Dissecting The Golden Question: What Is Your Expected Salary?
It is true, that most of us work for money. It is a fact of life. We need the income to survive in this world, to eat, to travel, and all of the necessities. Then the question comes “Is what I am currently earning enough?” Well, we surely know the answer to that, don’t we?
When it comes to finding a new job, there is always a question that stumps even the most seasoned interview-goers. What is your expected salary? But then again, is it a prerequisite to answer that question when filling up a questionnaire when applying for a position in a company? Or to answer the interviewer when asked? Let’s find out more.
Do I reveal my expected salary?
So, should you reveal your expected salary or give them a range? The answer to this depends. Employers usually ask for your expected salary because they need to know whether or not you are in their budget range. It is also a way for them to see the level of quality you will be bringing in for them. Your potential employers would like to see how much you value your work as well as yourself.
A study by Salary.com shows that only 37% of professionals negotiate their salaries and a shocking 18% never do! So how then can we start practicing salary negotiation? Here are a few pointers that can help you when you stumble across such situations.
Knowing How Much You Worth – It wouldn’t be reasonable if you are asking for a sum way above your current earnings. Yet again, we wouldn’t want the set number to be too low right? Well, click here to get your salary evaluated by professionals and get adequate knowledge of your precious income.
Start High – Always start higher than your desired wage. Check online for the industry-standard pay of your current job and experience, and take a rough gauge from there. The potential employer will have set a budget for the position you are eyeing for so work from the top and go down from there.
Exit Door – Set a minimal limit. If the negotiation goes below the expected number, know when to pull out. Shortchanging yourself is something we wouldn’t want as there will always be other opportunities out there waiting for you.
When is the right time to talk about it?
Studies have shown that there is very likely 2 occasion this question might be brought up. It will either be one of the very first questions asked or the last (right before the offer). In either situation, you should be in control. Know how to counter with the right questions when the moment comes. Here’s an example for each of the 2 scenarios.
Early in the Interview – If the interviewer pressures you with the question early in the interview, a technique you can use would be saying “That would depend on what the precise role is”. This way, both of you will be on level playing field and negotiations will be comfortable with more information disclosed.
Before the Deal – Once all information is shared and discussed, right before anything is written in stone (signed on paper), the golden question will appear. “I am happy to talk about it once there is an offer” is a good way of asking the interviewer to start the negotiation to get an idea of how much their budget is.
How do I then approach the golden question?
Instead of you giving a number, reverse the question. Ask the interviewer for their desired range instead. This way, both you and the interviewer will be in the same ballpark knowing the salary is right down your alley and theirs as well. To get even more comfortable with the negotiation, talk about how you can bring beneficial value to the team and that the end goal for you and the organization is the same, thus, agreeing to a set salary will be fulfilling as well as soundly reasonable.
For optimal results, check out the Salary Evaluation page for an absolute in-depth review by our professionals. Keeping your salary up to date in the career market is not only vital but beneficial to remain competitive in the fast-paced professional world.
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