While one of the more basic questions that companies ask during the interview is about your wage expectations, discussing money can be unpleasant. You can reduce your tension by planning ahead of time how you will respond to salary-related queries. You may have constructive and informed salary conversations with potential employers if you research average remuneration for both the role and your experience level.
There are three reasons why an employer could inquire about your wage expectations:
They have a budget - The interviewer wants to make sure your salary expectations match the amount they've calculated for the position. If they discover that the majority of candidates ask for far more than expected, they may need to propose a greater budget for the post.
They're attempting to determine how much information you have about yourself - A good applicant understands the market value of their skillset and can confidently express it. Consider your level, years of experience, and professional accomplishments when determining your market value.
They want to know if you're at the appropriate professional level - A candidate who asks for much higher compensation than the other applicants may be too senior for the job. Alternatively, responding with a modest wage expectation may indicate that you lack the necessary experience for the job.
Your response to this question could be the start of a pay negotiation. As a result, you'll want to make sure your response is well-researched.
Advice on how to give the best answers:
Assume you're a flexible individual - "My compensation expectations are in line with my experience and qualifications," you can respond to avoid answering the question. This will show that you are willing to make concessions..
Provide a variety of options - Even if you begin by highlighting your adaptability, most companies will want to hear concrete numbers. In this situation, give them a range (around $10,000-$20,000 plus or minus). This will allow you to be flexible while providing a clear answer to the employer. You can make this range based on research or your own industry expertise.
Consider your current wage - You can come up with a wage range by considering your current or former salary as a starting point, especially if you're making a lateral shift in the same business, in addition to studying salaries. Assume that your present salary is in line with market expectations unless your previous employer was recognized in the industry for paying low rates. Of course, if you're moving across the country, take any changes in the cost of living in mind. Knowing what you're worth in the current work market is always a good idea.
Make a promotion for yourself - Consider what a fair raise from your current employer would be, and that could be a decent starting point for the new job. Alternatively, increase your present compensation by 15% to 20%, which will provide you with an incentive to move organizations while remaining within a respectable range for your industry and level of experience.
Only provide numbers - that you are comfortable with. Only provide a selection that allows you to support yourself and your family.
Emphasize your abilities - You might quietly underline why you're a good fit for the role in your response. "Based on my 10 years of expertise in this industry, I would expect a pay in the range of $Y to $Z," you could remark. Remind the interviewer why he or she should offer you a pay in the first place before introducing any numbers.
Be willing to bargain - Many candidates are hesitant to ask for extra money because they fear losing a job offer if they do. You may, however, be able to negotiate a greater starting wage. Wait to ask until you've received an offer to consider.
Salary Negotiation Strategies You're Valuable
We'd want to recruit you, so congrats! Until you see the low-ball offer, that is.
But keep in mind that the offer is just that. An offer has been made. A place to start. It's even a test at times.
Everything depends on how you respond to the offer.
1. Maintain an optimistic attitude - when negotiating a job offer, even if you're having trouble building up enthusiasm for the position. Before you begin bargaining, express gratitude for the offer and excitement about the position's prospects.
2. Make your counteroffer one that is fair, well-reasoned, and thoughtfully presented - According to CBS Money, include a wage range in your counter offer is a good idea because firms will often avoid offering the lowest range to avoid appearing unfriendly. If you do provide a range, make sure the lowest number is something you can live with (and work with). Providing a wage range also provides the company with more information.
offer – implying that, in order to avoid appearing unfriendly, businesses will often avoid offering the lowest price range. If you do provide a range, make sure the lowest number is something you can live with (and work with). Providing a wage range also offers the company the appearance that you're adaptable, which is a quality that many employers value.
3. Be willing to walk away - if the offer isn't appropriate for you. This is possibly the most crucial suggestion when it comes to your long-term career ambitions. It's difficult, especially in today's work environment. If you don't need to put food on the table or a roof over your head right now, it can be wiser in the long term to wait for the appropriate offer rather than taking the first one that comes along.
4. Finally, keep in mind that while some organizations may have a salary ceiling, that doesn't mean they can't compensate employees in other ways. If you're having trouble getting a raise, try negotiating for other benefits that will make the transaction more appealing to you:
- Performance bonuses
- signing bonuses
- future pay rises,
- additional vacation days
- company stock
- health benefits
- flexible work hours are all available to employees.
The wage was offered by the company, and it meets or comes near to your compensation expectations. So, what's next?
If you accept the job, express your enthusiasm and set a start date. Then, to double-check everything you've discussed, from the job description and pay to bonuses and benefits, ask for a formal, written offer. Take no possibilities that your agreement may be misconstrued. Also, don't give notice at your current job until you've signed and returned the written offer.