SHOW ME THE MONEY! 💰🤑

What is the #1 topic your parents told you to NEVER discuss amongst coworkers, friends and foes? SALARIES.

For ages, it has been ingrained in us to refrain from ever discussing the money you currently make or the money you want to make. A forbidden topic that is to be kept between you and your diary – never to see the light of day! As each generation has entered the workforce and begun to evaluate what information is important to them during their job hunt, we’ve seen a shift in the way salary discussions are looked at. The younger generation is requiring that companies be transparent about their salary budgets, and they are advocating for themselves & their value upon receiving an offer – and this is how it should’ve always been! While compensation isn’t the ONLY factor in the reason you accept or decline a new opportunity, it is an important one that need to fairly be evaluated alongside all other offer components & your personal needs.

Today, I’m going to share 3 tips to help you navigate pay transparency & salary negotiations for your next role!

Let’s first set the stages with 2 definitions:

✔️ Pay Transparency is openly sharing pay information, such as salaries, bonuses and stock options with employees and potentially the public.

✔️ Salary Negotiation is the act of discussing your compensation expectations with your current or potential employer. The goal is for alignment on the salary components to be reached that is satisfactory for both parties.

Now that we know what these 2 forbidden topics mean, let get into how you can steer your next offer to the finish line!

TIP #1: Gather The Data and Set Your Expectations

With 14 states having pay transparency laws in place, many companies across the US are choosing to proactively share this information with the public as a sign of integrity and truthfulness. For candidates, this is a win! Before you even speak with a Recruiter, you can filter out roles whose budgets don’t align with what you’re looking for. Upon deciding the role you’ll pursue, take the time to gather relevant industry and role-based compensation data.  

Spend time on websites like Glassdoor and PayScale to get a better picture on what salaries and total compensation packages look like at those companies. While you may not be able to find exact matches between what has been shared and the role you’re actively seeking – having these nuggets of information will help prepare you for the conversations to come with Talent Acquisition & potentially the hiring team.

Once you’ve completed your research, it is now time to determine your baseline salary expectation. Whether you are willing to admit it or not – there is a salary amount that you wouldn’t be willing to accept if offered. That’s okay because we all have one! While companies are practicing pay transparency with us, it is also important for us to do the same with them. Taking time to decide your minimum, the least that you’d willing to accept and your dream – potentially a stretch from reality but still within the realms of possibility. This is your “shoot for the moon” moment – because if you miss, you’ll still land upon a star!

TIP #2: Stay Ready, So You Don’t Have to Get Ready!

It is at this point that you have likely spoken to the recruiter, communicated your expectations and aligned on the budgeted salary. Let’s say that conversations have continued with the hiring team and things are trending positively. You hear back from the recruiter and the team would like to make you an offer – YAY! We’ve talked a lot about getting things prepared but putting them into action is when the real work happens! It is now time for you to pitch your counter points and propose salary negotiations. Before any further conversations take place, it is important to prepare for the questions you may be asked and have examples of your expertise that will convince them to make changes in your favor.

First, questions the Recruiter or hiring may ask:

• Do you have any competing offers? How does our current offer fall amongst others on the table?

•  What do you feel like is lacking in the originally presented offer?

• In an ideal world, where would you like to see your salary at the end of these negotiations?

• What reasons are there for us to entertain a negotiation?

Think about how you can answer questions like these & showcase your value. Here are some thing you should consider:

• The unique skillset you bring to the role, team and company.

•  What were critical competencies listed in the job description that you have and know can drive impact on day 1?

• Tangible examples of work you’ve done that is closely related and/or identical to the expectations of the role.

• Ideas and initiatives that you’ve thought through & plan to bring to the role/team upon offer acceptance.

It is crucial that you remain confident and ready to answers these tougher questions. The data you’ve gathered alongside the clear correlations you’ve made between the role and your skillset will allow you to navigate these conversations with grace.

TIP #3: Have You Looked At The Big Picture?

As I mentioned before, compensation is a factor but not the ONLY factor when weighing a new opportunity. It is important that in preparing for your salary negotiations and during these conversations that you keep in perspective the entire package being offered.

Here’s what a total compensation package may include:

•  Base salary

• Bonus eligibility

• Stock option

•  401K matching

• Health insurances with customizable plan enrollments (medical, vision and dental)

• Vacation time off & sick leave

•  Tuition reimbursement & more!

With many companies, you are not only receiving the base salary but additional valued offerings. While some of these are not “cash in hand”, they are still components worth being considered in relation to you & your family’s needs. During any negotiations, there is always the chance that no changes can be made to the salary given salary caps and company policies. Even those in those cases, explore what opportunities they may have with a sign on bonus. These are often used either in lieu of negotiating the salary or in addition to!

Although our salary is how we live day to day, bonuses, stock options, and even total rewards benefits like 401K and HSA options are how we create sustainable wealth for ourselves and the generations to come! Never lose site of the bigger picture.

Today we’ve looked at pay transparency and salary negotiation from the lens of securing your next role – note that these practices and ideas can implemented in areas far beyond your career. The art of negotiation is one that will stand the test of time, so mastering these skills will only maximize the heights you will reach.

REMEMBER: A closed mouth doesn’t get fed & the worst thing they can say is ‘no’.

Job Board 🚨

Special thanks to Haley ONeill for collecting this list for HR/People roles. Make sure to connect or follow her on LinkedIn for all things recruiting.

P.S. I am not the recruiter for these roles. Please do your due diligence and click the link that is provided to learn more about each role.

🧁 Tern, Founding Recruiter: https://lnkd.in/eRxWpR2R

🍭 Charlie Health, Manager, Recruiting: https://lnkd.in/eCBQJdC7

🧁 Pirate Ship, VP People: https://lnkd.in/eSQskezM

🍭 Milo's Tea Company, Inc., Talent Acquisition Partner: https://lnkd.in/ewHhTjmn

🧁 Ardent Mills, Talent Acquisition Program Manager: https://lnkd.in/eHKiivfZ

🍭 Foundever, Corporate Recruiter - Global: https://lnkd.in/eaAytPfp

🧁 Zillow, Director, Talent Acquisition Enablement: https://lnkd.in/eZcuwEvi

🍭 CARDO AI, Senior Recruiter: https://lnkd.in/eXjzrRga

🧁Coinbase, Sr HR Business Partner: https://lnkd.in/ey3kqXgv

🍭 Root Inc., Lead Corporate Recruiter: https://lnkd.in/es2VSBRG

TIP OF THE DAY: Being informed about compensation will help you make better career decisions and ensure you're fairly compensated for your skills and experience. Something to keep in mind is that companies have different pay scales for different regions of the country based on the cost of living. The salary range for Louisiana is not going to be the same as California. The range that is listed is from the lowest tier to the highest tier just to give you an idea of the pay. People ask for the pay range and get upset when it’s given. Our compensations team doesn’t make up just random salaries. There is so much research that goes into salary ranges.