There are so many factors that go into the salary that comes with a job offer. Evaluating that salary can also be an emotional experience, which can further complicate things. Especially when you’re trying to re-enter the workforce and reestablish your professional worth, navigating salary negotiations can be tricky. How do you create realistic salary expectations for yourself? And what do you do if asked to take a job significantly below your previous pay level?
These four steps can help you manage your salary expectations and negotiations during your job search:
1. Figure out what types of roles you are qualified for based on both your past experience and the current needs of the market.
This is the first place where people often get tripped up. You may have had a certain salary in your prior career but if the same job requires new skills that you don’t yet have, you may need to take a step back. This is not always true — you can certainly apply for jobs at or even above the level you were at before your break, but you need to be realistic about whether your skills truly match up to that position. If you are making a pivot in your career it is more likely that you’ll need to apply for jobs a level or two below where you were — more if your pivot is dramatic.
2. Do your research.
Ideally you want to know what the market rate salary is for the position you are applying for, especially given the dramatic shift in wages in recent years. In many states, the law requires that salary bands be disclosed in the job listing. If that’s not the case in your state, resources like Salary.com, Payscale.com and Glassdoor offer good insights into what positions pay. None of these sources is perfect but by combining them you can get a pretty accurate idea. Remember to compare apples to apples — a “manager” level job at a small company will generally pay less, all other factors being equal, than the same level of job at a larger company. Similarly, a remote job may pay less than the same job that requires on site work – especially if that office is in a city with a high cost of living.
3. Ask what to expect.
We’ve talked to scores of recruiters and they all say the same thing — it’s perfectly acceptable to ask what the company has budgeted for the position. But be prepared for them to turn that question around on you and ask for your requirements first. That’s where having done your research will be helpful. You can say something like, “My research suggests that this position should pay between $XX and $XX. Is that in line with your budget?” If you are giving the number first, go up a bit on your estimate. Unless you say a number that is double or triple what they plan to offer, a good recruiter will keep you talking. Most returnships pay an hourly rate during the program period, and only a few offer benefits during that time, but the hourly rate you earn should be in line with the salary for a full-time job. The hourly structure reflects the nature of these programs which generally include mentoring, opportunities for training and more. Understanding what the program offers is one part of evaluating the pay. You can also ask what the pay range of the full-time job, if offered, would be.
4. Keep your long-term goals in mind.
For many returners the highest hurdle is the first one – landing that first job after your career break. Getting back into the paid workforce can be tough and you may need to make some tradeoffs. But once you are back in you can accelerate your career, if you choose, quickly. It’s much easier to negotiate for higher pay when you are employed. Once you are inside a company and have shown what you are capable of you can apply for higher level positions.
At the end of the day only you know what you are willing to accept based on your family’s financial needs and the type of work you want to be doing.