Job Search: You’ve been given a verbal offer. What questions should you ask?
Getting a verbal offer is a real achievement and milestone in your job search. It may mean that you’re now close to getting your desired result. However, it might also mean that the number is too low and that you’ll have to turn the offer down and keep looking. So, what are the questions to ask both the potential employer and yourself? Let’s go through some ideas.
The verbal offer is most often a test
Rather than doing all the paperwork required with numbers that will potentially have to be altered, the hiring firm would rather get to the right numbers first. It’s important to have thought through how you might react to different scenarios.
Is this the number for the position or for me? One approach may be to ask if the number offered is how this position is valued or have they made the calculation based on their view on your unique ability to add value to their business.
If it’s the position - how did you arrive at that number? The firm may have a policy of paying remuneration in bands according to title / rank / role and are therefore limited in what number they can offer you. It might also be that they have a perception of where the market is for those sorts of positions. Or they’re simply going to pay you what you are currently paid plus 10%, which is pretty standard practice.
If you believe that the number is too low, try and move the focus of their calculation on to your unique ability to add value. If you’re able to illustrate your ability to deliver on the objectives that they’ve outlined during the interview process and put some value on that, it may be successful in putting their low ball (to use an American sporting metaphor) offer into a perspective that will allow them to increase it.
What do you need, what do you want, and what’s fair? Perhaps I should have mentioned this earlier. It would be great if you have these numbers in mind before you get the verbal offer. What you need means two things: first, what number do I need to keep my household running at a reasonable rate, and second, what number would make me feel valued enough not to feel negative or in some way cheated, which might morph into resentment, whether that be now or later.
What you want would be a number that you’d accept without hesitation, all things being equal.
Finally, what’s fair is a very difficult question to answer and boils down to having a good knowledge of what the current - not historic - market will bear.
How do you know what’s fair?
The market is somewhat opaque, however, there may be some ways to gauge a better understanding. During my years in Executive Search, we were discussing remuneration all day, every day. Not just with candidates who were interviewing with our clients, but also with almost everyone we were talking to and catching up with. This certainly became a hot subject towards the end of the year and especially during the bonus season. With that much data, we developed a pretty good sense of where the market numbers lay. It follows therefore, that if you are able to build a relationship with one or two recruiters who know their trade well, you can develop a sense of where you stand.
Second, many firms have highly competent internal recruiters and HR teams who have the same level or perhaps better amounts of information. If appropriate, reach out to them.
Third, friends and colleagues who do the same or similar job to you and who you feel comfortable enough with to exchange numbers might also be a reasonable source.
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In summary, this can be a difficult phase of your job search to handle well. There are lots of pitfalls to avoid. Perhaps you’ll negotiate on your own behalf or you might have a recruiter brokering the close of the hire. Either way, try and have a good feel for your numbers and be prepared to ask incisive and thoughtful questions to gain clarity, which might enable you to get a better offer. It could also be that, reluctantly, you have to walk away and continue conversations with the other opportunities in your job search funnel.
If you’re in the midst of a job search or would benefit from a no-strings-attached conversation about whether to accept a job offer, let’s talk.