Know Your Worth – Let’s Talk About Salaries
“You accepted less because you thought a little was better than nothing. Know your worth.” -Trent Denton (Former NFL Player)
The global pandemic has had many people reevaluating what’s most important to them in their lives. Job seekers like you have started to take a hard look at one thing in particular, value. You have placed a higher value on your time, working conditions, and even yourself as an individual more than ever. This new renaissance of empowerment has many of you changing careers and going after what you deserve. Listed below are a few tips that can help you find value where it matters most: on your paycheck. Interviewing and making sure you get the salary you deserve isn’t impossible but it requires a plan of action. Luckily for you we’re here to set you up for success.
Let Them Talk (Get through the interview process first)
The more the interviewer talks, the more you learn. Here’s a tip to keep in mind when you are sitting down for an interview: follow the 70/30 Rule of Communication. Listen 70% of the time and speak about 30% of the time. The less you talk, the more information you’ll get. The more you respond directly to their information, the better they will feel about you. Afterall, we all like people who listen to us. Let the employer talk themselves into giving you what you want when the talk of salaries comes up.
It definitely leaves the wrong impression if you jump the gun and start talking about money before you know the needs and the culture of the company. They need to like you and you need to like them and the opportunity that’s in front of you. The last thing you want to do is to look at the price tag before you actually know what you are getting yourself into. Patience, young grasshopper.
Ask, But Don’t Over Ask (Know the industry standards)
When doing your research it’s important to remember the three components of a salary:
- What the company budget is for the position
- What the position is worth (regardless of your salary history)
- What your breaking point is. If it’s too low, walk away
Before you begin the process, you need to prepare yourself by researching how much the employer is able to pay you. Have a look at Indeed.com or Glassdoor.com to see if they have established a range for your position. If you know someone currently employed at the company it couldn’t hurt to reach out to them as well. Here at DyNexus Group we’re also proud to offer our 2022 ERP Partner Channel Salary Guide as a reference for you to use.
It’s important to remember that if you tell the employer a number that’s much higher than the range they’re able to pay you, they may have to move on to other candidates even if they really like you and what you have to offer. You also don’t want to price yourself too low as this may take away some of your credibility.
A recent tweet from an independent recruiter went viral recently for disrespecting a candidate who wasn’t prepared or informed. They accepted a substantially lower salary than the company was willing to offer and that the position was worth.
The Huffington Post picked up this story and the responses weren’t favorable, to say the least. Most people shared their frustration that the recruiter should have at least tried to help with the negotiations. Make sure you are informed so this doesn’t happen to you!
If all else fails and you can’t come to a salary agreement, it might be time to walk away. The hiring managers or recruiters are your allies in the hiring process, but they aren’t the ones deciding salaries. If a salary presented to you doesn’t fit your needs or your worth, you don’t want to take less just to be resentful in a position you know is worth more. This is why it’s important to know what your ‘breaking point’ is from the very beginning.
Go With a Salary Range (Stay away from specific targeted amounts)
Once you determine what the job is worth competitively, it’s time to talk salary. Many like Career Side Kick advise that if pressed to give a salary, it’s better to offer a range instead of an exact number. This opens up room for discussion and shows the employer that you’re flexible. A range also “gives you a cushion” in the case that your asking salary is too high. As you’re doing your research, you’ll likely come up with a range that represents your market value.
Sure it can be tempting to ask for something in the middle of the range, but instead you should ask for something towards the top. It is not uncommon for a hiring manager to negotiate down, so have some wiggle room to still end up with a salary you will be pleased with. Most companies will meet you in your range, if reasonable. If they want you, they don’t want to send the wrong message by not meeting you in that range.
Be Ready To Counter Their Offer (The ‘dance’ of negotiating)
There’s a famous saying from Benjamin Franklin that nothing is certain in life except death and taxes. Well in the ‘hiring world’ you can add negotiating a salary to the mix. It doesn’t always happen, but don’t be afraid to counteroffer if you can make a legitimate argument for it. Remember, this shouldn’t turn into a big back-and-forth. At that point, both parties could have a sour taste in their mouths and that’s no way to start a working relationship.
If you find yourself in a position to want to counteroffer, remember that practice makes perfect. Rehearse, rehearse, rehearse. Write down what you want to say. Practice in a mirror, on video, or with a friend until you are comfortable having the conversation. Indeed.com has a great article on how to navigate this potentially awkward scenario.
It’s also important to remember that salary negotiations can include some give-and-take on employee perks and benefits. It may be less costly than a bump in salary for the employer to give you some extra vacation days, flexible hours or, especially today, a work-from-home schedule. One of the biggest advantages of working with a recruiter is that it often helps to eliminate the need to negotiate salary. The company puts out a job description with a salary in mind and then you are presented to the company requesting a certain salary. This way the offer really shouldn’t be a huge surprise and there’s less for you to worry about.
It’s our hope that the information presented here will be useful in your professional journey. We wish you nothing but the best in your future job search and career opportunities. Never forget that the job, and the salary that you want to go with it, are out there. It’s just up to you to find it and make it happen. And if you know your worth, you shouldn’t settle for anything less.