Career GuidanceInterview Tips

How to Answer “What are Your Salary Expectations” Question?

Answering our salary expectations seems like the most intimidating question of the entire recruiting process. It confuses you, but it also puts you on a pedestal where you sound too demanding or to somebody who does not know their market value.

So how does one nail this? At some point, we all have to. And though there's no full-proof method for this, there is a trial and error, no pain, no gain period. So let's begin with knowing a few things that can help you make minimum mistakes. This blog teaches how to answer the "what are your salary expectations" question.

Content List   Latest update :

India's median salary is 29,400 INR per month (392.07 USD). This implies that half of the Indian population earns less than 29,400 INR every month, while others make more than 29,400 INR.

 

Significance of Salary Expectations

Recruiters use the wage expectation question to assess an applicant's understanding of their value, considering their level, competence, and experience. Employers are interested in compensation expectations since they must stay within a budget. If most candidates expect a given range of pay, the corporation may provide additional funds. Understanding the value of your talent is critical so you don't get paid less than you should.

  Related blog: How to Negotiate Your Salary For Your New Job During Covid-19 Pandemic? 

Why Should You Mention Your Salary Expectations?

During the employment process, companies may inquire for a variety of reasons. The main reasons are as mentioned below:

  • Organizations want to make sure that the income you expect is something they can offer. Many businesses have a defined budget for the different jobs for which they hire personnel, and they must stick to it to prevent having to make other cuts.
  • However, some organizations are willing to make exceptions for people with extraordinary skills.
  • Or if numerous candidates are asking for a comparable wage greater than the company's initial budget.

This interview question may also be asked for the following reasons:

  • To ensure that you aren't overqualified.
  • To understand that you know your worth.
  • For some positions, it helps to evaluate your negotiation skills as well.
 

How to Negotiate for Your Salary Expectations?

  1. Look at the pay scale for the position. To make a correct compensation request and be in line with the market average in your business, you must first understand the market average. Take the time to look into the typical wage for the job you're looking for and salary ranges in your area and state. You may also look into how much other individuals in your career make with similar experience and education.
  2. Take into account any additional costs. Include those costs in your compensation proposal if you have to relocate or pay additional charges to take the position. For example, if moving to the city where the firm is situated would cost you $2,000, you should request either $2,000 in direct compensation or that it be included in your overall income.
  3. Decide on a pay range. Rather than presenting a specific figure for the income you expect, give the employer a range in which you'd want to be paid. Rather than having a wide range, try to keep it tight.
  4. Avoid answering the question. Some hiring managers may inquire about your desired compensation early in the recruiting process before you've thoroughly grasped all of the job's nuances and determined whether or not it's a position you're interested in. While you'll have to talk about your wage expectations at some point, you may divert the issue until you're ready to answer.
  5. Be willing to consider various types of pay. An employer can compensate you in multiple ways, including health benefits, increased paid time off, additional vacation days, and stock in the firm. While this form of compensation may not be visible on your paycheck, it does mount up over time and translates to either more money or a more appealing work environment and work-life balance.
 

Should You Mention Your Salary Expectations?

Be crafty and patient. You can be honest and react as you want, but this one will test your nerves. At first, try to relax your thoughts. Come up with a response that will give them a good notion without giving too much away.

Keep in mind that your interviewer has a lot of expertise in how to respond to your rebuttal. Even if you seem diplomatic when coming up with a solid response, they will figure out what's on your mind. The reactions listed above might assist you in coming up with a substantial reply. As long as you seem natural and respond to the inquiry, "What are your pay expectations?"

 

Must read: How to answer questions about current salary during an interview?

    Conclusion:

Salary negotiation is an excellent moment to market yourself while also putting pressure on the company to make a reasonable offer. You're demonstrating that you're confident in your talents and that you value yourself too highly to sell yourself short.

At the same time, you're allowing them to earn your respect by making a reasonable offer. You're tastefully letting them know you're not desperate and expect to be fairly rewarded for your time and ability. Both of which are crucially important and admirable at the same time.

 

FAQs

1. What should I say when asked about salary expectations?

Know what you offer. Know what the trend of salaries is for your position. Both can be achieved by adequate research. Know what you want. And when asked the question, mention your expectations while showing your willingness to talk it over. Let them know you are open to negotiations.

2. Do you have to reveal your salary expectations?

Not until asked. The conversation is a little tricky and should be ideally initiated by the organization. But at the same time, it is essential to let them know that you are looking for too. At the end of an interview or post a successful session, you can add what you're looking for while mentioning that you are open to negotiations. If you are a fresher, avoiding the talk is best advised.

3. What does it mean when employers ask for your salary expectations?

When the employers ask you your salary expectations, they want you to mention the range you want your income to be. However, it is not just about the number. It is also to understand how you value your skillset in the market. Do you know your worth, and most importantly, can they afford you at the moment.

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