So you've made it to the final round of those job interviews, and now they're talking money. You get excited at this point, especially because it's your dream job working for your dream company. You've beaten out the competition, and you're now meeting senior managers who make the final decision.
This can seem a bit intimidating since you really want the job, and these are key people you have to impress. Well, just remember, they need you, too. You're talented, skilled, and trained to do the job, so they aren't doing you a favor. It's business. And in that vein, you have to put on your business cap and start asking a few important money questions before even considering accepting a job offer.
I was once gaslit by a company to simply accept less money for more work, and I learned this lesson the hard way: Don't ever just accept a job simply because it's a power move. The money needs to be right, too, and you deserve it. Here are a few questions you should ask during your next job interview process to be sure you and your potential employer are on the same page:
1. "What final compensation range are you all offering for this position?"
First, please don't jump to answer this question if an interviewer asks this at the start of the interview. Kindly state that you'd like to know more about what the position entails and their expectations of you in order to give a sound and fair answer about compensation. When you do ask, be sure to use the words "range of compensation" when talking about salary versus saying, "What's the pay for this position?" There's tact needed and you want to be careful of the tone.
Get them to reiterate the salary range throughout the process so that you can be sure what they're offering is the same as the first round or other conversations you might have had with recruiters or managers along the way. And when reading the offer letter, make sure what was agreed upon (down to specifics about the hours and work that compensation covers) is clearly indicated and aligned.
If you're a newbie to the industry, just graduated college, or you're transitioning into a new career, this is still important because, again, you're still the prize. You'll need to be realistic and reasonable when it comes to your starting pay, but speak up and advocate for yourself in order to be more strategic about what you accept. This could affect your salary potential, quality of life, and work-life balance down the line. Sometimes, when you accept too low of a salary at the onset, it can be hard to get more from that same company later, even when promoted.
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2. "How are raises calculated, and when are they typically given?"
This is a very important question because you don't want to be stuck at a company that doesn't actually compensate their employees for growth and good work. Again, it's business. If the company is thriving and you've had a hand in that, you should be compensated. Find out details on their policies in order to make sure they align with your long-term goals as the ambitious, talented leader that you are.
Companies have various ways of rewarding their employees, so if that particular company's way is okay with you, move forward. If not, ask about incorporating accommodations for you in your hiring contract if your work experience and resume reflect a need for that.
3. "What are the guidelines related to bonuses and how are those given?"
This question can be very industry-specific (i.e., sales, retail, manufacturing, finance, IT), so if it doesn't apply to the industry you're in, you can skip this one. If it does, you definitely need to get the details on when, how, and how much. What factors affect quarterly, bi-annual, or annual bonuses?
The difference between a bonus and a raise is that bonuses, in some cases, are offered based on overall company performance, not an employee's.
There are performance-based bonuses as well, which work a bit differently from raises. A raise would be a long-term increase in your salary, while a bonus is a one-time incentive or addition to those funds. So, someone might, for example, get a 10% raise and a yearly bonus on top of that.
Just be sure you know what's what when it comes to this and consider how this factor might make or break meeting your financial goals, the type of work you do (and how), or the nature of the work you do (and how you're compensated for it.)
4. "What retirement fund options are available and does the company match any contributions?
If you're in your late 20s or early 30s, you might be thinking, "I'm too young to be worried about retirement savings," but take it from a so-called "geriatric millennial," you're not. Saving up for retirement is a must, and trust me, my 401K saved me in a clutch 10 years after I'd been mindlessly putting money away in it and had forgotten my company still had it. (And yes, there was a penalty for withdrawing from it early, but that's not the point. It truly was an emergency at the time.)
Some companies stopped matching contributions to 401Ks when recessions hit, but today, many have gone back to normal, offering matches on the funds that you put away via your paycheck.
Sometimes, companies won't match because they can't financially afford to, especially when it's a startup or a company that just isn't doing well financially. Keep this in mind when you're listening to their answer to this question.
Don't wait until the offer is signed to ask about this. Get the information you need now and be empowered to save up for your future. Even if the salary and other benefits are great and you want to take the job simply for those factors, at least you'll know what you need to do if the company doesn't offer retirement savings options.
5. "What is the process for compensation for overtime or work done outside the contracted work hours?"
Y'all, this one is key. Some company leaders will try to hit you with the okey-doke on this one, so stay vigilant and aware. I don't care what industry you're in or what position you're applying for. Get a clear understanding of their overtime policy before accepting the job. There's a lot written and talked about when it comes to burnout, and while we love being superwomen who can do multiple things well, we need to have a balanced approach to boundaries in the workplace.
You might not want to ask for money for every little extra task you do to get your job done. But you certainly don't want to be in the awkward position of coming back to your manager, after the fact, asking to be paid overtime for 20 hours of extra work you've done, only to find out the company does not offer it.
You also don't want to be taken advantage of simply because you don't know that your manager has you working extra hours, illegally or against company policy, without compensation (or even without the correct amount of compensation.)
And there's little to no guilt, at least for me, to say "No, respectfully, I cannot," when I know extra hours are being requested (or when a project requires a substantial number of additional hours) but I'm not going to be paid for it. It's against my contract or against policy. So, no, thank you.
I've made this mistake myself, many times, especially as a self-employed professional who did not initially set boundaries on this at the onset. I now have a sense of mental sanity and peace---as well as financial freedom not laced with resentment, burnout, and check-to-check drama--knowing I'm a stickler on asking this question at the onset before signing any contracts.
6. "What are the details of your standard benefits package?"
This is tied to money because it impacts your out-of-pocket expenses after you've been paid. So, it's vital to ask this one. The benefits that the company offers save you money, time, and stress in the long run, so be sure to consider all factors before saying yes to an offer. Do you need childcare? Do you need to work remote to do your best work or have time flexibility? Do you need more prescription drug coverage for a long-term illness you're managing? Are you caring for an elderly parent?
Are the insurance providers accessible and applicable to your healthcare providers? Is there a technology stipend to cover the technology or wifi you're using to do your work from home? Do they offer coverage, programs, partnerships, or discounts for wellness, counseling, or reproductive health?
Don't explicitly ask the potential employer the above questions, but keep them in mind for yourself when taking in all the information they're giving you about benefits. These are all things to consider when it comes to benefits, your money, and the quality of life you'd like to have when taking on a new professional role. Be sure you're advocating for yourself by asking the money questions that will provide answers for protecting your well-being and your future.
And if an interviewer seems a bit rude, off, vague, uninformed, or dismissive in answering the above, very standard, inquiries, consider interviewing elsewhere or accepting offers at companies that value the above and are equipped to handle a qualified, innovative, magnificent creature such as yourself.
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