Say That Your Salary Requirements Are Negotiable
You can also state that your salary requirements are negotiable based on factors like the overall compensation package. This gives both you and your employer some flexibility and can give you the opportunity to negotiate a salary that you can both agree onâespecially if the salary they offer is lower than you expected.
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How To Write Your Salary Requirements On Your Cover Letter
Never give a single figure
Many applicants make the mistake of giving a single figure when asked about their desired earnings goal.
Narrowing down your earnings expectations to a single figure is never a good idea because it leaves you with no room for negotiation!
It also puts you in a very disadvantaged position because the employer will, undoubtedly, try to bring down your minimum offer even further.
Determine a salary range
Instead of giving a single figure and putting yourself in a disadvantaged position, you should give a range of how much you would like to earn.
It is never a good idea to determine a salary range based on your gut feeling, greed or desperation as you may come up with unrealistic or unreasonable figures.
For a more methodological and scientific approach, follow the following three steps to come to a suitable earnings range for your cover letter:
- Step 1: Find out the average wage for the job that youre applying for in that particular location .
- Step 2: Based on the average salary of your findings , establish a salary range of +/- 10% .
- Step 3: Slightly adjust this salary range depending on your income goals and worth in the job market, leaving some room for negotiation and flexibility .
Its Better To State A Desired Range Than A Number
If pressed, or if you believe that you must provide a figure to proceed to the next stage in the hiring process, you can state a broad range rather than a specific desired salary.
This is preferable because youre less likely to rule yourself out and get eliminated by going too high, and youre less likely to limit your job offer later by going too low.
So before going on your interview, be prepared to state a range. Research the rate of compensation for the role you are aiming to fill. You can do this by looking at job sites, industry newsletters, and salary surveys, or by using a salary calculator. In addition, research cost of living in the area.
If you decide to share a range for desired salary in the interview, always make it a broad range, like $40,000-60,000.
And state your desired range boldly. Dont be tentative, or offer the range in the form of a question. Then, immediately shift the conversation back to the skills and value you will bring to the role.
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Each Online Application Form Is Different
Ive had a few readers email in recently saying, Biron, I cant put what you said for desired salary because the form wont let me.
Ive also heard reports of employers asking for desired salary in your cover letter, too
Anyway, my point is: You may have to get creative and adjust this on a case-by-case basis.
No two online applications are the same. You may able to leave a few blank. Then you might find an application that says you must enter numbers only.
Test different things. If it wont let you leave it blank or enter 000, then try 999. Or if you must, enter a range. Thats better than giving a single number. Ill explain more about how to provide a good range instead of a single number later in this article.
Now lets talk about what to do if they ask about your desired salary in an interview
How To Decide What Your Salary Requirements Are
If you’re asked to disclose your salary requirements, you need to determine a figure or range that you’re comfortable with. While you may want to list a higher salary than your current compensation, make sure you decide on a reasonable salary. Here are the steps for determining your salary requirements:
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Why Companies Want Your Salary Information
Companies request compensation information for various reasons. If your salary requirement is too high, employers can screen you out because they don’t want to pay that much, or because they think you won’t be happy working for less money.
On the other hand, if your salary requirement is lower than the company is willing to pay, they may offer you a lower salary than another candidate.
To avoid being screened out or offered a low salary, you need to be careful how you describe your salary information.
Read below for tips on how to provide this information without hurting your chances of getting a job while still receiving a fair salary.
Diplomatically Turn The Question Around
When its still early in the hiring process, theres nothing coy about hedging with a salary range, as discussed above. An employer who asks about an expected salary before discussing the job in detail cant demand a more definite answer.
But at this early stage, you also have an opportunity to turn the question around. Whether salary requirements come up during a phone vetting or at the start of your first video interview with the employer, you can smile and say:
Id like to learn more about the position and the duties, and what the teams like, before discussing money. But may I ask what salary range youre considering for this position?
Delivered politely, youll demonstrate that your priority is learning whether the role is really what youre looking for which every employer will respect. And your deft invitation to share the budgeted salary range will be difficult to resist.
If the employers salary range is in the area you were considering, or even higher, thank them for sharing the information and confirm that the figures in your ballpark. If its a little less, say its at the lower end of what you were hoping for, but youd still like to talk about the job.
Why do that? Even in a challenging job market, youll find some companies are prepared to offer better pay to hire top talent.
Demonstrate you have just what the employer is looking for, and youll likely be able to negotiate a salary figure to your liking as you hammer out the details of the job offer.
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If You Say A Number Thats Too High You Could Scare Them Off Immediately
Whereas if you spoke with them and did a great job impressing them with your interview answers and interview skills, maybe they would have been able to stretch their budget to give you that number.
But at this stage, they know NOTHING about you, and they definitely dont know if they want to hire you yet.
So theyre a lot less likely to want to stretch their budget.
How To Include Salary Requirements In A Cover Letter
Because of the sensitive nature of salaries, it is often challenging for candidates to mention a specific amount. However, there are strategies for including salary information in a cover letter without selling yourself short or going beyond the companys budget. Here are ways to include salary requirements in a cover letter:
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Factor In Your Level Of Education
Your educational qualifications are also an important determinant of pay. A candidate with a doctorate in a field will often expect a higher salary for a position than someone with a masters or bachelors degree. However, remuneration will ultimately depend on the job requirements and the employers budget for the position, so do your research so you can choose a salary range that best aligns with the employers needs and your education.
Example Interview Answer #:
I dont have a specific number in mind yet. At this point in my job search, Im focused on finding the position thats the best fit for my career. Once Ive done that, Im willing to consider an offer you feel is fair.
This is just one more way of phrasing the same idea above. You can choose the sample answer that sounds best to you. Theyre all good options for how to answer desired salary questions in a job interview.
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Provide A Salary Range
The employer will very likely want a specific number, so another strategy is to give them a number or a range. Assuming your target salary is $47,000, you could say:
Im looking for a position which pays between $45,000 and $52,000 for a 35-hour work week.
Understand that if you offer a range, they will usually choose the low end of the range in their initial offer, so maybe bump up the range a bit. For example, in this situation, the range could be $42,000 to $52,000. Unless you are very experienced , do not expect to be offered the top of the range.
Mention Your Annual Salary Along With Bonuses:
Many people make the mistake of mentioning their monthly salary on their salary history. This is something that should not be done. Rather you are expected to mention your annual salary, which you get in hand after the taxes have been deducted.
In addition to mentioning your annual salary as it is, you should also mention the bonuses you would receive from the company at different times of the year. If the bonus was a significant amount then be sure to mention it without fail. In addition to this also mention other monetary incentives and employee perks which you as an employee received.
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Sample Cover Letter With Salary Requirements
Please consider my enclosed resume and credentials as my application for the position at . A review of my qualifications will showcase years of demonstrated work experience providing exceptional office support and ensuring projects are completed on time and with extreme confidentiality. These experiences have enabled me to perform scheduling, reception, meeting planning, accounting, data entry and document preparation, while creating a warm, welcoming environment for clients. I am certain that my motivation, academic experience, bilingualism/multilingualism, administrative expertise and professional demeanor will make me an excellent addition to your team as your .
Other highlights of my career that succeed expectations of would be:
Exceptional academic qualifications, including a .
Remarkable ability to retain a large variety of information and interpret it for various publics.
Fluently utilized various computer software programs to expedite work processes, including Microsoft Office: Access, Excel, Word, PowerPoint, and Outlook.
Exercised strong communication and interpersonal skills to formulate good working relationships with all co-workers, vendors, clients and the public.
Provided the highest level of customer service while greeting visitors, communicating with them via telephone and promptly assisting with their needs.
Experienced leading employees, striving to elevate individuals to their greatest potential.
What Are Salary Requirements
A salary requirement is the amount of compensation a person needs in order to accept a position. Salary requirements are based on several factors such as:
- Prior salary history
- The industry
- Cost of living
Occasionally, an employer might ask you to include your salary history instead of your salary requirements. A salary history is a document that lists your past earnings. The document typically includes the name of each company you worked for, your job title, salary, and benefits package.
The difference between the two is that your salary history is what you actually earned in your previous job. Your salary requirements are what you expect to earn in your next position.
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How To List Salary History On Resume: 16 Best Tips
It is only when you take the time out of your busy schedule to draft and write out a proper resume that you can expect to be called in for an interview in person. If your resume fails to impress the recruiter then bagging a job might prove to be an impossible task for you.
Nowadays a resume is not to be thought of as a boring document containing all your particulars. Rather it should be seen as a marketing tool that will heighten the companys interest in you. Given here is how to list your salary history on resume.
Personalize Your Expectations For Each Job
Since your salary expectations may change based on the position you’re applying for, consider changing your salary expectations for each company. For example, if you’re applying to both large and small companies, you could request a higher salary from large companies that may have a larger budget. You can also consider the type of position you’re applying for and the location of the job when updating your salary expectations.
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How To Answer Questions About Desired Salary Quick Instructions
You know what to put for desired salary on applications and how to handle questions about desired salary in the interview. This will help you get more interviews and stay calm all the way through the process up until you receive an offer!
Got a question? Leave a comment below
When And How To Mention Compensation In A Cover Letter
Theresa Chiechi / The Balance
Writing a cover letter is challenging enough, but some employers throw in an extra complication: a request for salary requirements.
Why do companies ask applicants to name their price before calling them in for a job interview? Its a way for employers to ensure that they dont waste time interviewing candidates who whose expectations don’t fit with the salary range they have established for the position.
If youre uncomfortable discussing money, dont worry. There are ways to include this information in your cover letter without jeopardizing your chances of getting a job.
Here are tips on when and how to include a salary requirement in a cover letter, as well as an example of a cover letter that lists a salary requirement. Also see below for more cover letter samples, and tips for emailing a cover letter and resume to apply for a job.
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Where And How To Include Salary Information
Employers will often tell you where to mention your salary requirements and history theyre usually included in your cover letter, in the application, or during an interview. If the employer asks for your salary requirements in a different way, follow their directions.
You can give your salary requirement in your cover letter by stating something along the lines of:
My salary requirement is flexible based on the compensation package and is in the $25,000 $30,000 range.
Try to keep your salary requirements brief, so that the employer can spend more time focusing on your cover letter and your application.
You want them to see why youre a good fit for the job and deserve the salary requirements you give them, not that youre a money-hungry psycho.
Tips For Communicating Your Salary History
If youre asked to include your salary history, you could also list your previous salaries as ranges instead of giving a specific amount.
However, if the employer gives specific instructions on how to include salary information, you should follow the rules.
If you lie about your salary history, your potential employer could easily check in with your previous employers. Lying is a good way to get screened out of the hiring process.
How To Answer What Are Your Salary Requirements? Tips From An Expert
Wendi WeinerAttorney and Career Expert
As a lawyer who spent 11 years settling large insurance claims and negotiating attorneys fees with some of the most contentious opposing counsel, I learned various tricks and tools that helped me excel in the process and even during the dreaded salary negotiations talks in job interviews. My strategies enabled me to acquire hefty salary increases at subsequent roles and even during performance reviews. I have since leveraged that experience and skill set in job search strategy sessions with career coaching and resume clients, which have included a payoff to many in the form of $20,000 or more.
Know Your Strategy Ahead Of Time
Dont Focus On Your Current Salary Or Past Salary
Do Not Bid Against Yourself
Consider The Power Of The Counteroffer
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Should Candidates Include Salary History On Resumes
There is NO need to include salary history on your resume. The main certainty for including your salary history to make sure that your resume does not reject, leading to losing a job offer. But if the employer insists on, then there is no other option than providing salary history details on your resume.
Now Its Time To Give A Number Not A Range
At some point, you have to commit. By the second interview , youve likely learned what you need to know about the job and how success will be measured, youve met team members, and youve shared the salary range you were considering or the employer has shared the figure theyve budgeted for the position. The candidates compensation expectations, and whether the employer can meet them, remain the only major unsettled questions. So, when an employer now asks you to give your expected salary, you have to be ready to give a number, not a range.
Factor in all youve learned during your research and the interview process. Are the responsibilities and the stress level about what you expected when you applied for the position? Will you manage people or processes the original job posting didnt mention? Perhaps most importantly, what employee benefits, perks and bonus opportunities will be included in the compensation package?
Any and all of that information should help you arrive at a salary figure that you think is fair and will be acceptable to the employer. You may have had to tip your hand when salary requirements first came up, but that doesnt mean youre committed to the range you originally gave. Phrase your answer by citing, briefly, the points you think are salient to compensation expectations. Even better if you can frame it in a positive manner. For example:
Keep it positive and friendly. Be confident and polite. And above all
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