One of the most dreaded questions in any job interview is without a doubt, “What are your salary expectations?” It’s a question that can feel like a delicate dance. Answer it too high and you risk pricing yourself out of the role. Answer too low and you may sell yourself short.
Fortunately, with a bit of preparation and the right approach, you can navigate this question with confidence and poise. Here’s how you can answer the salary expectations question without breaking a sweat.
1. Do Your Research
The first step in answering the salary expectations question is to come to the interview prepared. Research the typical salary range for the position you’re applying for, based on factors like your location, industry, level of experience, and company size. Good thing there are many online resources that can help you, including websites like Glassdoor, Payscale and LinkedIn Salary Insights.
Where possible, find out what the company typically pays for the role by checking recent job postings with salary listed or if you have contacts at the company or within the industry, ask them for insight.
2. Understand the Entire Compensation Package
Salary is just one part of the overall compensation package. Don’t forget to consider benefits like health insurance, retirement contributions, paid time off, performance bonuses, stock options, and any other perks the company might offer. Sometimes, a slightly lower salary can be balanced out by an impressive benefits package, flexible work hours, remote work options, or professional development opportunities. Take some time to consider these factors and how those may benefit in your situation so that you are negotiating based on the total value of the package.
3. Give a Range, Not a Specific Number
When you’re asked about salary expectations, it’s usually best to give a salary range rather than a specific number. This shows flexibility, allows for negotiation and acknowledges that there may be other factors at play—such as the company’s budget and how much value they place on your skills and experience.
For example, instead of saying, “I’m looking for $75,000,” you might say something like, “Based on my research and experience, I’d be looking for a salary in the range of $70,000 to $80,000.”
This range should align with the market value for your role, considering your experience, skills, and location. If you’re still early in your career or transitioning into a new field, you might lower the range slightly. If you have years of experience or specialized expertise, you can aim higher.
4. Be Honest About Your Current Salary (If asked)
Sometimes, the interviewer may ask for your current salary as a way of gauging where you stand. If you’re comfortable sharing, be transparent about your current compensation. However, it’s important to frame it correctly.
For example, if you’re currently earning less than the market rate for your new role, you can explain this by focusing on the growth and learning opportunities you’re seeking in your next role.
Alternatively, if you’re earning more than the position, you’re applying for typically pays, you can explain that you’re looking for a role that offers new challenges or a more rewarding work environment, rather than focusing purely on salary.
If you don’t want to share your current salary, it’s okay to politely deflect and focus on the value you can bring to the new role. You could say something like, “I’m focused on finding a position that fits my skills and career goals, and I’m open to discussing a compensation package that aligns with the value I can contribute to your team.”
In the end, the key to answering the “salary expectations” question is preparation, honesty, and a willingness to remain flexible while advocating for yourself. If you approach the question thoughtfully, it will be much easier to navigate.
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