Let’s Talk About Comp…
Oh the money conversation….the dance of what you want, what they’ll offer and what you could be leaving on the table. Should you play your hand? When? What’s too much to ask for?
Bottom line: Be clear about you want. Be honest. Don’t waver.
Today I was talking with a candidate who told me that they were making X, but said they didn't need that much and would take whatever is offered because the job is more important than the money. Will that approach get them the richest package? No. Not only did they “lower” their offer, but they showed the company that they are not a strong negotiator. Being weak on your compensation discussion can indicate that you are weak as a candidate.
Yes- the work is more important than the dollars, but we’re not volunteering here. You’re making X because someone thinks you’re worth it. That’s your market value. Be confident in what you want and ask for it unapologetically.
Whether you’re overpaid or underpaid, if your package leans towards cash or stock, be clear about everything you have (and I mean everything- we’re talking about that free gym membership and the health care package where you don’t have to pay a co-pay) and about your total compensation expectations. Even if your current salary is $75k and you want $90k, tell them that you want $90k and stick to what you want explaining your rationale for the package you have requested.
My least favorite candidates are the ones who play the “Tell me what you’re offering” game. When you don’t tell anything about what you want or where your compensation is now, the offer is ALWAYS going to be low because the company is stabbing in the dark and they don’t want to overpay. Having nothing to go on, they will get a large range approved and start from the bottom. The more information you give about what you require, the better the chance you will get what you want. Good recruiters and hiring managers can be creative to make a package enticing, but we need the information from you to give you the offer that’s going to get you to sign on the bottom line.
Happy negotiating!
Sales Business Development Practitioner specializing in CRM efficiency and lead generation.
3yLiz, thanks for sharing!
Licensed Realtor at Linda Welsh Realty Group at Linda Welsh Realty/Compass
10yLoved your article, thanks for posting this.
Waiting For The Next High Tide
10yIf you ask for a reasonable comp plan based on your skills and experience and the needs of the new job Vs a red flag package, you’ll sleep better and so will those approving it.
I like Jeff's approach. Understanding context is not only valuable, but it fosters a relationship with the person who may be joining the team.
President
10yI like to ask a 3 part question... What do you make now? What do you need to make? What do you want to make? It's important for me to know what a new member of my team needs to make to pay bills as I don't want to exclude from a position if budget isn't approved. It's equally important to understand what they want to make as I need to get them there eventually if I want to keep them happy.