Pay transparency is a hot topic for candidates and hiring managers across all industries. As a Job seeker, you want to understand employers’ compensation packages regardless of the employment type. Honest and up front conversations about compensation will ensure all are on the same page which will save everyone time and energy.
Senior Recruiting Partner, Tami Rosas, gives insights on best practices for understanding compensation and how to navigate these conversations during your job search.
Tami’s Tip #1: Identify compensation expectations.
A benefit of having a recruiter advocate on your behalf is they can bridge the expectations between you as the job seeker and employer. Be honest with your recruiter about goals, expectations and compensation motivators. They will also have valuable insight into the employer’s salary range and options, bonus payout history, employee retention, and other helpful information so you can have insight in to the total compensation package potential
In order to get started, the candidate needs to understand the position’s role and responsibilities. Once you identify these expectations, you can move on to evaluate the financial side of the opportunity. Understanding the job responsibilities along with compensation allows you to compare these alongside your skills and expertise to determine if there is a good fit for both you and the potential employer.
Tami’s Tip #2: Use online salary surveys with caution.
Historically, companies keep compensation close to the vest. Times are changing and now some states require companies to comply with pay transparency laws which can include mandates to publish position pay ranges. This is definitely a positive step forward but will take time to have a long term affect.
may be tempting to try and do your own research and leverage online compensation information into your salary discussions. However the market changes rapidly; in-demand professions and industries change quickly, labor supply and demand are dynamic, current needs and financials of the company and economics all factor into the salary expectations to be offered and needed and will drive compensation negotiation on both sides.
New pay transparency legislation will help improve the data, but right now it is still unreliable. Salary surveys are historically an 18-24 month lag, and the data depends on the input integrity of those willing to share. Don’t rely heavily on salary surveys.
Tami’s Tip #3: Utilize your recruiter’s knowledge & connections.
When companies aren’t required to publish salary ranges, how do you know what to expect for compensation? Your recruiter is the best barometer – they are having real time conversations with hiring managers and helping place people in similar roles regularly. Let your recruiter be your advocate and trust that their guidance is coming from a place of real-time data. This knowledge, combined with that of your expectations and experience, will lead to more productive and successful pay negotiations and outcomes.
Tami’s Tip #4: Understand that compensation is more than a salary figure.
Don’t always take the posted salary range at face value. Tami reminds us that compensation can often include benefits such as stock options, bonuses, extended maternity & paternity leave, additional paid time off, work flexibility and more! These are valuable additions to your compensation package bottom line that likely won’t be included in the posted salary range. Use the posted salary as a guideline, not a rule, and have open and honest conversations with your recruiter about your expectations.
Pay transparency requires all players to be upfront and honest throughout your job search. If you have a compensation conversation question or are looking for a career advocate, snag a spot on our calendar and let’s connect.