Money should not be the sole motivation for seeking employment, but who are we kidding? The salary is likely one of your primary motivations for accepting a job offer.
There is more to a job than monetary compensation. You may wish to positively impact society, acquire new talents, or become the best in your field. And during the interview, you will have the opportunity to discuss your intrinsic motivators.
However, you must inevitably answer the salary question: “What are your salary expectations?”
In a perfect world, the salary range for an open position would be included in the job description. In 2022, however, only 13% of job postings had a salary range. In most cases, you are responsible for conducting your research.
It cannot be very safe to articulate remuneration expectations. If you ask for less, you avoid being arrogant or losing the offer. Too little, and you run the danger of underselling yourself.
Why do employers inquire about salary and benefits?
When asking about a candidate’s salary expectations, hiring managers look for four factors.
When asking about a candidate’s salary expectations, hiring managers look for four factors.
• How well do you suit the budget? Hiring managers want to know if your salary expectations align with theirs. The company can increase its budget to meet market value if multiple applicants have higher expectations than allocated.
• Your perception of your value. When stating your anticipated salary, you say the worth of your talents, experience, and education. Employers want to ensure that you understand your value. This demonstrates that you comprehend the position, contribution, and value you will bring to the organization.
• Your level of professionalism. The most valuable candidates are those with the most experience. Employers want to know that new hires can hit the ground sprinting. When you designate a number, you immediately demonstrate your capability.
• That you completed your assignments. Knowing your value indicates to interviewers that you completed your research. You researched the worth of the work, the requirements for doing it well, and the salaries of professionals in comparable positions.
The problematic aspect of the compensation query
The best response to salary expectations in an interview does not undervalue or overvalue one’s talents. When setting a price that is too low, you run the risk of:
• Appearing unsure of your ability to perform the task
• Declaring that you do not comprehend your own skill set.
• Accepting a reduced salary when it was possible to earn more
Conversely, if you designate a price that is too high, you risk:
• Displaying excessive confidence or arrogance
• Frightening away your employer because they cannot afford you
There must be a balance between two extremes when discussing compensation requirements. You can set yourself up for a productive discussion with careful preparation and investigation.
Investigate average salaries and benefits
Practice is essential when defining your desired salary range.
Conduct as much investigation as possible on the job market in which you are competing. Knowing the average remuneration for similar positions will assist you in establishing reasonable compensation expectations.
Start your research by searching for your job title and years of experience on websites such as Salary.com, Payscale.com, Glassdoor, and the Department of Labour.
Remember to filter your results by region, as the cost of living in Lincoln, Nebraska, will significantly differ from that in Los Angeles. This will substantially impact salary expectations. This preliminary research will provide you with an estimate of the commencing salary.
It is also advisable to network with other professionals who hold similar positions to those you seek, whether through LinkedIn or another platform. Inquire (with courtesy) about their income. They can provide you with salary information and career advice.
Three responses to the question “What are your salary expectations?”
Preparation is the key to successful interviews. There is no way to predict precisely what an interviewer will ask; you could be asked any number of creative questions. At the very least, however, you can anticipate salary expectations to be discussed toward the interview’s conclusion.
The following are strategies for crafting the ideal response and managing compensation expectations.
1. Delay your response
It is simple to overlook this possibility. You should wait until you have a job offer before discussing compensation. This can provide you with additional leverage in negotiations.
In addition, you are still learning about the position’s responsibilities and company benefits. These factors contribute to your salary expectations. It is normal to want to delay your response until you completely understand the offer.
The disadvantage of this strategy is that you need to avoid the query. Interviewers use the salary query to learn more about candidates. You forfeit the chance to reveal more about yourself by postponing your response.
2. Provide a salary range.
If you respond directly to the interview query, you can avoid being pigeonholed by providing a salary range.
Providing a compensation range demonstrates your willingness to work with the company to find a solution that benefits everyone. This strategy also conveys the value you place on yourself. In addition, by refusing to commit to a specific number, you give yourself negotiating flexibility.
When a manager makes a job offer, it is difficult to ask for a salary outside your proposed range.
3. Reverse the table
Ask them what they are willing to pay as a third alternative.
Once they respond, you’ll have to determine whether or not it meets your needs. This means you must still conduct an investigation. However, you can modify your response to the company’s budget.
If you choose this path, you should anticipate a result that is less favorable than desired. Please suggest a higher price range.
Integrity is the bedrock of all negotiations.
Remember to be truthful, genuine, and open to negotiation if you receive a job offer.
If a potential employer proposes a salary, you are not required to accept it immediately. You will find common ground if you are courteous and respectful. If not, you may decline the offer and continue your employment search.
Making your living
The United States has a cultural aversion to discussing money. However, this no longer applies once you enter a job interview.
For novices, learning how to respond to salary expectations can be intimidating. You want to take advantage of an excellent employment opportunity and earn as much as you deserve.
However, if you learn how to negotiate effectively, you can navigate this phase of the recruiting process with poise. You and your employer will discover a balance that meets both parties’ needs.
Be courteous. Have composure. And most importantly, do not undervalue yourself.
