Money Isn’t Everything

Remember the scene when Cuba Gooding Jr.’s character told his agent to “Show me the money” in the movie “Jerry Maguire”? All too often, job seekers bring that money-is-everything attitude to the table when they are evaluating prospective jobs.

Many recruiters and employers talk about a position in terms of compensation as well, assigning a monetary value to everything from health care benefits to the free coffee in the kitchen.

Those large dollar signs are often hard to resist, especially early in a career. In fact, people in the first five to 10 years of their careers are more likely to make a job decision based exclusively on compensation. While it is important to be compensated fairly for your work, money does not deserve to be your number one priority. If your only focus is on the bottom line of your paycheck, you are neglecting other important factors in deciding your next career move

When I offer advice to Indianapolis-area job seekers, I suggest they seek a position that mixes the right responsibilities, an opportunity for promotion and a satisfying corporate culture with fair compensation. Here are my three steps to help you reach that goal.

1. Know what you want BEFORE you send the first resume.
Everyone knows it is important to research prospective industries or companies before going to an interview, but do you also take time to research yourself? What do you like to do? What brings you a feeling of accomplishment? Which of your career goals are flexible and open for negotiation? If you get excited about an industry, field or company, then you will bring that enthusiasm to work each day. It is hard to fake passion for your work, and this will show in your first interview and every day on the job.

At the same time you list your previous accomplishments in a resume, write down your career goals (for your use only) to ensure you are seeking a position that will help you achieve your desired lifestyle. For example, a steady work environment with regular hours and set tasks may not offer the higher salary, but it can satisfy other goals such as commuting time, work hours, co-worker compatibility and growth potential. By understanding what you want in a job in addition to a salary, you can spend more time interviewing for the right kinds of positions with the right companies.

2. Know what you need BEFORE you begin to negotiate compensation.
You’ve sent your resume and had a fantastic interview. You and your prospective employer agree that your skills and experience fit the position and that the company can satisfy your career and lifestyle goals. The next step is to negotiate a salary and benefits package, including work hours, vacation, insurance and perks. From your earlier self-assessment, you should be able to go to the table knowing what benefits are important to you as well as what your compensation range needs to be. If the benefits are a fit but the compensation is on the low end of your acceptable range, I strongly recommend you still consider the offer.

Even if you win the “nickel and dime” game at the negotiation table, you give the company the upper hand in the long-term. Why would a company need to give you a raise (or a promotion) if you already have the salary that you want from the start? Instead of pushing for a higher salary at all costs, you can negotiate instead for a mid-year review. Also known as an off-cycle review, this provides you an opportunity to explain how you have added value since your hire date and show off your successes and ambition.

3. Think of your career as an investment.
Finally, you have the position you want – one that offers good compensation for the work and the right mix of benefits to fit your needs. Once you are on the job, look for long-term growth opportunities and the possibility for mentorship. Take advantage of opportunities to share your successes with your supervisor (in a mid-year review for example). Typically, compensation increases for those professionals who have documented successes over a period of time, share them in a professional way, and can demonstrate a commitment to the company. Especially in the Midwest, companies prefer to raise compensation for on-the-job performances, rather than pay up-front for the talent.

There always will be better-paying jobs out there. But there are few jobs that will be a right fit for your individual balance of needs. If you are a job candidate who is willing to look past the paycheck, you often can find a better overall position – one that satisfies your values, work ethic and lifestyle as well as one that pads your pocketbook.

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