Money may make the world go round, but it’s still a topic that many people feel uncomfortable with. We know that salary transparency is essential if we want to overcome gender and cultural biases in the workplace, but while we still struggle to discuss salary with our colleagues, isn’t it a topic we should discuss freely with employers and recruiters? Well no actually not. Experts agree that while salary transparency is essential in the workplace, when it comes to the hiring process, discussing salary is a big no-no.
It’s easy to assume that the major layoffs and ensuing struggles companies face when it comes to finding talent has made it easier to throw a number on the table and expect a company to match it. but the opposite is true. Some recruiters believe that showing your financial hand too early can lead to a lower supply, especially if you’re moving industries and haven’t done your research yet. Just like in a poker game, you don’t want to show your hand too quickly.
While statistics show that on average 70% of US companies plan to implement salary increases this year, new employees win on average 10% salary increase when moving companies. The fact remains that if you want to secure the best offer, you have to be smart about answering the salary history question.
Why is this? Because it’s not just employees who face a harsh winter – rising inflation and rising cost of living are also affecting employers and getting the best talent for the least amount of money is their primary goal in today’s market. What can you do? Use demand deflection as a way to demonstrate your communication and negotiation skills while keeping room for the best offer. Check out our top tips below.
Don’t cover up the answer
Prepare your answer to the salary question in advance and be prepared to explain why you don’t want to discuss numbers prior to an offer. Slacking off or being vague in your answer is unpleasant for an employer, you want to show that you can convey your point of view in an eloquent and professional manner. Explain that you would rather have a full understanding of the position before talking about salary, or indicate that you are aware of industry standards and would expect something similar.
Answer with a question
Don’t be afraid to answer the salary question with a question. When asked what your salary expectation is, you can ask what the salary scale is for the position. This is a polite and professional response and requires the hiring manager to share financial information first. Every company wants to get the best talent for the lowest pay, and sharing your financial history gives the employer the upper hand.
Do your research
What can you do if you level up or move to a new role after extra training or education, so you’re hoping for a big bump? Don’t lie, do your research to make sure your offerings match industry standards for experts at your level. So instead of saying you were paid X in your previous position when you were paid Y, you can say that you know that other employees in a similar position with your skills are being paid X and that figure matches your salary expectations for this one. function.
Open the conversation
Open the conversation to include more than just the salary range. Explain that at this stage in your career you are interested in the whole package and that benefits such as health care and retirement contributions and non-financial benefits such as hybrid work or employee equality opportunities are important to you. This is a great way to increase your compensation package when the salary range doesn’t quite match your expectations and to show you can think creatively.
If you’re interested in testing the market, there are dozens of companies hiring on the VentureBeat job board. We’ve selected three great options below, but be sure to explore all of them.
Constantly looking for talent at all levels, the tech giant is currently hiring for a number of positions at its Seattle headquarters and a number of outside positions. There are currently software engineering opportunities at Apple with positions available for cloud designers and data administrators. View all available options at Apple.
CrowdStrike is a global cybersecurity company that uses cloud-native platforms to protect people and businesses while online. They are currently recruiting for a number of completely outside positions, including software engineers, security analysts, and data scientists. Browse all available opportunities on CrowdStrike.
MoneyGram operates in the fintech sector, hiring people for a number of technical positions in the US with outside capabilities. MoneyGram currently has 150 million customers worldwide with over 2,500 employees. View all jobs at MoneyGram.
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