by Trevor Gelder, Corporate Director
Talent Acquisition and Deployment
Money is one of the toughest issues to deal with both as a job-seeker and as an employer. As an employer, we have a specific wage range allotted for the position in question that we need to abide by. If a candidate’s salary requirements significantly exceed that, it is better to know that up front and not waste everyone’s time. The catch here is that a candidate needs to be careful to not put too much emphasis on money early in the process. A ballpark range is great; both sides will then know there is potential and moving forward is worthwhile.
The danger: Some candidates actually lose the job for themselves during the ballpark range discussion. In the beginning of the interview process, an employer wants to know you’re interested in the company, the cultural fit, the benefits, the retirement program, the opportunity for learning and development – things interesting to a person who wants to make a long-term home with the company. If money is your main concern, the company is going to assume that you’re someone who will jump ship if and when another organization offers you a few more dollars.
So, when do you talk about money? After the ballpark discussion, money should be tabled until the employer brings it up again. Normally the company won’t bring up salary again unless they think you would be a good fit for their needs. Having gotten to know you better through the interviewing process, the company can better assess your value. In turn, you now have a better idea of what the job entails and requires, so you will also have a better idea of what you would need to make it work, based on the entire package, from compensation to working environment.
When you do address money, take as many factors into account as you can – some jobs have a lower base but a great 401(K) match or more bonus potential. Companies that have employee ownership programs have long-term income potential that should also be considered. What is supplied by the company? A company vehicle can save you a tremendous amount of money over supplying your own. We generally value that at around $10,000 per year when you consider gas, maintenance, insurance, etc. If the company supplies a cell phone, a laptop, etc., such amenities can add to the value of your position. Vacation time counts as well, as does the amount of time you need to wait before your benefits kick in, and whether your family can participate in the available benefits programs. All of these play into the overall value of the offer. On the flip side, don’t get lost in the value of a benefit either.
Money will always be a challenge because it affects so many things, but be honest about what you make and what you think you would need to move. Make sure the move is worth making for many more reasons than just money. Your job is too big a part of your life and your overall happiness to waste it just chasing dollars.