Six tips for talking money in the job search

1- Don’t tell people how much you make. 

Our first piece of advice is that you shouldn’t tell a prospective company how much you make. Don’t give them a benchmark for making you an offer. They shouldn’t ask- it is illegal in many parts of the US. Sometimes though, interviewers can't help themselves. Even if it is legal where you live, you don’t have to answer.

You should also learn how to tell when someone is fishing for an answer. Sometimes, companies will lowball candidates just so they turn around and say “well this is X less than I make now”. Or, they’ll have you interview with a peer or someone who you might feel more comfortable divulging these details with. 

Regardless of where you are in the job search process, don’t reveal your current salary to anyone. Not a future boss, not their HR business partner, not the peer interviewer, not a recruitment agency, just remember that they don’t need to know what you make now in order to make you an offer. 

2- Know your worth

The best way for you to feel confident in a negotiation is to come prepared. You should be prepared to give an answer to “what are your salary expectations?” Do some research on your role, your location, your industry, and average salaries. Start with a google search, this will help you identify overall trends, like if a certain industry or type of company pays differently than others. Many US states and cities require salary ranges on job descriptions, so job descriptions in these places are a good place to get a sense for basic ranges and differences between companies or industries. Be sure to account for places with higher salaries (like NYC) if you’re outside of these locations. The next best thing is to ask people who have the role that you're interviewing for what kind of salary expectations you should share. Reach out to your network, even if you don’t know the person well, people are generally happy to help.

Don’t give a number in your salary range that you wouldn’t be happy to accept. If you want $80k and won’t go below it, don’t offer $70-90k as a salary range. You want every number in your range to be within your comfort zone.

3-Don’t forget about other forms of compensation

When you're negotiating a job offer, don’t get too tied up with base salary. For many corporate jobs, it isn’t the most valuable part of the offer. Consider commission, profit sharing, equity, stock options, and even benefits like health insurance and retirement plans. When you’re negotiating, you should absolutely ask about these things. When deciding on an offer, sit down and see what the total value of these other compensation aspects would be before you make any decisions. Other forms of compensation can be especially useful to you if a company can’t budge on some piece of the offer, like if the base compensation they offered you is at the top of their range for your level. 

4- Learn to respectfully counter an offer

The job search is a deeply emotional process, but it's important to keep emotions in check when negotiating an offer. If someone lowballs you or sends an offer that doesn’t align with your goals, there is no need to be insulted. They can do as they please, as can you. If presented with an offer, take time to think it over by yourself. If they show it to you on a zoom call or over the phone, let them know that you’ll take a look at it and get back to them. This will give you time to gather your thoughts. 

Here is our formula for countering an offer:

1. Start with a positive statement. “Thank you so much for sending this over.” 
2. Follow up with a statement reiterating your interest in the role. “I’m really excited about this new payments platform you're building and I look forward to helping you bring it to life.”
3. Then, state your expectations clearly and concisely. No need for explanations or justifications. “My expectations are more along the lines of X-Y. What can we do to bring this number closer?”
4. If you have another offer- feel free to share it. Especially if you like this company more. You can do this by saying “I also received an offer from Company Z and they came in at $160k. That said, I really like your organization and am excited about this new platform you’re building. Can we get your offer closer to X?”

5-Don’t be outlandish

Candidates hate when companies send them lowball offers and companies hate when candidates counter with outrageous offers. You might see advice out there that says to counter high so that a company will settle where you want them to be, but it rarely works out that way. In fact, sending an outlandish counter offer might make them sour on you as a candidate and move on. When you’re countering, be reasonable and respectful.

6- Always negotiate 

Unless you’re in an industry where this isn’t the norm at all, it is always worth it to negotiate. Generally, most things are negotiable. Even if they can’t adjust one piece of the offer, maybe there is room for negotiation in other places. If you’re being respectful and reasonable, the worst that can happen is they simply say “this is the best we can do.” 

In conclusion, money is important and you need to get used to talking about it when you're job searching. Have a burning money question? Send it to us at content@meytier.com and we’ll include it in an upcoming Q&A blog.