Whether you’re applying for a new job or looking to advance in your current career, salary requirements are an important subject to discuss. Having a good understanding of your earning potential will help you to secure a fair salary for the work you do.
Being able to understand and effectively discuss and handle conversation regarding your salary requirements can help to improve your chances of securing the salary that you desire.
Why is it important to discuss salary requirements?
Discussing your salary is important because it allows you to put a monetary value to your worth in the workplace. It also ensures that you have the best opportunity to get a salary that meets your needs. Typically salary needs are discussed during the interview process. Employers may want to look at your previous salary or discuss your salary history. This will give them an indication of your value to previous businesses.
How to respond to salary requirement questions
When discussing salary needs with your interviewer, there will be a few things that they’re trying to understand about you. They will be trying to determine the following things:
How much value do you give yourself?
Interviewers want you to showcase how much value you place on your skills, experience and acumen in the field. Interviewers will not want you to approach them from an egotistic POV. But rather find out how much you value your skills as an employee.
Can the company meet your salary expectations?
Interviewers will know the budget set for the role. Knowing your salary needs will help them identify whether or not you are a suitable candidate in terms of their budget. They’ll be figuring out whether or not they can afford your employment.
Do you have sufficient experience?
Your interviewer will be looking to understand if you’re competent, experienced and capable for the role. Speaking about your salary needs will help the interviewer understand your skill level within your industry. Lower salary needs denote that you may lack experience. If you place your salary needs too high, they may think that you are over experienced. A good way to approach this question is to be prepared.
Take your time to research the salary needs of people on a similar level to yourself. When doing so, consider location, your industry and your experience. Once you’ve done this come up with a reasonable salary requirement.
Remember to outline your salary needs during the interview but don’t focus on it or talk about it too much!
Do your research
It’s important to understand what the average salary needs are for the type of role you’re going for. Factor in your experience, location and qualifications. They’ll be resources online to help you determine the salaries of similar roles or the same role that you are going for.
Factor in your:
- Your education
- Your experience
- Skills you obtain
For information on ‘How to Negotiate a Better Salary‘ click here.