Imagine landing your dream job and then having the offer retracted the next week.
That would be pretty heartbreaking, right?
Over the years, we have seen hiring managers rescind job offers, leaving candidates disappointed and wondering what went wrong.
It’s common practice for potential employers to run background checks during the offer process. What some candidates forget is that hiring managers verify your compensation history down to the exact dollar amount.If you’ve provided incorrect information or “rounded up” a whole lot (or even a little, to be honest) when the hiring manager inquired about compensation at your last interview, you might be in trouble.
Incorrectly reporting your previous salary is one of the biggest blunders you can make, and it can lead to your job offer being rescinded.What’s worse?A lot of candidates in this position have already resigned from their previous role, leaving them jobless.
Take these steps to avoid any discrepancies in reported salary versus hard figures…
If the hiring manager unexpectedly asks you about your current or previous salary and you don’t know the exact number, give as accurate an estimate as possible, and let them know it’s an estimate.
Refer to your tax return from last year to get the precise number. You can also look at your most recent 12/31 paystub, which should reflect your gross and net salary after pre-tax deductions.
Circle back with the hiring manager the same day via phone or email to let them know exactly what your last salary was if they inquired.
Beyond being caught off guard and not having your numbers on hand, some candidates avoid being totally transparent about their salary because they want to earn more at their new job.If this is you, don’t be afraid that your new starting salary will be solely based on your current compensation. There are so many other factors hiring managers consider when putting offers together and it’s critical for you to outline your expectations and what it would take for you to make a move.
Salary is an area where there’s a big advantage in working with a recruiter, or as we say at Talentfoot, “having an agent.” Recruiters know fair market value contingent on your experience, education, and the specific value you bring to the organization.Your “agent” can educate you on appropriate compensation at this point in your career and ensure you receive what you deserve when you make your next move.
And listen, hiring managers actually want to pay you market value. The last thing any great employer wants is a high performer who’s underpaid and therefore easily poachable. At Talentfoot we coach our hiring teams to avoid low offers, because the second the new employee receives a call from a recruiter with a higher paying job they’re going to make a move. The best employers want to do everything they can to retain their A-players.
My goal is to educate talent and hiring managers to the best of my ability so top performers are matched with great companies doing the work they love. I’ve seen incorrect salary reporting happen far too often to not address it.
Have you ever been tempted to round up when reporting your salary? Or have you been caught off guard and given an estimate without letting the hiring manager know it’s not a precise figure?
If so, I hope this information helps you view this sticky situation in a different light and see that giving exact numbers will actually help you land a high-paying, stable job where you can utilize your skillset and have a fulfilling career.