Could I be honest? We don’t love this question (don’t worry we are here to help you answer it).
Not because it isn’t important, it is absolutely critical that in the job “market” the value you are expecting to receive needs to be clear. Otherwise it is a waste of time.
Not because it is stressful, although it is. Once the question is asked, no matter how good or bad the timing your heart will skip a beat.
Not because it is a question that both sides should avoid answering first (which is debatable with rational intelligent people having valid differing opinions).
It is not a favorite question because there is so much context needed for both sides.
Have we agreed on the following?
What is the role? Does the job description make sense? Does the title?
Are we a fit? Can I do the job? Is there a work culture match?
Do the expectations make sense?
Do I feel okay with why the role is available?
What does this firm offer OUTSIDE of salary?
Location?
Development?
Leadership Opportunity?
Convenience?
Security?
Incentive compensation?
Intellectual Stimulation?
Good hours/travel?
Benefits?
Is salary the only form of financial compensation?
Does this ultimately work with my daily life needs (child/family care, commuting, school, flexibility, etc.)?
Possible answer: I am just looking for what is fair for the role, company needs and market.
This allows you to focus more on the value you provide and tactfully avoid giving a numerical answer. You can instead focus on other things that are important (growth, leadership, impact, travel, benefits, etc.) as part of the expectation and why you are interested.
It also allows you to delay getting more information and sell yourself in a collaborative way versus conflict oriented.
Some other guidance:
Hourly Paid Roles:
If the position pays hourly, then you should have a sense of what the hourly range is and focus more on what makes you a fit for the top of the range.
Other considerations are the actual hours committed to and scheduling.
Entry Level Salary:
Focus on the growth opportunities. Its okay to acknowledge that you are early in your career and you want to grow/development/learn. Your future boss likely has a limited range to offer regardless so it is best to maximize the opportunity and let them move you to the top of the range.
Mid-Career:
The “fair” answer starts to become really helpful as the negotiation is more complex. You may have a written employment agreement that will have terms around severance, minimum contract, non-disclosure, non-compete, etc.. The firm may have different ways to achieve what you need whether that is cash per year, total compensation, etc. and having that conversation in a collaborative way will help you optimize your outcome.
C-Suite and Executives:
There has never been such a difficult market to appropriately compare compensation, nor one so complex.
Do you get RSUs, options, an LLC profit share without capital gains treatment, a phantom equity plan, or purely cash compensation?
What is the quality of D&O policy and the risks (e.g. a public company)?
Executive benefit packages widely greatly
By focusing on a fair offer as you ask, you can avoid unproductive arguments/discussion on individual pieces of a comp package and instead focus on the value you will be creating/quality of fit you are.
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