How to Answer the Salary Expectation question in Job Interviews
Employers who are considering hiring you may inquire about your expectations for salary at any point in hiring. The decision to accept an employment opportunity is contingent on whether your expectations align with what the company is prepared to provide. Examining the median pay for your job and your experience will help you find a fair number and engage in a thorough conversation with the person you are interviewing. In the article, we’ll discuss why asking about salary expectations is essential and how you can communicate your salary expectations and suggestions to frame your answer with examples.
What is the significance of the salary expectation crucial?
The question of salary expectations is vital because it tells employers what you are worth. As a successful candidate, you need to be aware of the median salary for your job and knowledge of the marketplace and be able to communicate this effectively. Your salary expectations provide an idea of a professional degree to your employer. If you are asking for a more expensive salary than what is expected could indicate that you are highly qualified for the position you’re applying for. In the same way, the request for a lower amount could suggest an insufficient level of skill and experience needed to be considered for the job.
Employers typically have their set budget when they inquire of you to discuss what you expect from your salaries. They usually want to ensure that your expectations for compensation are in line with what they’re willing to pay for the job. So, the salary expectation that you have in common is a significant factor in the likelihood of being hired.
How do you answer the question about salary expectations?
Here’s the method that you can follow to answer the question regarding salary expectations:
- Find out the salary average
You can find the average wage in your industry for your specific job in terms of location, experience, and location. Talk to your family and friends and people in the same position. You could also conduct an online search to understand the amount other companies pay.
You can browse the Webinkeys Salaries page for a vast collection of salary averages for various jobs. Select your preferred job title to learn more about the typical salaries at the top companies and in multiple cities across India. This is especially useful as the Webinkeys data is based on job ads and salary reports from actual employees. Similarly, Webinkeys Salary Calculator will help you find an accurate estimate depending on your company’s job title and your location.
- Think about your current pay
Your salary expectations must be in some connection to your current salary package. Most companies will provide a specific percentage of the salary increase. For example, if you pay amounts to Rs.30,000 per month, an increase of 20% will result in a monthly salary of 36,000 rupees per month. 36,000 per month.
- Think about benefits and perks
Take note of the benefits you’re entitled to at the company you currently work for. They could come from pensions, providing funds allowance, the right to leave, the conveyance allowance, or stock options for employees. An easy method of incorporating all of these elements is calculating your cost per year to the company (CTC). Businesses often negotiate salaries according to CTC.
- Adjust the price of living.
Take note of the place of the business that provides you with the job, as pay rates for the same job differ based on the site of work. In larger cities, jobs typically have a higher salary package because of the more excellent price of living. Therefore, if you’re shifting from a smaller town to one of the major cities such as Mumbai, Chennai, Delhi, or Bengaluru, you want to adjust your salary expectations accordingly.
- Ask for additional details (optional)
Be prepared to ask for any additional information you require to establish the amount you earn. This is especially important when you are asked this question too early in the interview. It’s possible that you need to know the responsibilities of your job before giving the salary expectations. In particular, you could require clarification on whether the job involves travel or if you are required to work the night shifts. Also, you may need greater clarity on other benefits you could expect, like food coupons and free pick-up and drop-off facilities.
In these situations, you could formulate your question as follows:
“Before I reply to this question, I’d prefer to better understand what it is about, including the amount of travel required and the regularity that night work shifts are scheduled. This will allow me to keep my expectations of salary more reasonable.”
- Request additional time (optional)
If you require more time to get ready with an accurate salary estimate, you should be upfront about it and request additional time.
Example: “Please give me some time to think about the issue. I’d like to keep it reasonable. I’ll be able to communicate my expectations on the phone in the next couple of days.”
- Provide a selection
The expected salary should be shared by dividing it into a range, instead of one number, in the order it sounds flexible. A range of numbers also allows for negotiating. But, make sure the content is short so that it is believable. Keep the lower portion near your desired salary to ensure that you give a precise figure similar to what you expect.
- Simply determine your salary expectation.
Explain the reasoning behind the salary you are expecting. Think about justifying your salary with your experience and skills, particularly if you’ve started at a higher figure than your industry average. A genuine expectation backed by market data proves that you have a good idea of your worth.
Example: “My present salary for the Digital Marketer position is Rs.3,00,000 per year. As I’m being transferred as a Senior Digital Marketer with 5 years experience in the field, I believe I should be able to expect anywhere from Rs.4,00,000 or Rs.4,50,000.”
Strategies for answering the question of salary expectations
Here are some helpful tips to assist you in answering the question about salary expectations with success:
Set a higher standard
Employers may offer you a counteroffer about the salary you are asking for. So, it’s best to give yourself some room for bargaining. You might want to consider quoting a bit more than the amount you ultimately plan to accept. For instance, if you have a goal salary in the range of Rs.30,000 monthly, you could quote Rs.35,000 up to Rs.40,000. This will make sure that you have the flexibility to negotiate.
Be confident in your answer.
How you present your salary expectations is just as crucial as the amount you are asking for. Making your demands clear with confidence and convincing will demonstrate that you’re confident about your worth and that you will not compromise on what you’re entitled to.
Be ready to compromise.
Employers often seek to negotiate a mutually agreeable salary before confirming your choice. It is therefore advisable to be willing to negotiate. But, it is essential to be firm and consider the entirety of your job when you arrange your payment.
Here’s how you can be subtle in indicating your willingness to bargain:
“I would like to receive an average take-home salary that ranges from Rs.75,000 or Rs.1,00,000 each month. But I am willing to negotiation on additional benefits offered by the employer, such as bonuses for performance, paid leave as well as employee stock option.”
Read More: What is an Interview? Types of Interviews
Sample solutions to questions about salary expectations
Here are some samples of responses to share the salary you expect to earn:
“Thank for allowing me share the salary expectation I have for. I believe that an annual CTC of Rs.8,00,000 to Rs.10,00,000 is reasonable based on the current industry standard for my personal experience. But I am open to discussions and would love to know about the budget of the company and its expectations.”
“I do not have a specific amount yet. It would be beneficial to have an idea of how you paid an employee before. I’m aware that this job is going to provide me with lots of opportunities for growth and learning. I am looking forward to working for this organization. I think that quoting a certain amount at this point would be a good idea for me. I’d rather look at the offer of the company to possibly agree on a fair pay scale.”
“Let me be truthful with you. This is my very first position. So, I don’t know what kind of compensation package I should ask for. In addition to the salary I am eager to begin my journey with this amazing company. It’s no secret that you are proud of your employees and you pay them well. I’d be delighted to look at how much you pay other employees for this job. In the end, what is for me more is having the chance the chance to make a name for myself within my area of interest.”