Taking the Taboo Out of Money Talk
I often see posts complaining about companies not disclosing the salary range on a role. Or, hiring managers frustrated that candidates would dare about salary (oh, the audacity!).
This should be obvious but – people aren’t working for the fun of it.
They’re spending 40 hours a week with you to provide for the life that goes on outside that time. Yes, in an ideal candidate-employer relationship is one where the employer gets a talented individual who’s a positive addition to the team culture and moves the needle forward on whatever it is they’re tasked with doing, while the employee enjoys doing said job and makes a fair living doing it.
Job quality.
Flexibility.
Opportunity.
Culture.
All of it matters.
But, compensation is a factor – a BIG one. Why do we play games and act like it’s #7 on the list of priorities?
It’s for this reason, on every single candidate call, I ask the question:
“Assuming all other boxes are checked, of course, tell me where you’d need to be compensation-wise for a move to make sense.”
No need to mess around.
If they’re too low, we talk through it and I make a recommendations about a better target they might want to consider.
If their ask is well outside the range, or if I feel it’s more than their experience warrants, I tell them that too. From there we decide how (and if at all) to best move forward.
If you’re in the market and looking to maximize earnings, here are a few things I suggest keeping in mind:
When should you discuss money? As early as possible is best. It’s reasonable to ask for the salary range right up front, so that you know if you’re interested in pursuing the role.
Have realistic expectations. If a job description is seeking 10-15 years of experience and has a range of $125k-150k, you probably aren’t looking at the top end if you’ve got 8 years’ of experience. Sure, there are exceptions, and you can certainly push for more but realize that with experience comes the power to command a higher salary.
Certifications and designations are your salary multipliers. Every designation after your name = $$$ in your pocket. CPCU holders earn up to 30% more (CPCU Society). CIC? Up to 30% more (IIABSC). Even if you’re not a designee yet, list completed courses on your resume and LinkedIn profile to show what you’ve already accomplished.
The right industry peers can sell you. Carrier/broker partner buy in is huge. Agencies want AM’s and producers with awesome underwriter relationships, and carriers want underwriters and field reps who have tight relationships with the best agencies. They’ll pay top dollar for people they know their key partners love working with. Do your homework and find out which carriers/brokers the company works with and have a list of a few names handy that you can drop in the conversation. When they ask that person for feedback and get a rave review about your awesomeness, it will up the ante on your desirability.
Transparency wins. Don’t say your salary expectations are one number at the outset and then blindside everyone by throwing a number that’s 40% higher in the ninth hour. This type of last-minute ambush typically doesn’t sit well with the hiring team. (This is a two way street – if you’re a hiring manager, don’t lowball someone at the last minute either. If you know you can’t get where they need to be, let them know as early on as possible so they can decide to walk away if it doesn’t make sense.)
Don’t forget to factor in other perks. Some of my clients pay for 100% of the employee’s health benefits. That can surely add up! Is there a bonus with the role? What types of freebies does this company provide, and how does that factor into your total compensation package?
“Your expertise has a market value. Your relationships have a market value. Go out there and find a great company that’s well-aligned with your skillset and goals and you’ll find an employer who’s just as happy to have you as you are to be part of their team. ”
