters, you’ll need to figure out what someone with your experience in your geographic range generally earns—that’s the basic starting point. In our last post, we looked at some solid ways to know what you’re worth as a candidate, and here’s where they come into play. Whether it’s a single number or a range of $10-20K, know your starting point. Beyond that, you have to consider all of the things that might factor into that salary range in both tangible and intangible ways—healthcare benefits, commuting expenses, 401K and any potential employer matching, potential bonuses or commissions, use of personal vs company equipment. All of these contribute to the total package you’re shooting for and are worth discussing with your recruiter.
Even beyond the salary and benefits package lies another question, one that will force you as a candidate to go even deeper with your self examination. Asking a series of questions of yourself before the interview begins will help you become even more confident in discussing numbers. For starters, how flexible can you afford to be right now? Some candidates are in a season in their life where taking the right job at a less-than-optimal salary may be acceptable, and some are not, and that’s going to factor into your decision making. But that’s the here-and-now, and there’s also the future to consider: where do you want to be (financially AND in your career) in 5-10 years, and will this position and company help you get there? In order to evaluate that question, you’ll need to first have a good handle on your own long-range personal and professional goals. If that’s something you’ve never done before, your recruiter can help. Be transparent with them, and they’ll return the favor!
Know Your Prospective Employer
Once you’ve thought through your own starting point, turn your attention to your prospective employer. One thing you can bank on is that the company to which you’re applying already has a salary range in mind, and it’s based on several factors that aren’t likely to change drastically during your interview process, so it pays to do your research in advance. The simplest may be the salary they were paying the last employee that held that position, or what they’re currently paying employees in similar roles. But they likely also factor in some generalized information about the pay scales of their competitors, which they learn both by their own research and by talking with candidates and employees that come to them after having worked for those competitors. They might also adjust their numbers based on their current revenue forecast and the trends in their marketplace that indicate upward or declining revenue in the years ahead. With a little bit of digging, you can uncover a lot of that information before the conversation with the hiring manager begins.
To start the process, take the time to do a thorough reading of your potential employer’s website and current job postings and it will give you some good clues as to their culture, mission and values. This can help you figure out what they’re likely looking for in a qualified candidate. Pay attention both to what they say, and make sure to read between the lines. Read news articles about recent events involving your prospective employer and see what their leadership is saying (and what the industry’s saying about them in response). Finally, do a deep dive into their clients, products and services and get a feel for the type of work you’ll likely be doing with them. All of this research will factor into an adjustment made, either up or down, in the ideal starting salary range for your potential position. If that all sounds intimidating, remember that a highly focused and strategic recruiting partner can help take the mystery out of the process.
Know The Competition
The above phrase could be read two different ways, and both are valuable: Who is your prospective employer competing with in their industry, and who, at least generally speaking, are you competing with for the position? The first question might be fairly easy to answer, the second can be trickier, and this is where partnering with a great recruiter can help. A web search of your potential new employer’s press releases and media mentions can give you some feel for their competitive landscape, but they likely won’t overtly name their competitors in their own articles, so it takes a bit of a deeper dive to uncover this information. For starters, looking at the projects they’ve recently completed or currently have in progress can give you a good feel for their target project or client type, especially if you notice a pattern. A search for articles in industry publications or websites for similar projects in your geographic region will then uncover the names of many of their potential competitors, but in order to find the key names you’re going to have to connect with someone who knows the real deal.
Know A Great Recruiter: Get To Know CLT
If you’re working with the right recruiting partner, they’re going to be your best source of highly targeted information on both the type of companies competing with your potential employer, and the type of candidates from whom you’ll need to stand out. A recruiter that’s doing their job will be seeking to make the best use of the hiring manager’s time by thoroughly screening and preparing the candidates they send their way, and CLT Recruiters is that type of partner. Before your name ever crosses their desk, we’ll work with you to ensure you and they are a great match, and you’ll have that first conversation confidently and productively. We want to help you find the role that will leave you both well-compensated and professionally fulfilled, and we’ll be fully transparent with you as we help you prepare to land that ideal job. If you’re looking to stand out from the crowd and walk in the door thoroughly prepared for that compensation conversation at your next interview, contact CLT Recruiters for a free resume and compensation consultation today!