Following the Money
Translate value into dollars and cents
➔ One of the most often invoked reasons for not hiring a mature candidate, such as yourself, is that you will be too expensive. A good friend was told – as he was being let go from a Fortune 500 company after 25 years – “We can hire two people for what we’re paying you.” And they may be right.
Crunching the numbers
So what’s a body to do? How do you counteract your financial needs with those who are young enough to be your children but don’t have the financial responsibilities and commitments that you do?
The answer may lie in the hiring manger’s rationale for hiring you in the first place – why they hire any candidate – of any age. They want the right person for the job. And they want to compensate that person based on how well that individual will contribute to the organization’s bottom line; and what value they bring to the table.
Of course they don’t want to pay you what you may think you’re worth. They want to spend as little as possible. That’s part of their jobs – to be fiscally responsible. Of course you want more money. (Who doesn’t?) But don’t expect to get paid more simply because you’ve been around the block a few times.
The key lies in how you respond to the question of your financial worth. As with most business decisions, it all comes down to ROI – return on investment. What do you bring to the table? What more can the company expect from you in return for the extra money you want? In other words, if you want more money, if you think you’re worth more money, you had better have a convincing argument as why you’re worth it.
It’s goes beyond just having experience. What have you done with that experience? How will your new employer benefit from this experience? How will your experience enable you to do your new job faster, more reliably, etc.? How long do you expect to stay in that position, with the new employer?
Are you worth more money? Maybe so, but you’re going to have to fight for it. You’re going to have to demonstrate to them what they’re getting for their money.