Is Your Answer to the Compensation Question on the Money?

I can tell you one thing for certain.  In sixteen years of being a recruiter, not one person has ever told me that they were over-paid. After reviewing the candidate’s background, skill set, and experience, I say, “let’s talk about compensation.”  Good candidates will tell me how their skills and experience justify an increase.  Great candidates know that the three best answers to the compensation question have nothing to do with money.

Three Things More Important than Compensation

Candidates should realize that compensation is only part of the equation.  Of course it is important, but I think candidates should put compensation in perspective and consider how it ranks behind three crucial factors.  When seeking the best match with an employer, consider the company, people, and position.

Company:  You want to find the right company that offers you an opportunity to apply for a great position that overlays your skills and experience now while providing room for future growth.  Challenging work and a great environment will keep you engaged while a compensation first attitude might put you right back into a job search.

People:  Matching a candidate’s personality to the firm’s culture is more important than ever.  Take a step back and assess your personality and presentation with that of the firm you are interviewing with.  For example, are you hard-charging?   If so, your target firms should be too.  The right fit and chemistry are a huge component of whether you and your employer view your hiring as a success. Neither party wants to suffer the consequences of getting a wrong match, so make your evaluation of the people a priority.

Position: The best match between your background, experience, and skills versus the requirements of the open position is key.  Hiring managers want to take the path of least risk and resistance in hiring today.  Be sure to engage on positions that represent good points of leverage for your background and your specific skills, not future career goals or possible career changes. That approach often adds up to too much of a stretch for a hiring manager who needs someone to come in and get the job done.

Letting a recruiter or a hiring manager know that finding the right fit, including company, people, and position, is perhaps a little more important to you than compensation, sets the right tone for a relationship.  Not having a complete focus on the bottom line compensation shows great poise and perspective.  Also, my experience is that people who worry about fit with company, people, and position during their search tend to get paid more over the long haul.

There are a lot of good candidates out there.  In this market, you need to be a great candidate.  If compensation is your only goal, you may not be a great candidate.  Why?  Hiring managers know that the people who come exclusively for money tend to leave right away for money too.  Demonstrating to recruiters and hiring managers that compensation, while really important, is not the most important thing, shows maturity, sets you apart, and may just pay-off financially in the long run.

Dana Hopkinson is a Partner in Winter Wyman’s Investment and Financial Services division.  Dana has been helping candidates as they make their next career move in the financial services industry for almost twenty years.  To Learn more about Dana and the financial services jobs he is working on visit www.winterwyman.com.  Winter Wyman is one of the largest and most recognized staffing firms in the Northeast, currently serving clients in the New England and metropolitan New York job markets.

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