How to address the “Money Question”

Ah yes, the dreaded question about money.? As a Headhunter, I am always asked how to address the question about money.? There are several ways to approach this question and several ways not to…here are a few examples of each.

“How much money are you looking for?” OR “What’s it going to take to bring you on the team?” OR Any variation of this.

Try not to pigeonhole yourself

MOST important is that you do not pigeonhole yourself by throwing out A NUMBER.? Rather, you can consider answering a hiring manager’s question like this:

“Well, first of all, thank you for asking about my compensation requirements, but frankly, I am confident that if you find I am a good match for this role then I am sure we can come up with a fair and equitable compensation structure that will make sense for everyone”.? You may also want to approach it this way “I understand compensation is an important aspect of a position but frankly, I am first and foremost interested in continuing to explore if this is the right fit for your company and myself, if it is then I am confident the compensation piece will come together”.

Another approach is as follows: “Thank you for inquiring about my compensation, we would all agree that money is important but it wouldn’t mean much in the long run if this was not the right fit for your firm or myself; so, if you don’t mind, perhaps we can table that part of the discussion for now and discuss it in more detail at our next meeting?”

“Broad strokes” work as well

Sometimes a hiring manager will be insistent and try and pressure a candidate into providing a number (that’s not always a bad thing by the way, it actually shows interest).? If this situation arises, it is best to provide “a broad stroke” answer to pacify the hiring authority and keep the interview going in the right direction.? You may consider saying something like the following:

“Thank you for asking what it may take to make the move here to ABC Company, I don’t feel entirely comfortable discussing specific numbers at this point because I am quite sure that if this is a mutually benefit match then the compensation piece will come together but that said, I have been accustomed to earning between X & Y throughout the past several years, that range is somewhat broad and also includes bonuses and other incentives”.

Indicating that you have earned, for example, $28.00 to $31.00 per hour but that you were employed on contract may need to be translated to the hiring authority as follows: “In my last few roles, I have worked in a contract position earning an average of $60,000 (usually paid hourly between 28.00 & 31.00) but I am quite flexible on the compensation with a full time position that has a total offering that includes working for a strong growing firm and provides a solid career opportunity”. This type of response will very likely keep the conversation alive and moving things in the right direction.

Do not say…

By all means, do not say anything definitive or come across as offering an ultimatum.? Below are some clear examples of what not to say when asked about money.

“Well, I won’t even look at a position unless it pays X”.

‘I was told the job paid X so that’s what I need to even think about a move over here”.

“I’m still not sure I want to work here but if I did, I would need at least X”

Knowing that a position is advertised at a $50K salary as an example and you said something like the following: “Well I am making $43,000 now but in order for me to move I would need at least 60,000”. This is a hard negotiation move and likely an ill-advised thing to say (another blog post will cover some thoughts surrounding compensation negotiations)- all this type of maneuver does is put you out of consideration. ?Consider a softer approach and saying something along the lines of “I am currently earning a salary in the low $40K range with a discretionary bonus- I am certainly interested in hearing more about the entire package and professional growth opportunities”.? Unless the offering that is shared with you is completely out of the ballpark, keep the conversation moving ahead by being open to continuing the discussion.? ?Remember one thing, you can never say no to an offer that isn’t made!

Remember- if you are asked about compensation- that is a GOOD THING.? It means the hiring authority is interested in you- if they weren’t, they almost certainly would not ask about compensation!? So, follow some of the above guidelines to help you through this part of the process.? If you are uncomfortable broaching a discussion on money and are working with a staffing professional, ask them to help step in and assist with that part of the discussion by communicating some of the necessary information to the hiring authority beforehand.

Enoy the process!