New research suggests that pay is the most important consideration when younger workers evaluate employment options.

Columnist Michael Puck recently reported:

Next-generation workers are not prioritizing work/life balance, good managers, flexibility, and engaging work above pay. 

More than half (59%) of Gen Zers say that pay is the most important consideration when applying for their first full-time job. 

While reporters love to focus on generational differences, this trend is actually showing up in all parts of the workforce as wages have risen in the last two years.

In light of this reality, you should develop a coherent plan for talking about compensation with your recruiting prospects. Here are some items your plan should include.

A description of what you offer and what it’s worth. Unless you’re the cheapest option in your marketplace, you’re offering something in exchange for higher splits and/or fees. Outline the value of what you offer.

An understanding of what your competitors are offering. This can be a moving target, but there are patterns you should know and recognize. Being able to say: Here’s what you’re going to find when you talk to our competitors…puts you in a better place to tell your story.

A dialog about net profit. There are no free lunches. If an agent is not paying someone else to do the menial tasks in the sales process, they are the low-paid administrative employee doing this work.  

Don’t be caught flat-footed when negotiating compensation.   

The most talented recruiting prospects are doing the math—you should too.

Note: For more info on discussing net profit, read an Insight I wrote on this topic a few months ago.