Time has a way of slowing down when you’re waiting for an Offer Letter. Whether you’re home rockin’ the bathrobe and bunny slippers between jobs or sneaking out of your current gig to holler at a potential employer, looking for work is stressful
The stress doesn’t discriminate either. It pounces on the downsized and the fired as much as it does on the ones that quit or just starting out.
Having been through this gauntlet a few times, I know I’ve left money on the table but like a good soldier, learned from my mistakes.
If you’re a seasoned salesperson and can prove you walked on water in your last role, you’re in prime position. On the other hand, if you had a nasty experience or are brand new, you lose some leverage but can make it up by asking the right questions.
Related: https://saleslane.com/2018/05/interviewing-top-12-questions-you-asking/
All companies are different but most likely, you’ll receive an offer letter after multiple execs review your credentials.
Don’t:
- Talk turkey during the interview process until you understand the scope of the position
- Give away salary expectations to a minion in HR on the first call. You risk disqualifying yourself before even getting started
- Include salary on the application. If you live in these cities or states: New Orleans, New York City, Philly, Pittsburgh, Puerto Rico, CA, DE or MA, you’re protected by a new law (March 2018) banning (in some capacity) employers from asking your current/ previous salary. http://www.businessinsider.com/places-where-salary-question-banned-us-2017-10
Do:
- Research, Research, Research
- Understand your role, the company and compensation
- Take your time reviewing the offer letter and never say yes without sleeping on it first
Do the Heavy Math Before You’re Issued the Offer Letter
Suppose you’re currently at 80K and from your research on the new employer, you know they’re offering 70K base. You’ve got a sweet-spot money-wise and already know it’ll be 3 months before closing your first deal.
If you don’t know the OTE (On Target Earnings), why sign an offer letter 10K below your base salary threshold of 80K or higher?
Some companies provide salary info before the offer letter while others let you sweat it out till you’re vetted. It’s nerve-racking but you must be bold enough to get the skinny on the numbers. Instead of being painted into a corner, drill down and ask for the OTE before committing to a proposed salary.
Surprisingly, many salespeople are too afraid to offend employers and end up in jobs not fully understanding the commissions. At that point, they’re stuck.
Now, imagine a scenario where base is 85K and by drilling down, you find the OTE is 120K if you crush it. Meanwhile, another position you’re up for has a 70K base and 150K OTE with uncapped earnings. Which do you choose?
It’s wise to rehearse your answer before the dreaded salary question. The bottom line is that you need to know the potential for commissions before coming up with a salary. Most interviewers will respect this, let their guard down and explain the commission plan in greater detail.
Related: https://www.saleshub.ca/blog/6-types-of-sales-compensation-plans-to-consider
In addition to OTE, Health Benefits can be a critical part of the decision. Anyone with a partner, kids, or specific medical needs may be swayed by the quality of the benefits package. This sometimes compensates for a low-ball salary.
How Do You Measure Up?
Some companies may seem inflexible on salary until tested. They may have budgetary constraints and cap funds allocated to hiring sales. Unfortunately, these same companies forego talent because they’re unwilling to shell out a few more bucks for quality salespeople.
They don’t get that by hiring talented execs, they increase revenue while diverting funds from constantly hiring and training new reps due to high turnover. If you look at some job boards, you’ll find the same companies hiring for the same positions year after year.
As with any sales role, YOU are the X-Factor and if you can sell, they’ll move the needle.
Asking tough salary-related questions sets you up for success. By making sure you didn’t negotiate against yourself, you can accept an offer letter with supreme confidence knowing you made the right decision. Having made the wrong decisions in the past, know that you’re much better off starting a new sales gig on the good foot.
And while reviewing an offer letter or commissions, have a confidant, friend or old boss run through the numbers with you. As the stress of the process mounts, you want to have a second set of eyes before making this big decision.
Finally! Offer Letter received and signed; the real work begins NOW.
We know you can get the job but can you do the job?