Monthly archive for August 2024

Question

While reviewing a handful of questions from readers about “when is it okay to lie a little bit” and “is it lying if I say…” and “so many people I know get away with lying about salary history,” I turned to my good buddy Matt Bud, Chairman of The Financial Executives Networking Group. His insights and advice about lying are so good that I’m making him the “guest voice” in this week’s column.

Matt’s 30,000+ members at The FENG all work in finance, but I think Matt’s comments apply equally well no matter what kind of work one does. – Nick

Matt Bud’s Reply

Despite all the financial scandals that we have seen over the years, most of us financial types by our nature have a hard time lying. For the most part, it just isn’t part of our DNA.

While we may be burdened with many secrets of the organization such as payroll, we get around the questions of others on these topics with silence or a cold glare. (They should know better than to ask us about such matters.)

When it comes to job search, we get asked a lot of questions that we would prefer not to answer. The problem is if you don’t answer you won’t be considered for a golden (or perhaps silver or brass) opportunity. Such questions such as why you left your last job and your compensation history or requirements sort of top the list.

Rather than lying, be brief

One thought to keep in mind is the stage of your discussion with the other party. While I would never recommend actually lying about any aspect of your career, the goal to keep at the top of your thinking is your purpose. And, your purpose is to get an interview.

On the topic of why you left your last job, the shorter the better is the right answer. Put a clock on it. Allot 30 seconds. The 30 second version needs to be so good that if someone ever heard the whole story there would be no contradictions. The big surprise is that no one really needs to know the whole story or actually wants to hear it.

When they ask about salary, ask about salary!

Compensation questions come up all the time. What could be a more appropriate screening device than to know that you were earning twice what the job will pay? On the other hand, the client may be willing to pay more and/or you might be willing to take less. The parties will never know if you get eliminated too early.

The truth is that many folks don’t pick up on questions that are answered with a question. For example, if you are asked for your salary history or compensation target and you don’t know what the job pays, ask. It is a fair question to ask for the salary range. If you know the salary range of the job, you are being foolish if you suggest your requirements are more than 25% more. “The salary range posted for the job is certainly something I would consider.” is an appropriate response. That doesn’t mean you will accept it, but it is truthful to say you will consider it.

The problem still remains that you have to sound convincing. If you have your heart set on an outrageous salary level, so be it, but you will get very few interviews. You have a product (you) that can’t be sold over the phone. Without a personal interview you will never have the opportunity to sell your wares.

Avoid lying — stay out of trouble

You need to practice your “gut” responses so they sound truthful. You may even have to convince yourself that they are. (Have an argument with yourself some time and see if you win.)

Us financial types are just not good at lying. Others can hear it in your voice and if you are presenting in person, they can read it on your face. Don’t let them see you sweat. Practice your responses to all difficult questions until you know the “right” answer, and be sure it is one that won’t get you into trouble later.

Hopefully it will be truthful, and yet will get you into consideration for all those great jobs about which you are getting called.

Has lying worked for you on the job hunt? Has it ever gotten you into trouble? Is there a line between lies and “white lies?” Does an employer lying to you justify lying right back?

Since 1996 Matt Bud  has served as Chairman of The Financial Executives Networking Group (TheFENG), an organization dedicated to providing senior level financial executives with a forum to share job opportunities and experiences. With a membership of over 30,000, The FENG is the world’s largest networking group of CFO’s, Controllers, and Treasurers. Matt’s reply is copyright (c) 2024 Matt Budd and used with his gracious permission.

SUMMER VACATION! The next edition of Ask The Headhunter will be September 4, right after Labor Day. I’m taking a couple of weeks off to stick my toes in the sand, to ruminate on the meaning of clouds and to count the water in the ocean. I hope you’re doing something fun for summer!

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Question

In another column about how to change careers, your advice seems to be valid for someone who is single, but not for someone who has a family to support. What about the salary?  One cannot simply go from, say, a hedge fund manager to being a tour guide in a museum. The career switch has to compensate in the similar salary range, otherwise one would have to give up what they own and lose self-respect.

Nick’s Reply

I think career change has become more common, if not necessary, than it’s ever been. Look around: our economy is still in upheaval. But one thing that hasn’t changed is that moving from one career field to another usually exacts a cost in salary, at least for a while.

Change careers and lose salary?

If you can change careers without a loss in salary, I compliment you. But the reality is, the job hunter must be able to demonstrate that level of value to an employer. When hiring a career changer, an employer takes a significant risk.

My advice is to focus on how you will address the employer’s needs in order to justify and maintain your salary. Many career changers expect employers to compensate them at their old level simply because ‘that’s what I was paid before.” I can’t think of an employer that accepts that rationale. I think it’s crucial for a job changer to understand that value is relative to the job and the employer, and deal with it. That’s where my advice in that old column comes from — and my advice has not changed.

Why are you worth the same salary level?

The reality is, high-paying jobs (like hedge fund manager), require highly specific skills. Shifting from one high-paying job to another (I don’t think museum tour guide is going to do it!) requires a shift from one highly-specialized skill set to another. If a job hunter can accomplish that from the start, the new employer may pay for it. But I don’t think an employer is going to match a salary unless the candidate can demonstrate that they are worth it from day #1.

It almost doesn’t matter what you have done before. If you’re making a real career change, your experience and credentials may not matter enough to warrant the same salary level. (They stopped working for you, remember? That’s why you’re making the change.)

What matters is the work that needs to be done next. Few people have any idea, because they don’t look. They’re too busy reflecting on themselves and their skills — and on changing careers without a cost. They let their old, job-specific skills limit their new choices and their future.

To change careers, map your skills to the new work

Here’s my suggestion, which may draw some heat from “the experts.” Forget about your skills and the history on your resume. (That’s the wall you’ve slammed into, right?) When we think about our skills, we tend to think about the specific constellation of skills we have recently used. Now be honest: Do you expect the new employer to figure out how to apply your old skills to the new career? I can almost assure you, they won’t.

A new career will require a totally reorganized version of our skills and abilities. And you won’t know what that new constellation needs to look like until you know what work needs to be done.

As you decide what your next career should be, dig deeply into industries, businesses, products, and companies that excite you. Home in. What kinds of work does each business entail? How could you contribute? What tools would you need? What further study, education or training are required? Whom do you need to talk with? (What companies are worth such an investment?)

You may need to resign yourself to treating career change as an investment that requires an up-front “salary cost.” Of course, you must map out the long-term ROI. If you want to come anywhere near to the same salary you enjoyed in your last career, you can’t wait for (or expect!) a new employer to figure out how to map your old skills to the new job. You must figure that out and explain it to them.

More resources to change careers

For more on how to do this, please see How to launch a seemingly impossible career change and listen to this brief audio advice.

And here’s stellar insight for career switchers (more audio!) from my good friend Dr. Dawn Graham, former Director of Career Management for the MBA program for executives at The Wharton School. This may be some of the very best advice about career change you ever hear.

Have you tried changing careers? Did you pull it off or did you fail? What would you say are the parameters of successful career change? What are some of the common causes of failure? How can someone change careers and maintain their salary level?

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