How To Answer What Are Your Salary Expectations

How To Answer “What Are Your Salary Expectations?”

What Are Your Salary Expectations? This question may also be stated as :

“What are your salary requirements?”

Or

“What do you expect to be paid?”

Salaries it could be awkward at times when the recruiter asks you, “What Are Your Salary Expectations?” You might think to yourself, “I don’t want to sound greedy with my salary expectations, yet I don’t want to be underpaid based on my experiences and qualifications.”

Why is answering this question so tricky? It’s a relatively straightforward question yet the answer can be quite complicated. You don’t want to undersell yourself, but you don’t want to be unrealistic.

There are a few different reasons why companies ask about salary expectations.

  • To know your worth, by asking you about your salary expectations, recruiters want to know if you know your worth and to determine whether your skills and experience are worth the amount you ask for.
  • Another reason recruiters and hiring managers might ask this question is to identify whether you’re the type of candidate who does their research and can share specifically the value that they would bring to the role.
  • Limited budget, recruiters too are given budget by the higher authorities. They need to see if their budget meets your salary expectation.
  • They want to determine whether you’re at the appropriate professional level. An applicant who asks for a significantly higher amount than other candidates may be too senior for the role. Alternatively, answering with a salary expectation on the low end could indicate you’re at a lower experience level than the job requires.
  • Some employers are bargain hunting. Despite a general market value for certain positions, some companies place a bigger premium on certain positions than other companies. This means that the salary they expect to pay for a certain position may be lower or higher than the going rate.

By preparing for salary questions ahead of time, you may have a better chance of landing the job of your dreams, with a paycheck to match.

Here are tips you can follow to get ready for that conversation:

An essential part of job interview preparation is doing your homework on the company itself.

Having this pertinent information fresh on your mind before shaking hands with your interviewer will help you feel more prepared and will equip you with quality talking points as the interview progresses.

Do Research:

Always go into a job interview having done your research on what salary range makes the most sense for that position, company, and your experience and skill level. 

Review the job description:

Read the job description to thoroughly understand how the employer has described the position and the type of candidate they are looking for. Carefully review the keywords and key phrases the employer uses to describe their expectations.

Learn more about the company:

If you are in a time crunch and don’t have the luxury of studying up on a company thoroughly make sure you at least jot down some mental notes from the company’s website. Here’s how:

  • Go immediately to the “About Us” and “Mission Statement” portions of the site.
  • Some mission statements are more informative and useful than others but many give you a glimpse of how the company wants to represent itself to the public and what the company values. 

Preparing is key:

The question “What are your salary expectations” is not just about proper preparation but also about swift action and thought. If you go too high, you can take yourself out of the running. If you go too low, you may end up with a less-than-appealing offer.

Here are some best ways to answer and prepare for the salary expectations question.

Answer- 1

“Before I answer that question, I’d like to ask what you typically pay someone with my experience and education in this type of position.

Answer- 2

In general, I expect a salary that’s consistent with current employees at the same level. I think I can be a great asset to this company, and if you agree, I’d love to hear your offer.

Answer- 3

“I really need more information about the position before I can begin to discuss salary. Can you tell me the range budgeted for this position?”

Answer- 4

“I’m more interested in finding a position that’s a good fit for my skills and interests. I’m confident that you’re offering a salary that’s competitive in the current market.”

Answer- 5

I’m quite open and slightly flexible on salary as the opportunity to add value and to be valued is important to me. I’d appreciate knowing how you value this position and what your budget is for this role ?

Answer- 6

“Well, after carrying out some research and considering my experience, my understanding is that a salary of between 15 – 18 lakh a year is usual based on the role and responsibilities.”

Depending on the answer you give, they will be able to tell if you really understand the value you bring to the organization through your experiences and skills. It shows you took the time to research and put thought into your job search. 

Hope these tips will help you in handling salary-based questions.

“Best Of Luck”

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