{"id":4364,"date":"2017-11-28T14:28:48","date_gmt":"2017-11-28T19:28:48","guid":{"rendered":"https:\/\/www.figmarketing.com\/blog\/?p=4364"},"modified":"2024-10-10T15:29:16","modified_gmt":"2024-10-10T20:29:16","slug":"what-is-the-one-question-you-should-answer-when-applying-for-a-job","status":"publish","type":"post","link":"https:\/\/www.figmarketing.com\/blog\/what-is-the-one-question-you-should-answer-when-applying-for-a-job\/","title":{"rendered":"4 Myths to Know When Applying for a Financial Services Job"},"content":{"rendered":"

Updated October 10, 2024, at 4:27 PM<\/em><\/p>\n

Lately, I\u2019ve noticed a trend in the answers I receive when asking prospects about their salary history and expected compensation for their next opportunity\u2014a disturbing trend.<\/p>\n

While I realize that states around the country are starting to make such sections of employment applications illegal and eventually obsolete, I\u2019m here to assure you as a candidate: you should<\/em> provide such information.<\/p>\n

Here are a few myths about talent acquisition recruiters that applicants should know, and why they matter during the negotiation process.<\/p>\n

Myth #1: Your salary history is irrelevant to your application.<\/strong><\/h3>\n

This information is critical to your application for many reasons. The first is why and how you\u2019ve been rewarded for your performance in the past.<\/p>\n

Good recruiters will match your salary history to your job history and related tasks, plus your accomplishments. Do they all jive? Have you received increases in pay commensurate with promotional titles for your industry? How were the accomplishments listed on your resume rewarded? Is your compensation history a motivational factor for your job search or interest in a passive recruitment inquiry?<\/p>\n

This is the analytical aspect of the recruiter\u2019s function\u2014we\u2019re trusted resources to our employers; charged with identifying the best fit<\/em> for the vacancies we intend to fill. Such compensation, job function, and title history answers help us determine fit.<\/em><\/p>\n

Equally important is \u201chow\u201d you’ve been compensated in the past compared to how you’ll be compensated in the new position. Money isn’t the only form of compensation offered these days.<\/p>\n

In fact, one might argue cash may not be the most important consideration for the newer generation(s). A recruiter must understand the elements of a current compensation package to best explain and emphasize the elements of the new package when a one-to-one relationship doesn\u2019t exist.<\/p>\n

For instance, is your compensation salary- or hourly-based? Are you an exempt or non-exempt level employee eligible for overtime pay? Do you work for a private or publicly-traded company? Can you participate in equity programs? How much paid time off do you receive? Do you have a company-sponsored 401(k) program?<\/p>\n

In my experience, the failure to explore the full depth of a candidate\u2019s current compensation at the outset of the recruiting cycle often leads to a failed placement or hire.<\/p>\n

Related: Incentivize to Secure Top Talent for Your Business [Infographic]<\/a><\/h4>\n

Myth #2: Recruiters work for the company and the company would like to pay you as little as possible.<\/strong><\/h3>\n

Remember, recruiters are entrusted by companies to identify the best fit<\/em>. Fit means the best possible match for both the candidate AND the company within a range of variables. However, we don’t make the ultimate hiring decision or selection\u2014we’re simply a source.<\/p>\n

We don’t have ulterior motives or hidden goals to bring someone into an organization for less than what the company (or the hiring manager) has budgeted for a position. It\u2019s in our best interest to best represent both sides of the deal, regardless of who signs our paycheck.<\/p>\n

Myth #3: Recruiters begin the phone conversation by asking, \u201cLet\u2019s start with how much you earn in your current (or most recent) position?\u201d<\/strong><\/h3>\n

I don\u2019t even want to address this one. But, I’ve read of other recruiting professionals citing this “script.” So, now I must. If this happens to you, just hang up or end the conversation.<\/p>\n

Don\u2019t bother with some silly script on how to divert the question. Sure, the question is asked, but highly unlikely the first question.<\/p>\n

Myth #4: Salary surveys are an accurate source of compensation information.<\/strong><\/h3>\n

While wildly accepted by job sites and periodicals, there’s one fundamental flaw most job seekers fail to realize when using published salary surveys to benchmark their<\/em> compensation: job title.<\/p>\n

The next time you review a salary survey I challenge you to dig a little bit deeper to review the job functions and requirements associated with your results.<\/p>\n

Yes, market data, company size, and industry are excellent variables. However, the results are typically derived from a pool of job titles that generally match the title in question. It\u2019s almost certain those very job titles will differ from one another (and your current position) regarding responsibilities, accountabilities, and requirements.<\/p>\n

This is the reason for a wide range and often a different average than what you may be currently earning. Then, get real with yourself\u2014do you feel you are fairly compensated (or the offer is fair) based on your qualifications compared to the requirements?<\/p>\n

Final Thought<\/h3>\n

At the end of the day, it\u2019s up to you to decide what information you’d like to share. My belief is that answers such as, \u201cI would like to be paid the market value for a high performer in a similar position\u201d or refusing to provide salary history are empty and can be counterproductive to the conversation.<\/p>\n

If you need affirmation as to the questioning, ask the recruiter to clarify why they need such information. If they\u2019re good enough to represent you, you\u2019ll know by the answer.<\/p>\n\n\n

Related: How to Be Brilliant on Your Next Hire (In Other Words…Quit Winging it!)<\/a><\/h4>\n\n\n\n
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Talent acquisition recruiters look for specific items when trying to find top talent. Here are four myths to know about the process.<\/p>\n","protected":false},"author":54,"featured_media":13541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[364],"tags":[458,338,273],"acf":[],"_links":{"self":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4364"}],"collection":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/comments?post=4364"}],"version-history":[{"count":12,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4364\/revisions"}],"predecessor-version":[{"id":14126,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4364\/revisions\/14126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media\/13541"}],"wp:attachment":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media?parent=4364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/categories?post=4364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/tags?post=4364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}