How much are you really worth?
Do you know how much you should get paid based off of our skill set, previous work experience, and education? What about how much you should get paid based off of where you are located? If you didn't know, your location matters--it actually matters a lot.
Often times, we as Millennials do not understand or truly know our worth. We hunt for jobs, and eagerly accept an offer, and take any wage that is given to us. Since we fail at knowing what we are financially worth, we let companies do it for us. I don't know about you, but no one knows my value and worth better than I do!
Even more, sometimes we make the mistake and say that we are "open" and our salary requirements are negotiable before the negotiation period even starts! We communicate to the hiring manager that we are "open" to any salary because of 3 reasons:
1.) We are scared that if we go above and beyond and name a really high wage, we will turn the interviewer off, and they will automatically kick us out of the picture.
2.) We are scared that if we give a number that is low and get hired, we will ruin our chances of getting the highest salary that is available.
3.) We don't have a clue on what we should make, so we just roll with the punches.
Countless times I have seen people make the mistake of telling the recruiter that they would rather wait until later in the interview process to discuss salary. Doing so can annoy the recruiter, because sometimes getting an idea of the applicant's salary expectations upfront decreases the likelihood of wasting your time and the recruiter's time. For instance, if you are applying to a job as an Accountant and you already know that $65,000 a year is your minimum, you should communicate that. You never know, the budgeted salary for that position may be capped off at $45,000, and if the recruiter knows that your definite minimum is $65,000, he or she can let you know, and you will be able to move on.
If you are interviewing for a job, you should have your salary requirements already decided. Even more, before you even apply to the job, you should try to look for information online to see what someone with that position makes on average. If you don't take the time out to do this, you will be lost and will hastily throw out a number when the interviewer asks, "So what are your salary requirements?"
Or you may be like my friend and give out inconsistent salary requirements when asked by different interviewers in separate interviews. My friend was so eager to get a new job, but didn't do his salary research, so he was caught off guard when asked how much he was looking to get paid. #fail
[Related: Pass The Opportunity Please: Does It Always Pay To Negotiate?"
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Money is something that we all love, but feel awkward about when discussing it in an interview. Nonetheless, it is important for you to get over this fear and understand what your market value is before you interview for another job. You know what type of education that you have, what your work experience is, and what kind of skills that you possess--now it's time to find out how much people in your industry make. There are many resources online that can easily give you this information with the click of a button.
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On websites like glassdoor.com, payscale.com, indeed.com/salary, and salary.com, you can find a variety of salary ranges for various positions. If you are applying for a federal government job, you can find salary data on opm.gov.
As I mentioned earlier, location is very important when determining your salary requirements because of the cost of living in different states. For example, if you make $45,000 a year as a teacher in Texas you may be comfortable, but if you make the same as a teacher in New York or California, then you may struggle to pay your bills and put food on the table (especially if you're supporting a family off of your salary).
So when you are asked what are your salary requirements are, what should you do? Here are 4 things that you should consider doing when talking money with a future employer.
1). Do your research.
Before the interview, look on sites like Glassdoor or Payscale and see how much someone in that position within that company typically makes. Even if you cannot find the specific average salary for your desired position at that company, just knowing how much someone in that position makes in your geographic area is important. Both sites will allow you search based on the company, job position, and location--giving you a number of options to help ensure that you are asking for the right compensation.
2). Figure out what's all in it for you
Most companies offer some sort of compensation package with medical and dental insurance, vacation and sick time, and a 401K contribution. In many new start-up companies, especially in the tech field, perks such as tuition reimbursement, free or catered lunches, gym membership reimbursement, a pet-friendly environment, public transportation discounts, and more are given. Even in the industry that I work in, free housing and discounted gym membership is a given, depending on your site's location and the position that you have.
When you are figuring out what salary you should demand, look and see what is included in the total compensation package. For me, communicating that I would take a smaller salary than I desired was fine because I knew that the position that I was applying for would include free rent (all bills included!).
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3). Give a broad salary range
I always recommend giving the recruiter a salary range instead of a specific number. However, on the same note, make sure your salary range is something that you are comfortable with. The lowest number in your salary range should be an amount that you will not only be comfortable with, but would still allow you to pay bills and save. The highest number should be what you would like to make and is the highest amount that you think you should be paid. However, when you are determining what your salary range will be, make sure that your number is realistic. If you are applying to be an Office Manager and this position in your area typically makes $35,000-$45,000, don't go in and demand a salary of $65,000-$75,000, especially if you don't even make close to that right now.
4). Be ready to negotiate
When you finally get the job offer and the hiring manager tells you what they can offer, negotiate if the amount isn't pleasing. Do not be scared to open your mouth and ask for what you want, but of course, do so in a polite, strategic, and professional manner. The company has offered you the job, so obviously they want you. If you want to negotiate your salary, you can start off by saying something like, "Thank you for your offer, I am really excited to join the team. My only reservation is that the compensation is lower than what I expected and for my income needs. I was really expecting a salary of ____. Is this possible?" If you negotiate and it works, congrats! More money in the bank for you! If you try to negotiate and it doesn't work out, then at least you can say that you asked and didn't just take anything without putting up a fight first.
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In all occasions, ask and it shall be given. A closed mouth doesn't get fed. Speak up or shut up--and all of those other cliche sayings.
The next time when you are job hunting, make sure you know your worth and your market value. Determine this first before a company determines this for you.
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If you have any tips on answering the salary question, or have an interesting testimony, let us know below!
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Skylar sees things differently. At the time, she was shooting content on her iPhone. Temi came into the picture with a new perspective, an understanding of tech, and, eventually, a camera. “He doesn't give himself enough credit,” Skylar says. “He wasn't just my tripod. He wasn't just standing behind the camera and going ‘click.’ He was giving advice. He was giving me insight to how I could look at things from a different perspective. And I was like, 'Oh, he’s an artist.' I think it was maybe a heartbeat of that kind of energy of like, ‘Baby, can you take this picture?’ And it turned so quickly into, we're partners. We can work together in a way where we're advancing each other's creative thinking.”
The pair often says they’re two sides of the same coin. Skylar is an Aquarius. She attended art school, paints, and loves poetry. She’s more than happy to let the couple’s management firm and agency, Kensington Grey, handle their admin work. And, she loves to sleep in. Temi, on the other hand, wakes up early. He’s a Virgo. He loves a to-do list and regularly checks in on the couple’s brand partnerships spreadsheet to make sure everything is on track.
Because his storytelling was steeped in his love of technology, he didn’t always think of himself as a creative person. “Where I [am] the dreamer who wants to pluck things out of the sky and spend all day with my head in the clouds, Temi [is] so good at grounding me and helping me figure out how to make things make sense on paper. We just work together in such a complimentary way,” Skylar says.
It’s been more than six years since Brooklyn-based couple Temi and Skylar started dating, and nearly four since they cemented their working relationship. On TikTok and Instagram, the couple’s travel, fashion, and home content regularly rack up hundreds of thousands of views. They’ve worked with brands such as Coach, Aesop, Away, and Liquid IV, bringing their vibrant perspectives to every campaign they execute. Still, nearly two years since both Temi and Skylar committed to full-time content creation and creative directing, the couple says their romantic connection remains their priority.
“We told each other we would much rather go back to full-time jobs and preserve our relationship than to be full-time freelancers, barely getting a night's rest [and] barely kissing each other because we're so busy shooting,” Skylar says.
Working from home can make it hard to separate work from personal life for any entrepreneur. It can be even more challenging when your business partner is also your lover. Temi and Skylar had already used couples therapy as a tool to help them effectively communicate with one another. When they ran into challenges while working together, their therapist helped them set physical boundaries to help combat the issues.
"We told each other we would much rather go back to full-time jobs and preserve our relationship than to be full-time freelancers, barely getting a night's rest [and] barely kissing each other because we're so busy shooting."
“It actually took us doing very specific physical things to create boundaries between work and play in our relationship,” Skylar says. “So, for instance, we will only have conversations about work when we're out of bed or we're at the table or in the office. Initially, when we started, we had to light a candle to say that, 'Okay, this is a space where we're connecting, we’re not talking about work.' We needed really hard boundaries at the top. And then it became a little bit more organic.”
The boundaries have been crucial to implement, especially because the couple began working together so naturally. When the pair first met, Skylar was NY-based a social strategist for BuzzFeed and was using content creation to drive business to her lingerie company. She was shooting her own content. Temi was working for Microsoft in D.C. He’d recently traded in his DJing equipment for a camera. “I've always loved taking pictures,” he says. “Even when I was a kid, my African mother would wake me up at 3:00 a.m. [during a] party, and be like, 'Come take the family picture.'”
Growing up, Temi says he watched his parents support each other and be the true definition of partners. He knew he wanted the same for his own relationship. But, the couple also wanted to make sure they were being financially responsible. The pair didn’t quit their traditional jobs until they’d saved up two years' worth of their cost of living. And, Temi received his Master of Business Administration from New York University with the knowledge that it could either help him advance in his corporate career or be applicable to his business with Skylar.
Temi and SkylarCj Hart @hartbreakToday, they say their working relationship is more of a “quiet dance.” They still implement some of the boundaries they learned in therapy, but they also lean into their natural strengths and deep love for one another. When we speak, Temi has planned a date for the couple to see Princess Mononoke in 4K IMAX and added it to their Notion so they can factor it into their busy schedules. “I fully plan to date for the rest of my life,” he says.
Skylar says the couple doesn’t just wait for date nights to check in with one another, though. This often happens in the mornings, after Temi has made her peppermint tea and poured himself a cup of coffee. When they ask each other how they slept, she says, it’s not just a “nicety.” It’s a genuine question meant to foster connection.
“A lot of it happens during the day in the midst of work. We'll stop and we'll hug. Or we’ll slow dance in the kitchen,” she says. “Sometimes it's hard to set a whole date night when you have 7,000 things going on. So, we must grasp these moments and check in when we can. And I think it's become so organic to us that I actually didn't even realize how often we do it. But all day long, we're like, 'Are you good? I felt like your energy shifted,' because we're best friends, we just know. We just feel it happen.”
What’s better than being in love? Building wealth while doing it. Watch Making Cents here for real stories of couples who make money moves together.
Featured image by Cj Hart @hartbreak