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Your salary expectations may differ across industries and therefore will need to be taken into consideration during your search. Notoriously start-ups are known to pay less as a base salary comparative to large corporates for similar roles and within the same industry. This can be up to 20% lower; however, start-up tends to offer other incentives or components to match the market salary for large corporates. This can be in the form of equity in the business, shareholdings, a bonus based on performance, car allowance, or alternative benefits. When considering an opportunity with a start-up, you should factor in these elements and weigh up whether you would be happy with the package if you were offered the opportunity.
For a move to a new industry, but for a similar role, you may be offered a similar package to what you are currently on as you are making a lateral move. If you are considering making a complete career change, then you may consider taking a more junior position in order to gain exposure and to build a new skill set. With this, you may be looking at a salary cut so it is essential to consider the lowest salary you can consider weighing up commitments and how much you will be able to afford to deduct from your current package.
What should you keep in mind when making a move?
When considering making a move, something to bear in mind is the possibility of receiving a counteroffer from your current employer. Considering this scenario before starting a process allows you to weigh up your reasons for making a move or career change. Also, having an open conversation with your line manager or employer to talk them through your reasons for considering looking at new opportunities. Your employer will want you to stay so having an open conversation around whether they can adapt your role, career trajectory, salary, benefits to better suit your current needs or future career aspirations. If what they can offer is not aligned to your expectations and what you are looking for, from here, you can consider what you are looking for in your next role.
Brainstorming and noting this down is important to do at the start of the process and refer to after interviews all the way through to offer stage to ensure this is aligned to what you were initially looking for when you started your search or if any requirements change as your have considered new opportunities. For example, if location having a shorter commute, the chance for a better work life balance and flexible working arrangement is important for your next role, you should consider whether you may be willing to take a salary cut in exchange for this. Weighing up what is important will inform your salary expectations for new opportunities.
Why should you discuss your salary with a recruiter?
It can be daunting deciding where to start when considering your desired salary and package. Recruiters can help with making these decisions and advising on what your market rate should be for different
opportunities. At Freshminds, we are in a high position working across industries and have a good overview of the market, having a range of roles coming across our desks and will be able to advise based on trends in the market and what we usually see from our clients. Also talking through your salary expectations for a special opportunity at the start of the process is crucial to saving time. Recruiters will know clients budgets and what you should be looking for with your level of experience and expertise as well as your expectations. If the client is not able to meet your expectations, you can have this conversation with your recruiter before progressing saving everyone time. This is also vital for us to get you as close to what you are looking for as possible and that everyone involved is putting an offer together is aware of this, including your future employer. Good recruiters want you to find your dream role and meet as many, if not all, of your expectations, and we can help you with this.
In addition to seeking advice from recruiters, it is also good to discuss this with close family, friends, mentors and people in your network in a similar industry or role to refine your desired salary and expectations.
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