What are your salary expectations?

What are your salary Expectations?

Every time you attend a job interview, it’s a guarantee that this question will come up at some point. This is usually one tricky question and I’ve seen so many candidates fall flat.

But why is this question hard? For most, it’s because you don’t want to under-quote or over-quote your expectations. You're afraid that your expectations can jeopardize your chances of getting the job. One thing I will advise is: never go into an interview room without a very clear mind of your expectation. Don’t give a prospective employer an impression that you’re not sure or you don’t know what you expect to be paid if offered the job. Never be hesitant or shy about it.

What if you under-quote:

Three things can happen:

1. Some employers will negotiate you even further down and you can end up getting a very low bargain.
2. You’ll be offered the job and later find out that you under-quoted yourself and that you’re paid much lower than your peers. This is a terrible demotivating factor and can make you very miserable and despondent in your new jobs and eventually bring down your performance. Some good employees leave their job because of this.
3. You’ll not get the job even if you were a good candidate. Under-quoting your salary expectation could be interpreted to mean that you’re not up to the task ahead. It can potentially work against you.

If you over-quote:

You may shoot yourself out of the range the employer is willing or is able to pay you and therefore miss the opportunity even if it was a good offer. For control purposes and to ensure that there is consistency in salary offers and harmonization within the organization, companies have salary bands for all job grades. Unless, on very special circumstances, hiring managers will play and make offers within the established salary range.

So, how should you handle this question?

1. Avoid giving a fixed figure and instead give a range. The range should be within the industry limits. Do some little research on this. The lower part of your range is the least you expect (the minimum below which you would not be willing to accept) and the upper limit is your most ideal salary that you would be happy with. Your range should be well thought in advance and quite reasonable. For example a range of 50k to 90k would make sense. A range of 50k to 200k is so stretched out and may not make sense.
2. The other way to look at it is to think about what you would consider a fair salary upgrade from your current employment. What percentage increase in your salary would make sense for you and form a strong basis for you to switch employment? Is it 15%, 20 30%? This is an increment which gives you an incentive to switch companies. Always remember that switching jobs comes with considerable risks. I’ve seen instances where someone changes jobs and after joining the new company some changes like restructuring happens. And you know in most cases the people who joined the company most recently are the ones that are let out first – kind of LIFO. So, you find yourself on the chopping board and yet just a few months ago you left your previous employer where probably you had worked for years and built your name, your space, your reputation. These are the risks and you should always be conscious of it. The other thing is that in most organizations, it’s a requirement that you undergo a mandatory probation period. I’ve seen instances where candidates fall below expectation during the probation period and are let go. Your salary expectation should be good enough to override some of these fears and risks and be worthy the jump.
3. There are a number of instances when the salary offer for the job is well communicated and posted together with job vacancy. This way your job is easy. You quote within the range offered. Note that you have some room to extend your expected salary by some reasonable margin. Most employers will not shut off great candidates just because of a slight salary difference. They will be willing to bend forward.
4. Always make sure that the prospective employer knows that you’re open to negotiate. This gives room for flexibility and negotiations if they think you’re a strong candidate for this job.
5. If you’re not currently employed, ensure that your prospective employer knows this. Candidates who are not engaged are usually flexible and willing to bend here and there. This can be viewed positively by the employers even though employers should not use it to exert undue dominance on the candidate and out-bargain them. As an employer, you are also aiming at the middle ground where both of you are happy.

In case of any question, drop me a message I will get back to you. Viva!