When you discuss compensation during an interview, you should actually begin the conversation by asking about the candidate's key motivation. From there, there are a few other questions you need to ask.
When you discuss compensation during a job interview, it’s actually very important to start off by asking a candidate about their motivation.
I recommend asking, “What are the top three things, besides money, that you are looking for in this job opportunity?” Most people are motivated by either location, quality of life, their career path, or more money.
Once you understand what motivates the candidate, you can reflect those key points when discussing the job opportunity. Doing so allows you to hire the right people and wind up with more long-term hires.
Asking this question will allow you to transition into the compensation discussion. When you do start the money conversation, you should ask open-ended questions. Simply say, “What is your current compensation and how is it structured?” Just be quiet for a while and let them talk. When they’re done, you should try and clarify a few things.
Ask open-ended questions, and then ask for more detail.
For example, you want to know exactly what their base salary is and how it is structured. You also want to know about any bonuses or commission programs. Ask about other long-term incentives, like a form of equity or a stock program with a three-year vesting period. Do they have a 401K or pension at their current job? After that, I recommend asking, “Is there anything you consider to be part of your compensation that we haven’t discussed?”
I also recommend asking about last year’s W2 so that you can understand their compensation and payouts on those bonus programs. Does this opportunity really match up with their key motivations to move? If so, it’s time to ask them an “If I, will you” question.
For example, you would say, “If I can come up with such and such compensation program, will you be able to join our company?” Close it down that way in order to get a yes or no question from your candidate. That way, you will be able to accept more offers the first time around.
If you have any other questions about the compensation aspect of the job interview, just give me a call or send me an email. I would be happy to help you!
