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Show You the Money
What are You Worth?
During interviews, Brock Pernice, President of Kaleidoscope Youth and Family Marketing Solutions, asks candidates how much they think they should earn. Brock reports that most individuals answer his question with a larger number (shocking!) than they’re earning in their current position. However, when he challenges candidates to rationalize their responses, he rarely receives a compelling case. I asked Brock how he would answer his own question if he were in the candidates’ shoes.
Brock said it should be easiest for a salesperson to quantify their value since it’s tied to exact numbers. Sales candidates can share their total yearly billings and how much they impacted the bottom line. However, if you tell a potential employer that you bill $1,000,000.00 and receive 5% of your gross billing, then they know that the maximum amount you receive over base is $50,000.00. A savvy salesperson should ask what the revenue goal is for the company and how much they would reward the person who achieves it. Now you, as the confident salesperson, will realize how much you should be worth to the organization.
In addition to sales executives, Brock interviews a lot of marketers; here’s his advice to those candidates: if your interviewer is impressed by a marketing campaign you created and led, ask them what the company would have paid for it. Similar to the tip for salespeople, if your contributions are responsible for the business reaching clear financial goals, you should determine how to equate that to your compensation.
Asking for More
Okay, so if you’re still reading this article and are not in a sales or marketing role, this tip applies to you too. Let’s pick human resources as an example. I recently gave some advice to a friend who leads training and recruiting for a midsized company. In the past year this person has been able to fill every opening at their company without the help of a search firm. I told my friend to figure out how much money they saved the company in search fees. When they presented the grand figures to management, their salary was almost doubled. My friend is still astounded at how they multiplied the amount on their paycheck by simply quantifying their value on one sheet of paper.
Put in Your Skin
If a new employer is not open to paying a large upfront salary (and you really want to work for them), then ask about scheduled bonuses based on your successes. In this situation, make sure that you and the hiring company are mutually clear on what goals need to be met. Get these intentions in writing as well as when the company would need to provide payment. Both parties should sign this document and attach it with your employment contract.
Give an employer a supported reason why they should show you the money and they will. Remember, only you manage your own career.
