How to answer What are your salary expectations
One of the things that can truly make or break an interview is the subject of salary expectations.
Salary is one of those topics that employers and candidates generally like to put on the back burner until the ‘appropriate’ time.
This doesn’t mean however, that you should not be keenly aware of your worth as a candidate.
Eventually, the issue of salary expectations will arise and it is essential to know the amount you’re seeking with relevant reasons.
What the interviewer wants to know?
Interviewers ask about salary expectations for a number of reasons:
Can they afford you?
Given that the company has a forecasted budget for this position, they are asking what your salary expectations are to identify whether or not you are within that budget.
If you’re salary expectations are higher that what they’ve budgeted, your application for the role may still be considered. Keep in mind, that you will only be considered once your skills and experience validate your cost. This means if you possess a highly specialised skill or extensive experience within an industry, the company may deem your value and worth unquestionably high and may increase their budget to meet your expectations.
How do you value yourself?
When an interviewer asks about salary expectations, they want to see the value you place on yourself. Can your skills and experiences be quantitatively measured and valued? If so, what level of value are you? The salary figure you quote during this discussion will provide the answer.
Have you done your homework?
If you’re asked about salary expectations and you quote an astronomical figure, it signals you’re not prepared. You clearly haven’t prepared by researching the role; you don’t understand its value and perhaps you’re simply interviewing just for the money.
How to research job salaries?
You want the interviewer to acknowledge you’re here for more than just money, but you have also done your homework, which is research. An effective research strategy is, reaching out to persons who operate in a similar capacity, from similar companies.
Granted, these people are not going to provide you with full details about their salary and benefits. Instead, be tactful. Ask for a salary range instead of an actual figure. You could say something along the lines of:
“Hi, I see that you’re a ____________(job position), working at _____________(name of company). I wanted to reach out and let you know I have an upcoming interview for a similar position. I am a little unsure about the compensation though. If you don’t mind, if I am asked about my salary expectations for the job, what would be an appropriate salary range to provide the interviewer? Thanks for your help.
Suitable places to find such people for assistance include LinkedIn – where you can actually search people by their job titles.
Industry insiders
Career coaches and recruiters are also valuable data sources. Usually, such individuals make their living by matching candidates with relevant job opportunities. Therefore, they would be very well aware of what a job pays, depending on company, sector and skill level.
Online research
You can research multiple sites that provide data about job opportunities and salary ranges within the Caribbean. Some of these sites include:
- Google search engine
- CaribbeanJobs.com – (some advertised jobs actually have the listed salary amount)
- Paylab
- Glassdoor
- Zippia
- Salary Expert
How to answer, “What’s your salary expectations”?
Now that you understand the dynamics behind asking this question and research sources to guide your response, you can answer this question professionally by remembering:
Timing is essential
Given the sensitivity of the question, you want to be able to quote a realistic figure when you have all the necessary job details such as duties, overtime hours, hours of travel if applicable, any associated job risks and other benefits involved. Keep in mind that, you can postpone your answer, but eventually you will have to provide a salary range once sufficient details are presented to you.
What’s ideal to sustain you?
When answering salary expectations, consider the following:
- What amount could adequately compensate you to perform the job demands?
- The salary amount you request must be adequate to cover your fixed expenses.
- You must also be able to afford a decent standard of living based on your salary.
Find the perfect balance
After having done thorough research, select a range of values that are not too high and seem overly inflated. Likewise, these values must not be too low so as to shortchange yourself. Ultimately, you want to be affordable enough to be hired, but towards the upper end of the scale. This signals to the interviewer that you’re a high-value candidate.
For example, if your research shows that the salary range for an Inventory Coordinator is between $10,000 to $12,000 per month, start from the higher end of the spectrum and push the envelop a little bit over the edge of the maximum threshold.
Therefore, when answering what are your salary expectations for an Inventory Coordinator, provide a range between $11,000 to $12,500. It may be a bit of a stretch, but you’re essentially staying within the budgeted amount, but closer to the higher end.
Communicate value, value & value!
If you’re asking a slightly higher salary, be prepared to justify it with evidence. The evidence that works in your favour include notable past accomplishments. These can speak volumes of what you’re capable of and are likely to be skills that are not easy to find elsewhere.
Tips for discussing salary expectations
With this interview question, the more resources you have on your side, the greater your benefit. When answering salary expectations during an interview, feel free to:
- Acknowledge the amount you rightfully deserve and communicate that with confidence because you’re worth it. Passivity means you may be shortchanged, whereas aggression signals arrogance.
- Justify your value, data, figures and tangible results. If you can provide clear numerical values about revenues you’ve generated, sales targets, lucrative customer leads, monthly client acquisitions, profit margin growth or expense decrease percentages, you’ve achieved, you’re well on your way to getting exactly what you deserve.
- Remain flexible – negotiations involve give and take. Be prepared to listen, evaluate and respond appropriately.
- Consider the market demand for the job. A position within a highly competitive market may be less conducive to negotiating a higher salary range than a specialised position where the qualified applicants are few.
