Why Do Employers Ask For Your Expected Salary
Employers ask for your salary information for a few of these reasons:
They have a budget The interviewer wants to make sure your compensation aligns with what they have already calculated for the position. If your salary requirements are too high, they may no longer consider you for the job because they dont want to pay that much or think you wont like working for less money.
On the other hand, if you give a salary requirement thats lower than what the company is willing to pay you, they might offer you a lower salary than you deserve.
They want to see how you assess and communicate your worth A good candidate knows what their skill set is worth. Factor in years of experience and any achievements to determine what range you should put.
They want to determine youre right for the position. If the asking salary is higher than the other candidates, there is a chance that person is too qualified for the position, and they would need to go with someone else.
On the other hand, if the salary is too low, the person might not be qualified enough for the position.
The key to answering this question is all about finding a good middle ground. You dont want to sell yourself short, but you dont want to make less than you deserve or get screened out of the hiring process.
Tips On Being Offered The Highest Salary Without Listing Too High Of A Number
One of the most delicate elements of salary negotiations is the fact that youre trying to get the highest salary possible, but your employer is trying to pay a lower salary, if possible. Here are a few tips you can use to get the best salary without listing a number thats so high the hiring manager just moves on entirely.
First of all, remember that you can get a better salary with better certifications. Even if youre working an entry-level administrative assistant job, you may be able to command a better salary with a bachelors degree than with a high school diploma. The job market often looks at your education and credentials even more than your years of experience and skill set.
Second, its critical that you do your research on average salaries before you make an offer. Most of the time, a salary site or salary calculator will give you a payscale anywhere from the lower end to a much higher end. You can look at career advice websites to see salary history as well, including whether salaries have largely stayed the same over the last few years or whether theyve gotten lower or higher.
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What You Should Know About Discussing Salary Requirements
Hiring managers often ask a few predictable questions during the course of the job interview, regardless of the industry or position. One such question often has to do with salary requirements and history. This is one of the trickier questions to answer, so preparation before the interview is vital. Learn why employers ask about salary, look at a step-by-step guide to answer the question, review example answers, and see tips for earning a high salary.
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Should You Write A Cover Letter With Salary Requirements
Typically, you should only write a cover letter with salary requirements if the job posting asks for it. If you list a salary that exceeds the range your prospective employer can offer, they may not look at your application or advance you in the interview process. If you list a salary that’s far below what they can offer, they may offer you far less than what you’re worth.
Best Cv Writing Tips: How To Indicate Salary Expectations
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When an application asks for my expected salary, can I leave it out and would this affect my chances of landing a job? And most importantly, where should I quote my salary expectations? asks Ms. Valentine Mukholwe in an email.
Many latest job available in Kenya today require candidates to write their anticipated salary in their CV. As an applicant it is important to note what you expect to be paid but if the advertisement does not ask for it, do not bother mentioning it.
Lack of inclusion when asked will make the employer view you as a person who cannot follow instructions.
Guidelines to Follow When Indicating Expected Salary
Never lie about your previous earnings. You putting it in your CV is probably just a way for the employer to shortlist which candidates they can afford to take on and which ones they cant. At the interview stage, proof will be required in the form of payslips. You can now see how inflating your salary could be of a disservice to yourself.
When youre asked to indicate your expected pay in your CV, put it in the form of a range, just to be safe. However, make sure that you are willing to accept the lower end before putting it in your CV.
Do not include benefits and bonuses that you earned at your previous place of work into the salary equation. The salary requirement range should be just your basic salary.
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Why Are They Asking For Salary Requirements Anyway
The short answer is that companies ask for salary requirements to screen out candidates. They use this information to help them determine if there is a fit financially. If you are too high on their salary range for the position, it may weed you out before you even get an interview. If your requirements are too low, it could either weed you out or get you an interview, but it may also mean a lower salary offer if/when you are offered the job.
If you ignore the request for salary requirements altogether, it could also weed you out and prevent you from getting an interview because you didn’t follow the employer’s job application directions.
This scenario presents a difficult situation, but one that is not impossible to navigate. It just takes a little research and strategy.
Say That You’re Flexible
Whether you provide a salary range or include a definite figure, you can state that your salary requirements are flexible. If you list a salary that’s out of their range, saying you’re flexible ensures they don’t pass on your application altogether. It also gives you the opportunity to discuss your salary with them at a later date.
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Why Employers Ask About Salary Requirements
This is a very important question for both your potential employers and you. For potential employers, asking about your salary requirements and salary history can help them establish an appropriate salary for you specifically based on your request, job history, skills, and position requirements. For you, it provides the opportunity to share how you value your experience and skills with a monetary figure.
Responding appropriately to this question is of utmost importance, however. If you provide a figure thats higher than the potential employer anticipated, you might get screened out of consideration. If you offer a figure thats too low, your potential employer might think you dont have the appropriate skills or experience to perform the role.
Mention The Benefits You Enjoyed Along With Your Previous Salary:
There are many companies that might not be paying heavy salaries but they compensate for this, by giving their employees other benefits to keep them happy and content. These benefits work as incentives that spur the employees to work harder and give their best no matter what hurdles come their way.
So if you were one such employee who received many benefits in the form of insurance, paid vacations, working from home facility and even transportation to and from work, then mentioning things like this is certainly not a bad idea at all.
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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 .
Add Your Salary Requirements To Your Cover Letter
The last paragraph of your cover letter is where you should state your salary requirements. Youve spent the rest of your cover letter describing why youre the perfect fit for the role, so now its time to bring up money.
Dont let your salary requirements take up more than one or two lines. You can discuss your salary further during or after the interview.
Here are some examples of job seekers politely including their salary requirements in their cover letter:
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When To Discuss Salary
As mentioned previously, the best time to enter into a salary discussion is after youve received a job offer. Attempting to negotiate before then will leave you at a disadvantage, especially if other candidates are still involved. If you havent been formally offered the position, but think youre close, ask to confirm where you are in the hiring process with this line:
- I prefer to discuss salary only when Ive been offered a job. Is this the case?
Once you have a confirmed offer, feel free to negotiate a salary that matches your skills and experience level. Before entering into these discussions, brush up on some negotiation tactics and tips to help you be more persuasive and get the salary you want.
When it comes to navigating the hiring process, set yourself up for career and financial success by wisely answering the desired salary question on applications and in interviews. Choosing to leave the application field blank, write in negotiable, or use a numeric placeholder will help you postpone the conversation and give you the best chance of getting the job. Additionally, delaying salary discussions in an interview should help you successfully negotiate a better salary once you get an offer.
With a salary worthy of your skills and experience, youll have more income to save, spend, and grow. Dont forget to adjust your budget in the Mint app, so that you can stay in control of your finances and keep on reaching your financial goals.
Options For Including Salary Requirements In A Cover Letter
There are three options you can take when including a salary requirement in your cover letter:
Provide a specific amount. If the application asks for a specific salary amount, then you should comply and provide one. Failing to do so may be interpreted as an inability or unwillingness to follow directions, which should be avoided.
When you pick a specific amount, you need to balance the highest amount for you with what you think is a fair amount to ask for. Research the position and industry standards and balance with your own needs. As always, show a willingness to be flexible.
Provide a range. If the application asks for a salary requirement but does not specify the amount, this is your best option. It allows for the greatest flexibility in negotiations and provides you with the best chance of landing your desired amount.
Like a specific amount, base your salary range off of the industry norms and your skill set, along with your needs and cost of living expenses.
Avoid providing an amount. This is the last resort option if you are either uncomfortable or unwilling to discuss salary requirements. In such an instance, you should still show that you are willing to be flexible. Keep it short and honest.
For example, you can say something along the lines of, I do not wish to discuss my salary requirements at this time. However, I would be willing and flexible to discuss it at a further date.
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What To Put For Desired Salary On Job Applications
The best way to answer desired salary or salary expectations on a job application is to leave the field blank or write Negotiable rather than providing a number. If the application wont accept non-numerical text, then enter 999, or 000. Then, look for a notes section later in the job application and write, Regarding desired salary, this is negotiable and can be discussed in the interview.
It is not beneficial in any way for you to write your desired salary on job applications.
Why Are Salary Requirements Important
Salary requirements include the amount of pay you need to support your lifestyle. The salary a potential employer offers should compensate you for your experience, specialties and career level. When you know your salary requirements in advance, you can be ready to discuss pay when you apply or as you negotiate during the hiring process.
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Example Answers To What Are Your Salary Requirements Interview Question
Lets take a look at a few different ways of answering this seemingly straightforward question during an interview:
Based on my salary research, I feel that an annual salary of between $39,000 and $45,000 is appropriate for someone with my experience. I am open to learning more about ABC Corp.s salary expectations and included benefits for this position.
While certainly open to negotiation, a starting salary of $46,000 to $51,000 seems fair to me. I bring a unique blend of management, business, and customer service experience and skills to a position that requires all three, based on our conversations.
Ill open by saying that Im impressed with the benefits package that your company offers. Still, as an experienced project manager, I expect a base salary of between $56,000-$60,000.
At the moment, Im focused on finding a position that fits my skill level and passion. Based on our conversation and my research of your company, Im sure you can provide a competitive offer.
My salary research indicated that a typical annual salary for an employee with my level of experience working in this position is between $67,000 and $72,000.
How To Include Salary History In Cover Letters
Your salary history is a document that lists all of your past earnings. It typically includes the name of each company you previously were employed by, along with your job title, salary, and benefits package.
The difference between your salary expectations and your salary history is what you were actually earning in previous roles, compared to what you expect to earn within your next.
Bear in mind that you dont want to mention your salary history unless youre specifically asked to. Your cover letter should focus on why youre a perfect fit for the role, rather than talking about the expected salary or your salary history.
In addition to this, you dont want to put yourself in a corner. Letting out all of these important details may have a negative impact on you when it comes to negotiating for better compensation later on down the line.
In answer to the question how to include salary history in your cover letter a great way to do this is to include a salary history page within your cover letter. On the salary history page, you could include the past one, two, or three jobs you have held. Ensure you list the jobs in reverse chronological order .
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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.
Why Include Your Expected Salary In Your Resume
Including your expected salary in your resume can help employers decide whether you’re the right candidate for their budget. Employers also may be interested in learning how you value your skills and experiences. Consider adding your salary expectations to your resume upon request from a potential employer.
Mentioning your salary expectations can demonstrate your ability to follow directions to a potential employer. It can also provide them with an idea of the salary you’re interested in earning. If a company doesn’t request your salary expectations, you can usually leave it out of your resume.
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When And How To Disclose Your Salary Requirements
The Balance/Kelly Miller
Some job postings ask you to include a dollar amount that you expect to earn as a salary, or they may even ask you to include your salary history when you apply for the position. You may not feel comfortable about this, so how do you know when and how to disclose your compensation requirements when you apply for jobs?