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In the interview: How to have the dreaded ‘salary conversation’

By WTOP Staff

Each week Career Mojo answers career questions from readers. Do you have a question you would like me to answer? Email me here: dana@Danamanciagli.com.

Question:

In an interview, how do I handle questions related to salary? I’m afraid of sharing information that may knock me out of the running.

Answer from Career Mojo:

There are two types of salary questions the interviewer could ask:

  1. What is your current (or most recent) salary? Answer this question honestly — the hiring company will be able to validate later. However, make sure to break your prior compensation into base salary and bonus. If they want you, they want to know how they can construct a competitive compensation package.
  2. What is your desired salary? Whatever you do, avoid answering with a number. Why? Too low, and they’ll offer you a salary that’s lower than market value. Too high and they’ll think you’re over-qualified or that you won’t be happy in the position after six months. Bottom line, the hiring company will say “we can’t afford him/her.”

Here are some answers to always have in your hip pocket for this question:

  • I am confident that will offer a competitive compensation package, so I don’t have one number in mind.
  • I don’t have a specific goal in mind, as I understand compensation packages come in all shapes and sizes.

If they push you and say, “we really want a target from you,” I still recommend repeating, “I wish I could give you one, but my goal is a combination of the right company with a market-competitive compensation package, and I’m very excited about his opportunity.”

Now, for the salary question you want to ask them: “What is the salary for this position?”

DON’T. I Repeat: DON’T DO IT!

It doesn’t matter how far along you are in the interview process, who you are interviewing with (including HR), or how badly you think you need to know. Never, ever, ever ask anything related to your finances. This includes:

  • “Is there a stock plan?”
  • “Is there a bonus?”
  • “What is the commission structure (sales)?”
  • “What is the salary range?”

Why? Because you will receive their salary proposal when you get job offer — and then it’s time to negotiate. If you do ask, you can appear cocky and presumptuous, and it raises suspicious about your priorities (even though they know money is important to everyone).

I look at an interview like real estate: There’s only a fixed amount of property (or time with the interviewer) and you want to maximize that real estate by ensuring every move is helping rather than hurting your chances. So make sure that you ask questions, too.

Here are some of my favorite questions to ask in an interview.

  • I’m very self-motivated. How will you measure my success in this position after one full year?
  • It’s very important for me to meet as many team members as possible in the first 30 days. How will you recommend I do that?
  • What are the top three skills or experiences you are looking for that may not be mentioned in the job description?
  • Which characteristics stand out in your top performers?
  • I’m a perfectionist in some areas. What are the aspects of this position that absolutely require precision?
  • What do you find most creative about what you do? (Replace “creative” with another positive skill of the position.)

Now, ask yourself: Do you want to “waste” a question on your compensation? Or do you want to ask several of the above questions?

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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