Episode 34
Money Isn't Everything...But It's Something
We all know that money isn't everything...so then what is? Explore the other factors you should be looking hard at in a job search, as well as what to do if you feel like you are significantly undervalued, or, yes, OVERvalued, in the job market.
Transcript
Hi, this is Stephanie Maas, partner with Thinking Ahead, executive Search.
Speaker:Today I wanna talk to you about one of all of our favorite subjects.
Speaker:Money.
Speaker:We hear it all the time, but what does it really mean?
Speaker:Money isn't everything.
Speaker:Personally, I would like to be challenged by this and have more money than I know what to do with and figure it out from there.
Speaker:But until that day, if money isn't everything, what is, here's a couple thoughts.
Speaker:First and foremost, what's your home life like?
Speaker:Critically important, how does that relate to your job?
Speaker:Of course, we know things like commute hours, stress level, all of that contributes to absolutely your time on the field, but also a hundred percent your time off the field.
Speaker:Very important factor.
Speaker:Another important piece is your professional development.
Speaker:It's a lot to keep up with and you have to make sure professionally you are keeping up as well.
Speaker:So you need to, even if you're not used to it, and that definitely does not mean a job change, but every year you need to sit down and set some professional goals for yourself to make sure that you are keeping up with the market and keeping pace with the industry.
Speaker:Third thing you need to take a look at is culture.
Speaker:Again, critically important.
Speaker:Let's be honest.
Speaker:This isn't Google, for goodness sakes.
Speaker:I'm pretty sure you're not gonna walk in your office tomorrow and there's gonna be an Xbox or a ping pong table in the, you know, snack room if you even have a snack room.
Speaker:But culturally, are you working for somebody that you respect?
Speaker:Do they respect you?
Speaker:Go up the next level.
Speaker:Keep asking those same questions.
Speaker:What are the values of the organization?
Speaker:Are those exhibiting in your world?
Speaker:It's important that you have a lot of congruency between your culture at work and with you personally.
Speaker:It's gotta line up after that.
Speaker:I'm pretty sure money's next.
Speaker:Uh, most of us aren't not for-profits.
Speaker:We have families to feed and, and lives to live, so money is there, but it's certainly not everything.
Speaker:I wanna share with you a really neat experience.
Speaker:I had working with a candidate recently.
Speaker:I had called him on a referral and really was just calling to introduce myself, get to know their background a little bit, and basically start a relationship.
Speaker:As we were talking, I. The candidate shared with me, Hey, I'm really not timing wise in a situation to make a move.
Speaker:I'm happy.
Speaker:I like what I'm doing, and I'm like, where I'm at?
Speaker:And I said, Hey, no problem, but tell me when you do think about your next step, what does it look like and what would you want me to call you on if I heard about it?
Speaker:And he went on to describe an opportunity that was candidly would be pretty unique in the market, but interestingly enough.
Speaker:I had that opportunity on my desk, so I said, Hey, you're not gonna believe this, but I actually, I think I have that opportunity right now.
Speaker:Several months.
Speaker:Fast forward, the opportunity comes to a head.
Speaker:They like the candidate.
Speaker:The candidate likes the opportunity, and it's time to make a decision.
Speaker:Of course, as all things go, the more the candidate interviewed.
Speaker:While they were sincerely interested, they really started to think through, Hey, if I'm gonna make a move financially, this really needs to make sense for my family.
Speaker:Of course, at the same time, the client's saying, Hey, now that I think we kinda got 'em on the hook, let's see if we can get a deal.
Speaker:Which of course, as we all know, never really works out.
Speaker:But interestingly enough, through a little bit more conversation and guidance, at the end of the day, what was.
Speaker:So refreshing was the candidate truly came back to the opportunity.
Speaker:In fact, their words to me were, honestly, Stephanie, this is a once in a lifetime opportunity.
Speaker:The money has to make sense, but I can't pass this up.
Speaker:This is absolutely the right thing for me and my family.
Speaker:And I really started to think about that.
Speaker:Look, I'm not a nonprofit.
Speaker:Let me be honest.
Speaker:I'm in it for the money.
Speaker:Now, those of you that know me know that I love what I do, but at the end of the day, there's a time and a place to really look at the opportunity.
Speaker:And if it's a big difference maker, I. Again, money is important.
Speaker:You're not gonna take a pay cut for the right opportunity.
Speaker:At least most people won't.
Speaker:But if it's really a career maker, the money is secondary.
Speaker:Thank you to that candidate for reminding me of that.
Speaker:I certainly appreciate it.
Speaker:Okay.
Speaker:How do you handle a situation where you make above what the market bears or significantly below what the market bears and how exactly do you handle that if you're looking to make a move?
Speaker:Lemme start with the super easy one if you feel like you're dramatically underpaid.
Speaker:First of all, I hate to tell you this, most of the people we work with feel like they are underpaid.
Speaker:Unfortunately, when you look at the market statistics, what they're really feeling is a sense of being underappreciated, and they try to assign a dollar value to that, and it just makes it incongruent.
Speaker:On occasion, though, I absolutely do come across folks that are sincerely underpaid.
Speaker:If you think you might be.
Speaker:Please talk to a recruiter that you trust to get the real market facts.
Speaker:Unfortunately, a lot of the information we find online@likesalary.com and those, they can be good touchstones, but unfortunately the information is usually a little outdated.
Speaker:A good recruiter, however, will absolutely have the most up-to-date information for you on that.
Speaker:So.
Speaker:In that situation, if you find that you are underpaid for the market, a lot of us go into our search thinking, Hey, I've been underpaid for five years now.
Speaker:My next employer has to make up for that, or I'm not making a move.
Speaker:And while I certainly appreciate that sentiment, you gotta think how unlogical is that you would rather stay where your place has been underpaying you than to take a modest.
Speaker:Bump to go somewhere else.
Speaker:It just doesn't make sense.
Speaker:But let me suggest this, if you truly are underpaid when you get out there and money comes up, you gotta address it head on.
Speaker:Hey, I know my current comp is slightly below market right now.
Speaker:What I'd be looking for in my next move financially is for it to be reasonable and fair and congruent with the market.
Speaker:Super easy way to handle it.
Speaker:Second thing, what happens if you find you're dramatically overpaid for what the market bears, but you still wanna make a transition?
Speaker:Now, the truth here is if you need that overpaying to make your lifestyle work, your transition's gonna be incredibly difficult and probably not gonna happen.
Speaker:But if you're lucky enough to be in a situation where you can take a cut, get back into what the market is bearing, here's a great way to handle that.
Speaker:When someone goes to ask you about your comp, Hey, I'm happy to provide compensation information when it makes sense, but let me go ahead and tell you.
Speaker:At this point in my career, I'm very thankful that what's most important to me and my family is finding the right fit and a place where I could really make an impact.
Speaker:I know after that.
Speaker:The money will be there.
Speaker:That money will take care of itself.
Speaker:If you mean this sincerely, you will pull this off beautifully.
Speaker:If you're using this as a negotiation tactic and a bait and switch, you're gonna flounder and there's gonna be a very sour taste and the whoever's doing the interviewing for you, it can damage your reputation.
Speaker:But if you truly are outside the market, you know your next move is gonna involve a step back and you don't wanna intimidate anybody from just talking to you, then I suggest you use that.
