By Max Morin
When it comes to compensation, there are multiple factors that play into the final amount that both the employee and employer come to settle with. This amount can be quite ambiguous until someone from either party has decided on a firm evaluation of the prospective candidate in question. So… what are you worth? And, more importantly, are you willing to compromise some of your value for your next opportunity?
Review the following to better clarify your intentions and develop a clear sense of where you stand in the marketplace from a compensation perspective before initiating an interview.
Some questions to think about when strategizing your new transition in a career:
How is your work experience perceived?
Is your experience worth the amount you have stated?
In the role you are applying for, how are you compared to other people with your title and in similar industry?
Topics to address prior to coming with your price tag:
- Size of Company
- Uniqueness of skill set
- Number of years’ applying the skill set
- Scope of work (Amount of reports)
These factors will add up to a general perspective of your perceived worth and a general guide to a targeted, achievable compensation structure.
In the process of navigating your worth during the stages of job interviews or job offers, it is critical that you address the question, “If I took this position, am I respecting, or undervaluing, my work experience?”
Begin your soul-searching discovery by re-assessing your manageable base salary, comparing your previous salary, and your previous salary’s relevance to your desired position. Ask yourself the following: with this total compensation, do I feel like I can contribute my best work, and would I feel rewarded with that number?
Consequently, our perceived worth must go through a molded reality check and fall into the correct category of expectation for both parties. When shopping for jobs, do you currently hold expectations for specific perks such as stock options, 5 weeks’ vacation, company car, private helicopter pad because that was a reality you had previously experienced? It is suggested to place perks in the end stages of the negotiations or discussions as it should rarely ever be a point of contention.
Remembering the goal is to find a holistic agreement for your values and the values of your new hub is a key part of negotiation strategies.
Use this suggested mental practice when applying for any position:
- Is this a company that I would feel rewarded and proud to work for?
- Does this position match or exceed my previous experience in this similar role?
- If I do decide to compromise my values, will I enjoy my day-to-day duties?
After multiple conversations with peers, colleagues, clients, and candidates, compensation plays a large role in employee satisfaction, but it remains only a single factor in the entire frame of what composes a truly engaged and happy employee.
Many HR individuals will use Herzbergs Motivators and Hygiene factors, also called Two Factor Theory to understand the factors that cause satisfaction in the workplace versus the factors of dissatisfaction.
Read more on the Herzberg Theories
At the end of the day, you know what you do and how well you do it. Stick to what you know and trust your gut.
If you have questions regarding salary or compensation, contact Recruitment Partners and we would be happy to provide you with conversation and advise.