Salary expectations

Salary expectations: we all have them. Do we all know how to express them? No. Do we all get extremely anxious just thinking about this part of the interview? You bet. Did we wish there was someone to guide us through this step? Wish granted!

Let’s start with the proper mindset: For the job seeker, that’s you, the “salary expectation” bit during the job interview is all about negotiating the best possible package to avoid unpleasant surprises down the road. For the employer is one of the many opportunities to determine if you are a good fit for their role and organization.

We’ve put together a set of tools and examples that fit any situation you might find yourself in. Read on to gain the knowledge and confidence to tackle one of the most dreaded questions there is and ultimately secure the compensation you deserve.

What are salary expectations?

Salary expectations refer to the amount of money a job seeker expects to earn in a certain role. It is influenced by many factors: responsibilities, level of experience, education, and industry standards. 

It’s crucial you know your salary expectations. It’s the only way to make sure you’re not being taken advantage of or settling for less than you deserve. Lastly, being confident in your salary expectations will help you make informed decisions during the job search process.

How to answer salary expectation questions

Umm… Stop. Not like that. Never umm. We know it’s challenging and it can be intimidating, but you have to summon that confidence that lies within you and give a thoughtful answer. 

Here is our strategy for answering this question:

Do your research. Research is extremely important in the job-seeking process. It plays a huge part in the pre-interview prep stage and it will come in handy now. Research the company, the position you are applying for, and the industry standards for compensation in your field and role. Use websites like Glassdoor or PayScale, they have very useful info that you can leverage.

Remember that it’s not just about the money (although the dough surely helps). Compensation does not mean only salary. You should also be mindful of benefits like health insurance, retirement plans, bonuses, or paid time off. This brings us to…

Delay answering. This is not always an option, but you can try to suggest a short delay. This will give you time to better understand the role and the compensation structure. Copy this phrase: “I’m open to discussing compensation further once I have a better understanding of the position’s responsibilities and the company’s compensation structure.”

Provide a range. It’s always better to give a range rather than a specific number. It allows for flexibility and negotiation and it also tells your potential employer what you’re looking for. 

Be realistic. You’ve done your research so you know what is the typical salary range for that position and location. Don’t price yourself out of consideration! And by no means lowball yourself.

Salary expectations on a job application

Some job applications will come with a salary expectation question. We’ll give examples of how to answer them below. But if it doesn’t ask for them, don’t include them. 

Answers to common salary expectation questions (feel free to steal this):

What are your salary expectations?

Based on my research, I believe a fair salary range for this position is between X and Y.

What is your current salary?

I’m currently earning X, but I’m looking for a compensation package that reflects my skills and experience in this role.

What are your compensation expectations for this position?

I’m looking for a compensation package that includes a competitive salary, health benefits, and the chance for further professional development.

Remember! Answer these questions with confidence and professionalism. It’s the only way to ensure that you are fairly compensated for your work. You can do it!

How to negotiate salary at a job interview

Negotiating might not be your strongest suit but keep in mind that it is an opportunity for both parties to find a mutually beneficial agreement. We’ve made a list for you to use at your next salary negotiation (yes, please copy this, too!)

Back to the research part, but here’s how it benefits in this instance. It gives you a better idea of what to negotiate for. Remember the range we mentioned before? Here is where you can move those limits to benefit you. Just don’t move them too much. Keep them in the same ballpark.

Don’t be the first to give a number. And yes, this includes the range, too. If this question comes up early in the interview, ask to postpone until you’ve learned more about your responsibilities. If it’s later in the interview say this: I am flexible and open to discussion.

Focus on the value you’ll bring to the company. When you wrote your resume and tailored your cover letter, you surely discovered how your experience and skills can contribute to the success of the company. Now it’s the time to emphasize them. This can help justify a higher salary.

Be open to other forms of compensation. Remember that it’s not all just about the sum on your paycheck. Bonuses are an option, and additional vacation time, too. Not to mention the health benefits or dental. These all add up and can give you a more holistic way to approach that which you deserve.

Know your bottom line and never go under it. Stand your ground and know what you are worth. Never settle for less.

Follow these tips and you’ll have the negotiation process in the bag. After all, negotiating is all about a win-win outcome.

How to include salary expectations in a cover letter

First of all, should you include your salary expectations in a cover letter? Yes, only if the job posting specifically requests it. Otherwise, leave it out.

Here’s an example of the salary expectation paragraph you should copy/paste and add to your cover letter. It should go last, but before the line where you thank the recruitment manager for taking the time to consider your application.

In terms of salary expectations, my research shows that the typical salary range for this position is between $50,000 and $60,000 per year. Based on my experience and qualifications, I would be comfortable with a salary in this range. However, I am open to negotiation and would be happy to discuss this further during the interview process.

How to write the perfect cover letter – steal our checklist!

Our last tip is to practice answering these questions. And we don’t mean in your head. Instead, have a friend go with you through all of these questions. You’ll be surprised what difference it makes when you say them out loud. 

And now you know how to communicate your salary expectations, how to negotiate your benefits, and how to get what you deserve every time.

Be confident in your skills, use professional language, and navigate your way toward your dream job!

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