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How to Answer If You Are Within or Above the Market Rates?

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Summary: It is always advisable to figure out your actual earning and your worth in market. An analysis and comparison of your actual earning and what market is paying is important.

What Are You Making Now? What Are You Looking For?

Now we'll look at the questions you've been waiting for. But we'll look at them strategically so you can plan an appropriate answer depending on your situation. First, you need to develop some background information before you can plan your strategy for answering the questions. The strategy will also give you hints for postponing the discussion of salary until you have an offer.



Background Information: Figure out what you really make. Start with your base salary, but also include your bonus and any perks, such as a company car, a savings plan, deferred compensation, company lunches, company contribution to insurance plans, and so on. That's what you really make but that may not be what you will tell the prospective employer.

Background Information: Figure out what you are worth in the market. Talk to search firms, ask people at association meetings, look at ads in the paper, and most of all network. At networking meetings, ask, "What kind of salary could someone like me expect at your company?" A few networking meetings will give you a good idea of the market rates for someone like you.

Background Information: Compare what you are making (total compensation) with what the market is paying. You need to know if you are presently at market rates, below market, or above market. This is the key to how you will answer a hiring manager or search firm that asks you, "What are you making?" or, "What are you looking for?"

How To Answer: If You Are Within The Market Range

Most companies want to know what you are making and, if you are within the market range, they will pay you 10 to 15 percent above what you are currently making. Therefore, if you are making $40,000 and you know the market is paying 843,000 to 845,000, then you could say, "Right now I'm at $40,000, but I'm looking to move a little away from that." The only time you can safely state your current compensation is when you are at market rates.

How To Answer: If You Are Above Market Rates

A counselor asked me to have a meeting with his client Sam, who was having problems finding a job because of his high salary. I did an interview role play with Sam. At one point I said, "So, Sam, what are you making now?" Sam replied, "Two hundred thousand dollars plus plus plus." I said, "I know you're a very competent person, but we simply cannot afford someone at your high level." Sam's salary was not hurting him, but his way of talking about it was. Even if your salary isn't $200,000 plus plus plus, you can easily put off the hiring manager if she thinks your salary will be a problem. You have to give her a chance to find out about you, and you have to think about how you can create a job that is appropriate for your salary. You must tell her, "Salary will not be a problem" especially if you know it is a problem. You have to think to yourself that it won't be a problem when she gets to know you better and understands what you will do for her. Otherwise, you will not get anywhere.

If you are making more than the market rate, do your best to create a job that warrants the salary you want and defer the discussion of salary until you have the offer. When you're asked, "What are you making now?" use a response from the list below to reassure the hiring manager that you are both on the same team and can work this out. These responses are listed in sequence from easiest to most difficult. Try the easy response first. If the hiring manager persists, you may have to move on to one of the other responses. You are simply trying to postpone the discussion of salary until she knows you better and you have an offer.

The manager asks, "What are you making now?" You respond:

  • "Salary won't be a problem. But I'm not exactly sure what the job is, so maybe we can talk more about that. I'm very flexible, and I'm sure that when we come to some agreement on the job, we can work out the salary."
  • "Salary won't be a problem. I know that you do not want to bring someone in at a salary that makes you resentful, and I'm sure you do not want me to be resentful either. I know that we'll come to a happy agreement."
  • "I'm making very good money right now, and I deserve it. But I'd hate to tell you what it is because I'm afraid it will put you off. I know that salary will not be a problem. I'm a fair person and I'm sure you are, too. I know we'll come to an agreement."
  • "I'm being paid very well, and I'm worth it. But I'm very interested in your company and I'm willing to make an investment in this if you are. As far as I'm concerned, salary won't be a problem."

Marie successfully postponed the discussion of salary for two years. When she came to The Five O'Clock Club, she had been unemployed for a long while. It took six months before she was on the verge of a job offer at a major fashion house, the company of her dreams. On the day she was to receive the offer, the company went into play that is, another company was trying to take this one over, so all hiring was put on hold. Marie was more desperate than ever. Within a month or two, she received an offer from a major entertainment company, went to work there, and continued to keep in touch with the fashion house. Over the next year and a half, she had meetings with the president and most of the senior executives at the fashion house. Each one asked her about her salary, and to each one she replied with one of the statements listed above. She eventually got a tremendous offer after having postponed the discussion of salary for two years. By the way, Marie's boss at the entertainment company told her that he hired her because she was so persistent in her follow up. He thought she acted a little desperate, which she was after having been unemployed for so long, but he gave her the job because it seemed to mean so much to her. And, of course, she later got the job at the fashion house because she followed up with them for two yourself this desperate job hunter could postpone the discussion of salary, so can you. But you need to practice with someone. It does not come naturally.
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