It’s the interview day. You are having mixed feelings. On one hand, you know you are qualified and have the right skills to justify the job; on the other, you are afraid of the competition. During the interview, you answered all the questions correctly and were confident about getting the job until you were asked about your salary expectations.
Fresher or experienced, candidates need help answering the question about their salary. Some ask for a massive hike, while others accept whatever the company offers. Both of which are entirely wrong. You must know how to answer the expected salary question to get what you deserve.
On that note, let’s delve deep into the topic and learn how to answer the question about salary expectations.
Key Takeaways: How to Answer the Question What is Your Expected Salary
How to answer the expected salary question is one of the most asked questions by candidates. Answering with a salary range, knowing the industry standards, and evaluating your skills will help you overcome the situation. Using the right sources to learn about salary ranges and following expert tips are equally essential.
What Are the Best Ways to Answer Salary Expectation Questions
The subject of salary is a crucial one in the job interview process. There are a few approaches that can make answering the question easy. These essential salary negotiation strategies will help you in the process:
A. Go Prepared
You are qualified and skilled to get the job you are applying for. But you are unaware of the employer’s salary range and end up messing up the opportunity.
There can be two consequences: you quote a salary that is too high per the industry standards, or you undermine your skills and accept what they offer. To avoid being in such situations, research before you attend the interview.
Before you apply for a job, search for what the industry offers to candidates with similar skills and experience. This will help you negotiate salary during the interview process.
Despite a 75% rise in candidates initiating salary negotiations, only a few can answer the salary expectation question correctly. To be on top of it, conduct extensive research before you face the interview panel.
Example: ‘I want a 30% hike which is correct as per the industry standards.’
B. Consider Current Compensation
How to answer the salary expectation question correctly if you do not consider your current compensation? There are instances when candidates ask for a steep rise and consequently get rejected.
While it’s wrong to underestimate yourself, it is also not right to overestimate yourself and ask for a salary you don’t deserve. Further, the hiring manager will ask you about your current salary to understand the hike you are asking for.
Once you have researched and found the average increment the industry offers, use a salary guide calculator to decide and quote a salary range accordingly. This will be a professional approach to discuss your salary expectations during the job interview.
Example: ‘I drew a salary of $X in my previous company. I expect around $Y-$Z in this job, which I feel is not unreasonable per the industry standards.’
C. The Add-Ons
Before proceeding with the process, please understand that this is a negotiation and offers and counteroffers will be made. Therefore, to learn how to answer the question about salary expectation, you must consider all the elements included in the package.
Companies prepare salary packages, including conveyance allowances, employee stock options, etc. So, while discussing salary, listen to what the company offers.
Since there’s no magic trick to learn how to answer the question of salary expectations, consider all the aspects before you quote your base salary. Analyse what your ideal salary package must have before putting your point forward.
Example: ‘Before I make a decision, I want to understand the entire salary structure and the benefits that come with it.’
D. Re-Focus on Your Skills
Getting stressed about answering your salary expectations will not help. If you feel the discussion can get the best of you, consider shifting the focus back to your skills.
You have availed of paid CV writing services to highlight your skills and make your profile stand out. So, instead of battling the question, ‘How to answer the question of salary expectation,’ work on shifting the discussion back to your skills.
This would eventually strengthen your position, and the panel would reconsider the salary figure. The sole motive here is to prove yourself deserving of a better salary than the one the company decided to offer.
Example: ‘I have completed my Masters’ in X and have an experience of 10 years. I bring a lot of skills and expertise to the table that can help the company grow.’
E. Take Your Time
An unorthodox way to negotiate salary requirements is to ask for time to think and decide. If you ask for careers advice from the experts, quite a few would ask you to be honest and take some time to consider the offer.
You must get a fair salary based on your skills and educational qualifications. Therefore, take the time to accept something while discussing salary expectations.
Be polite and ask for a day or two to rethink and communicate your expectations to the company.
Example: ‘I understand the offer you made. It would be really helpful if you give me two days to think and inform you.’
Quick Tips to Answer the Expected Salary Question
Numerous candidates try to avoid the expected salary question or are unaware of whether it would be right to quote a salary.
Please understand that this is one of the most essential questions in interviews, and you have to be prepared to share a reasonable figure.
Here are a few quick tips that will come in handy for both experienced and fresher candidates:
→ Be confident
→ Aim high
→ Explain ‘why’
This will help you find your way through the situation and answer the question correctly and confidently. Also, these can come in handy if you want to know how to ask for a promotion in your present job.
Why Hiring Managers Ask for Expected Salary
While formulating a strategy about how to answer the question of salary expectation, numerous candidates wonder why they are asked about their desired salary. Since this is one of the common interview questions, it is crucial that you know the reasons you are asked about it. Here’s a look at a few reasons:
A. To Negotiate Salary Effectively
The recruiter needs to know if your expectations are similar to what they have prepared. Candidates demanding a higher salary have an advantage in the negotiation process. The company may settle on a package that the candidate expected. The recruiter can also give a salary range based on your expectations.
B. To Understand if You Justify Your Salary
You may fail to handle questions about your salary expectations and end up quoting a salary that does not justify your skills. Hiring managers thoroughly screen your profile before calling you for an interview. They decide on a range even before you discuss salary with them. The reason they ask for the salary range you’re considering is to understand whether or not you know your worth.
These amplify the need to learn from professionals and experts how to answer the question, ‘What is your expected salary?
A Few Resources to Check Salary Range
We know it’s difficult to rely on any website when it comes to knowing about salary range. To help you with it, we have listed some reliable sources that can help you decide on a salary range before going for the interview:
→ Glassdoor
→ Paylab
→ SalarySearch
→ Job boards
These are some trusted sources for checking salary ranges in different industries. Go through them before going for your interview.
Endnote:
It is impossible to start working without being satisfied with the money you are earning. You must have a say in your salary and do so confidently and professionally. This highlights the importance of learning how to answer the question what is your salary expectations. You must know about industry standards and assess your skills and qualifications before making a move. You can always give a range to ease the process and get what you deserve.
The points above will help you understand how to handle salary questions and why hiring managers ask such questions. Stay prepared with this comprehensive how to negotiate your salary guide and ace your next interview.
All the best!
Frequently Asked Questions
How Do You Calculate The Expected Salary?
You must consider a few points to calculate your expected salary. Here’s a look at them:
- Consider your current salary
- Evaluate your skills and experience
- Consider your cost of living
Is There A Salary Guide To Help Me Out With The Process?
You can refer to the salary guide from Robert Half before proceeding with the process. Also, you can refer to blogs like the one here to learn how to deal with these questions. Master how to answer the question of salary expectation to get a job offer with your desired salary.
How To Answer The Salary Expectations Question When Asked About Your Current Salary?
There will be a point when an employer will ask about your current salary information. In such cases, you must prepare and justify your expected salary and benefits. The employer will also understand if you have quoted a salary in the range offered by other companies in the same industry.
How To Reject An Offer If The Salary Is Too Low?
You would not want to join at a lower salary that does not meet your expectations. However, if the employer says that this would be the salary for the position, be polite and turn down the offer. Tell them about your skills and expertise and how you are looking for companies that offer better pay in the same domain.
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