One of the most difficult topics that can be dealt with in the course of having an interview is how to answer “What are your salary expectations?” in an Interview.
However, answering the question “What are your salary expectations?” is tricky and requires a delicate balance between showcasing your value and avoiding potential pitfalls.
This question affects not just your potential income but also speaks volumes about your self-confidence and level of awareness of the industry and yourself within it.
In this article, we’ll provide expert guidance on how to answer “What are your salary expectations?” in an interview confidently and effectively, along with examples to help you prepare for your next interview.
Also See: How To Answer “Why Should We Hire You” Interview Question (+Examples)
Why Employers Ask About Salary Expectations
Before going into the specifics of the different ways to answer “What are your salary expectations?” it is important to explain why the interviewers always ask about the salary range.
Concerning the pay range, an employer might want to:
- Measure whether your pay range is within the intended budget.
- Assess your research and industry knowledge.
- Check your bargaining skills with applicants.
How to Research Salary Expectations
The key to confidently answering the salary expectation question is to prepare.
Do Your Homework
Most average salary information can be found on websites like Glassdoor, PayScale, and LinkedIn Salary Insights.
Think about your experience, your education, and the industry standard.
If you have an idea of the current salary rate for that position, it is easier to know your worth.
Look At Your Previous Salary
Salaries that have been enjoyed in the past will mostly remain as benchmarks. Of course, the other aspects that should be considered are the factors you have had over the years, the changes you have employed, and the new job you hope to get.
Analyze the Totality of the Compensation Package
When it comes to issues of salaries, compensation is made up of salary and other benefits.
Think about other forms of compensation like health benefits, retirement benefits, bonuses, stock options, and annual leave. This way, you might have more room to maneuver in negotiations concerning salary.
Establish Your Minimum Acceptable Salary
Identify the lowest amount of salary you can accept to feel satisfied in a new role.
This salary should be the least figure you are willing to accept after which, only if circumstances permit, aim to negotiate for more.
In summary, for a well-informed response, you should conduct research on the market salary range for your position using the following:
- Using the internet: The information on salaries can be found on websites such as Glassdoor, PayScale, and LinkedIn.
- Examine reports from trustworthy sources, such as the Bureau of Labor Statistics, among the reports that pertain to the industry.
- Networking: Inquire with coworkers, mentors, or peers experiencing similar roles.
How to Respond to “What Are Your Salary Expectations?”
Here are some suggestions and instances that can help in enhancing any response:
The Range Approach
State a salary range that you have researched generating a figure that is within realistic limits.
Example:
“In setting my salary expectations, I have taken into consideration the size, industry, and location of your firm, and as a result, my projections are within the area of N1,000,000 and N1,500,000 per year for this role.”
The Flexible Approach
Express a desire to bargain and specify that there are factors that may be more important than salary.
Example:
“Salaries are negotiable in my case; however I would like to stress that a perfect match is my primary concern. So how much does the company typically pay for this position and what benefits might I expect?”
The Value-Based Approach
Provide skill level with regard to the needed position to justify the expected salary.
Example:
“Considering that I have [X years] experience and certain key skills, it is my opinion that my contribution level may command a paycheck of about N3,000,000 to N4,000,000. I look forward to telling you how any contributions on my part can help the company grow.”
The Deflection Approach
Politely ignore the question so that attention can be directed towards the interview process.
Example:
“I am really looking forward to this opportunity and I would spend a few minutes trying to understand the team and culture. Can we discuss the role’s responsibilities and expectations before exploring salary?”
Tips for Approaching the Question with Confidence
- Stay Calm: Do not forget that this is a standard part of the interview process, so having it in mind that such questions would be asked will help you stay calm
- Be Honest: Don’t inflate your expectations unrealistically, just be natural
- Be Prepared: Have a well-thought-out answer ready.
- Avoid giving a specific number without context.
- Don’t undersell or overprice yourself, just be average.
- Be prepared to justify your answer.
- Consider benefits and perks beyond salary.
How to Research and Determine Your Worth in the Industry
Knowing your worth in the industry will make it easier to answer the salary expectation question during job interviews.
Now the question is how do you know your worth in the industry?
- Industry Standards: Use websites like Glassdoor, Payscale, or the Bureau of Labor Statistics.
- Company Insights: Look at reviews and salary reports related to the specific company.
- Your Experience: Consider your skills, qualifications, and years of experience.
Examples of Successful Answers
Example: for Entry-Level Position
“Due to the fact I have only recently graduated and hold an internship, I am ideally looking for a salary in the area of N1,000,000 to N2,000,000. All in all, I am willing to consider better terms as well.”
Example: for Experienced Professionals
“Considering my wealth of experience in project management as well as project management skills with quite several completed projects under my belt, I am looking forward to a salary range of N3,500,000 to N4,000,000.”
Example for Career Changers
“Being new to this industry, I am hoping to get an offer which would be around N2,000,000 that is appropriate for my skills and the market.”
Addressing How To Answer “What Are Your Salary Expectations?” In An Interview Different Scenarios
Entry-Level Candidates
- Focus on your education, internships, and any relevant projects.
Experienced Professionals
- Highlight your achievements, certifications, and industry experience.
Career Changers
- Discuss your transferable skills and any relevant coursework or training.
What to avoid when answering “What Are Your Salary Expectations?”
The following are some things that you should avoid when the question about salary expectations comes up during a job interview.
A particular figure: As much as it is humanly possible, limit the amount of figures that you give to the interviewer, give ranges of salary you are willing to accept instead.
A specified figure may also create a feeling that you are not ready to change the conditions of the deal.
Lack of preparation: You shouldn’t go in unprepared if you expect someone to try and change your decision of how much you are expecting to be paid.
If you go in unprepared, you may end up asking or accepting a pay that you should not have requested or one that they cannot afford.
It’s also important to remember that practice makes perfect and one of the methods on how best to answer interview questions would be to rehearse in the presence of a family member or a friend in their capacity as the interviewer and ask you the questions you would be answering.
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Conclusion: How To Answer “What Are Your Salary Expectations?” In An Interview (+Examples)
It is perfectly normal to discuss salary expectations. However, if you’re armed with adequate knowledge and negotiation skills, you won’t leave the employer’s office without the necessary compensation while proving your worth.
One has to be prepared for negotiations as a process, and knowing one’s value makes it effective.
If you observe these tips on how to answer “What are your salary expectations?” in an interview while making adequate preparations, handling the question on salary expectations will not be a problem in any interview situation. All the best!