Recruiter shares an incredible salary negotiation trick that works ‘time and again’
Negotiating their salary is one of the toughest tasks for job seekers. It has never been easy to know beforehand how much an employer would pay for a post. However, recently several states in the US have passed pay disclosure laws, mandating employers to share salary ranges with candidates. Despite this, negotiating a salary doesn't get any easier if candidates don't know how to leverage that information during an interview. Thus, ex-Goldman Sachs recruiter, Chanelle Howell, shared some tips and questions to ask to better negotiate salaries, with CNBC Make It.
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Here's how to efficiently negotiate salary during an interview
The New York City-based recruiter has interviewed hundreds of candidates while working for one of the world's leading wealth management firms. In the interview with CNBC Make It, Howell shared the number one question related to salary ranges, that candidates need to ask employers. She said if an employer has listed the salary range as $100,000 to $150,000, interviewees should ask what skills and experiences separate the $100,000 candidate from the $150,000 candidate.
Howell explained that the question would prompt the reruiter to elaborate on their compensation strategy. She said that the employer may share that a candidate in the top end of the salary range should come with certain years of experience, manage a certain number of people, lead projects, or be an expert in a particular field. Howell then said that candidates should use this information to build their case for why they deserve the top end of the salary range.
The salary negotiation trick that works 'time and time again,' according to an ex-Goldman Sachs recruiter https://t.co/nCYIg7CT7c
— CNBC Make It (@CNBCMakeIt) February 12, 2024
“Later in the negotiation process, you can use their literal words to justify why you deserve more money,” Howell said in the interview. She added that she had seen this strategy work "time and again" for the people she coaches. She said that one of her clients who works in marketing used her framework to negotiate a 20% increase in their initial offer.
In a separate piece, Howell shared another important question candidates should ask to look out for red flags during the interview process.
Howell said that before accepting a role, candidates must ask about the team dynamics and goals of the team they are going to work in. Asking certain questions can help people seek out red flags of the employer and dodge poor opportunities.
Howell told CNBC Make It that her favorite question to ask in job interviews is, "What’s the expected growth of this team?” Furthermore, candidates should also enquire if the employer is hiring for just one role or if they are planning to hire a number of people in a certain time frame.
It is important to dig deeper and learn how long has the role been vacant for and if the employer is only backfiling a role. Learning if the former employee moved internally or left the position can be crucial for candidates. Furthermore, if an employer expresses that they really need someone to fill a vacancy because they are drowning, that's a bit of "a red flag", she warned.
Howell said that this can tell a lot about what the work-life balance would look like in the future. A desperate manager who is only looking to backfill a role to alleviate the team, may not be as invested in the long-term career growth of the candidate.