“What are your salary expectations?” This question often befuddles the candidates in the interview. Your answer to this question has an impact on the interviewer and plays a great role in deciding the pay range you will be bagging. You need to research and come up with a range that suits your experience, skills and job profile. There are numerous ways of answering the question the right way. You must have a professional, practical and realistic approach while answering this question.
If you are preparing for the interview and are confused about how to answer the salary expectation question, this blog will help you prepare. You must get acquainted with the industry standards for your role and experience level before quoting a salary range in the interview. You can also check the sample answers for the question and tailor it according to your needs to present a perfect answer to the question of salary expectations.
Ways to Answer “What Are Your Salary Expectations”?
There are various ways you can put the answer to this question to impress the recruiter and get the job offer. Here we have suggested some ways to answer the question accurately.
Redirect the Question
You can always redirect the question to another way if you are in the initial stage of the recruitment process. You can mention that to provide an accurate range you will have to know more about the job role and position.
Compensation and Benefits
Along with the salary range, there are numerous benefits that the employees are entitled to. You can also understand the complete salary structure along with various other benefits that the job offer has presented to you. Sometimes, they can offer you a lower salary but more benefits to compensate for the same.
Quote a Salary Range
It is advisable that you mention a salary range, rather than a single number. Also, keep in mind that recruiters will always pay attention to the lower figure of the salary expectation range, so carefully mention the numbers.
Sample Answers for “What are Your Salary Expectations?”
This is a tricky question, sometimes the candidates quote a high salary range and at other times they can present lower salary expectations. Both can be detrimental to the career of the candidates. Thus, learning the right way to answer this question is highly important. You can check the sample answers and customize your answers in a similar way.
Sample Answer 1
Prior to quoting a salary range, I would like to know more about the roles and responsibilities that this position entails. After getting a comprehensive knowledge of the role, I will be able to come up with a realistic salary range.
Sample Answer 2
In accordance with my research of the company and industry standards, I believe that a salary range of X to Y will suit my skills and experience level. I would like to hear your thoughts regarding this.
Sample Answer 3
I am dedicated to finding the accurate range that suits my needs and the company’s budget. I would like to hear your thoughts regarding the compensation for this role. In this way, I would be able to assess how my interests will align with the role.
The freshers sometimes get apprehensive when this question is put to them. As a fresher, you have no previous salary slips to validate your salary expectations, so answering this question can be tricky. You can craft an answer that supports your expectations and also showcase your research abilities. It is even more important for the freshers to have a clear image of the industry standards to get an optimum salary range.
Sample 1
Based on my research about the industry standards for the role of “....”, I am expecting a salary range of X to Y. I am looking forward to the role and want to gain experience in this field to hone my skills to a higher level.
Sample 2
I have recently graduated, and have started my career in this domain. I have confidence in my skills that will add value to the organization. I am seeking a competitive salary range on par with the industry standards.
Important Points to Keep in Mind Before Answering Salary Expectation Question
If you are an exceptional pro or a fresher in the job market, negotiating salary can make you sweat. It often becomes quite difficult to decide the right salary to ask for. Though, it may not be as difficult as it seems. One should consider relevant factors before approaching to ask for the salary. There exist some pointers which you should keep in mind if you are trying to reach a generous salary package.
Benefits
Salary figures are not everything. Try to look beyond the numbers and find out details about the complete compensation and benefits package provided by the organization. Try and look for other important factors such as work culture, fringe benefits etc. and analyze the benefits that you will derive from them. Search the website and look for essential benefits which might matter to you in the long run. There are organizations which offer a large bonus at the end of the year. One should consider organizations which are built on benefits and compensation with work-life balance, development opportunities and recognition, which should also be correctly matched with business organization culture and requirements.
Industry
Different industries have different salary parameters and pay scales. For example, companies in the service industry such as tourism pay less than the IT industry. Take this into consideration when deciding upon your expected salary. Negotiating salary with a prospective employer requires a fair amount of homework to be completed on your behalf to be able to quote an amount that is fair to your proven accomplishments and future capabilities and in sync with the organization’s plans.
Profile
Evaluate in depth on your profile that has been offered. Evaluate in depth your career track record (your experience and work skills acquired along the way) to develop a salary index for yourself. Spend some time researching on the profile that you have been offered. Figure out the salaries earned by the people of your profile in your organization and other organizations. An average figure helps you decide upon the salary package that you can expect. Let your trump card be your skill, and stay clear of reasons like personal expenses (rent, commuting) when negotiating a hike.
Location
Different cities have a different cost of living. As such, the salary range also varies across different locations. Research on the average salaries in the area where the company is located and consider it when calculating the salary that you can expect. This is an important factor which should be considered while negotiating salary with the employers. However, you will not be paid above the market standards. Avoid mentioning to your employer that you need a certain salary. Instead, make them aware of your research about the location wise salary structure. Know about the best locations where you can relocate.
Demand
In the commodity market, if there is an excess supply of something, its demand will go down. Similarly, if there are many people with the same kind of experience and qualifications available in the job market, their demand will go down. Research about the demand for professionals like you in the job market. This will play a major deciding role in your pay package. Research on the internet with keywords related to your designation and profile role. You will get to know about the information which will support your place in the market.
Reasons Employers Ask About Salary Expectations
The HR or the managers frequently ask the question “What are your Salary Expectations”. They evaluate the profile prospects and their budget requirements through this question. Here are a few reasons for which employers ask this question:
Budget Requirements
They analyze your expectation of salary with the quoted budget. If you fall in the bracket, they can proceed. They analyze whether your expectations align with the budget or not. Also, if more candidates mention a higher salary range for the role, then they can also expand their budget accordingly.
Your Confidence Level
The answer to this question also demonstrates your level of confidence. The right candidates always know their worth. You must research and come up with a salary range that suits your profile and skills.
Experience Level
They also evaluate the experience level of the candidates. If your previous salary and expectations are higher than the budget, that means you are senior or more qualified for the role. If you quote an extremely low budget in comparison to the standards and their budget this can lead to the impression that you are inexperienced for the role.
Tips to Negotiate Salary
Negotiating salary is also a skill that needs to be learned by professionals. If you are quoting an extremely high salary expectation, that can also cost you a job offer. However, quoting a low figure will reflect a low confidence level. Check here a few tips that need to be followed while negotiating a salary range.
Answer with confidence. This can help you to get a fair compensation. If you are confident about your skills, then the recruiter will be able to sense that and offer you a competitive salary package.
You must mention the reason for the salary expectation. You can answer in a way that your skills and experience align with the role and hence you can be the right fit.
Do not mention a single figure as that will give the impression that you are not flexible, try to add a range of salary.
Do not be negative in your response. Even if the salary offered to you is much lesser than what you expect, you must convey the same in a polite and professional manner.
Do not quote an out-of-the-box salary range, as this will show overconfidence and cost you a job offer. If you mention a lower salary range you can miss the chance of being fairly compensated.
A job hunt is an unpredictable game and asking for the desired salary is too tricky. Do not state your expected salary as soon as you are asked about it. Instead, spend time researching the details mentioned above and analyze them to derive upon a reasonable salary range. Ensure that you take into account all the above-pointers along with other things like your financial needs and work responsibilities that would matter to you. Try to strike a balance between your personal needs and your actual market value and negotiate honestly to ensure a fair deal for both the employer and yourself.
FAQs
Q1 How to answer the question “What is your salary expectation” rightly?
Ans: You must research the company, and get acquainted with the industry expectations and come up with a realistic range. You can craft the answer in the right way to reflect confidence and positivity. Ensure not quoting the salary range to be too high or too low, this can affect your chances of getting the job offer.
Q2 How to answer the salary expectations for the freshers?
Ans: If you are a fresher and have no previous salary slips to justify your expectations. You can draft your answer by analyzing the industry standards for the role and years of experience.
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