Monday, July 25th, 2022

The Mystery About Compensation

“When it comes to landing a good job, many people focus on the role. Although finding the right title, position, and salary is important, there’s another consideration that matters just as much: culture.” – Adam Grant

Why is there so much mystery surrounding compensation inside accounting firms? I don’t have a good answer to this question. Probably, “because that is how we have always handled it.”

I still find CPA firms that declare their staff should not discuss compensation. Yeah, right. Times have definitely changed regarding the confidentiality of salaries. The internet took that confidentiality away.

If you think your team members don’t know, in general, what each makes, you are fooling yourself.

Be more open, and embrace transparency. You don’t have to be exactly specific. Publicize salary ranges. If you are a beginner, you will make somewhere between $XX,XXX and $XX,XXX per year. If you are a Senior the range is (fill in the blanks). Supervisor, Manager, Senior Manager, etc.

In the past, disclosing the salary was something that happened in the 2nd interview. Now, talking about salary ranges early on in the interview process is helpful to the candidate. They can decide if they want to continue the interview and 2nd interview process early on and save everybody some time.

  • "There's no way I can justify my salary level, but I'm learning to live with it."
  • Drew Carey

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