I was furloughed as part of Covid-19. I have multiple interviews this week for new positions. Analyst/Senior Analyst/Associate level.
Given the current climate, would you be giving a compensation range that dips below where you currently are?
I’ve been wording it like this - “I’m looking for A-B salary depending on benefits and bonus structure.” Salary A is under where I am currently furloughed at.
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if a firm can’t pay a few extra thousand dollars to pay market should they really be hiring in the first place?
Maybe it’s not that they can’t pay, but there are a lot of candidates so they are able to offer lower comp. I guess my real question is if the job market is oversaturated to the point where employers are offering less.
that hasn’t been my experience in the past 6 months I have had three market offers and discussed market salaries with several firms where I advanced one or two interviews forward in the process. Maybe take my anecdote with a grain of salt I live in an area with strong job prospects in my industry (REPE)
What firms if you don’t mind me asking
So, this is an unusual time for everyone. So a few points...
A firm that will hire you should want to pay you a fair rate, all else equal. Assuming your current/furloughed job was fair/market, stating that was your most recent pay is a fair way to start. Really, no downside to starting here, it's just being honest. That never hurts.
Depending on how they react, or how you sense the convo, you can explain something like 'I know this is a stressful time, and I am flexible as I understand the reality of the situation, and really want to work for you'.... this can open the door to you showing willingness to taking less... but don't lose sight of point 3....
Given that you were furloughed and not laid off, you hypothetically have a bit better leverage in expressing a desire to not take less as there is some chance you get recalled. Only you can decide how credible or strong this card is, but I think if its just matter of thousands, it's a reasonable argument for giving you at least your current comp (and possibly a bit more as an inducement).
Overall, it's really too early to say 'salaries are falling', but it's not an unreasonable thought. Really, in your situation, it's a matter of market power. I.e. how bad do they want/need you vs. how bad you need the job. If they are getting a chance to get someone from a competitor who helped train you and took that initial cost, well that is their advantage and your old firm's loss.
So to sum TL:DR... just start with your current pay rate, it's a strong point, and an honest one. Take it from there, but why start lower, as that is really just negotiating against yourself.
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