How to Answer “What Are Your Salary Expectations?”

AMY GALLO: At some point during a job interview you will probably be asked how much money you would like to be paid. You already know the question. "So,

what

are

your

salary

expectations

?" This is a tough question. It's hard to know the right way to respond. But

your

starting

salary

is usually the basis for all future compensation decisions at that company, such as raises and bonuses. So you want to go as high as you can. However, if you aim too high, you may find yourself out of a job. Then

what

do you do? Fortunately, there are smart ways to

answer

this question or not.

I'm going to show you how to be prepared for this point in the interview so that you can maximize your salary without minimizing your chances of getting the job. Why do they even ask this question? Let's start here, because knowing why hiring managers and recruiters ask this question can help you think about what you want to say in response. Despite what it may seem, the question is not designed to trick you into allowing them to pay you less if your earnings are low. As author and professional development expert Vicky Oliver explains, each position is budgeted. And usually hiring managers or recruiters want to be sure they can afford it.

It is in their best interest not to waste their time or yours going through multiple rounds of interviews and preparing an offer if they simply cannot meet your salary

expectations

. And from the candidate's perspective,

answer

ing the question can help ensure the opportunity is a good fit for you. You want to know that there is a mutual understanding about the salary and benefits offered. It can also help establish a foundation for your negotiations later in the hiring process. With this in mind, here are some ways to approach the issue. Strategy number one: redirect the conversation. The first strategy is basically to avoid responding directly.

There are many reasons why you may not want to answer. Perhaps, for example, you suspect that you have been underpaid in the past and anchoring yourself in your previous or current salary would work against you. Here's a useful tip. There is no law that says you have to give a number. On the contrary, there are many laws in many US states that make it illegal for employers to ask for a specific number when it comes to your salary history. In many places they cannot ask you what your previous salary was. Make sure you research what the situation is where you are.

It may be smart to protect your own interests by not giving out a specific number until you have a job offer in hand. As career strategist John Lees says, the time to talk about salary is after they've fallen in love with you. Here are two ways to redirect the conversation without making it too awkward. First, turn the question around and ask about your budget. Finance expert Tori Dunlap's advice is to respond with something like, "I don't really understand the full scope of the position right now to accurately value myself, but I'd love to know the budgeted salary range." If the interviewer is forthcoming about her budget, she'll probably want to know if it meets her expectations.

It's okay to be vague at this point and say, "That's helpful to know. If I'm offered the job, is there room to negotiate?" There is a second option. Skip the question and return to your grades. You could say something like, "I'm still trying to fully understand the position and what it entails. I'd love to continue talking about my qualifications and why I think I'm a good fit for this position." Or you could say, "That's not something I'm comfortable answering, but I'm happy to discuss my qualifications for this position." There's no doubt that these answers may seem like you're dodging the question, and that can be uncomfortable.

But given what's at stake, this small moment of awkwardness is probably worth it. Strategy number two, offer a salary range. If you feel like you have enough information to answer the question or perhaps your attempts to deflect it haven't worked and you're being pressured to answer, consider giving a range instead of a single number. To go this route, you'll need to do your research before the interview to have a realistic idea of ​​the typical salary range for the position. In some places, employers are required to include a salary range in the job posting, in which case you can compare your experience and qualifications to the job description to determine where in that range you might fit.

If you are working with a recruiter, external or internal, you can ask them directly for the salary range. If you do your own research, start with sites like Glassdoor and Salary.com. This will help you understand what a fair salary might be for the position, so you can choose a minimum salary that you're not willing to lower. That number is not something you should share during the interview, but it is good to have it in mind for when it comes time to negotiate. However, even with reputable sources, it can be difficult to translate average salaries across geographies or by specific role.

It's reasonable to think there could be a big difference between what a data scientist in Tampa earns and a data mining engineer in Oakland, for example. Another option is to ask people in your network, people with similar roles in your industry or who maybe even work at the company you're interviewing with. Of course, talking about money can be uncomfortable, but addressing an embarrassing conversation will be worth it if it helps you learn how to value yourself. Whatever you find in your research, be careful not to become obsessed with a specific figure. That may result in you not being happy with the final figure or even accepting a lower salary than you would have otherwise received.

So what kind of range should you give? That will depend on a number of factors, such as how accurate you think your research is, the industry you're interviewing in, etc. It is usually distributed in tens of thousands of dollars. Let's say between $80,000 and $120,000. Don't give the range too narrow, but it shouldn't be ridiculously large either. Once you've reached a range you're comfortable with, here's how to share it in your interview. State your rank and provide a justification for why you got there, sharing some of your research and highlighting the skills and experience that make you a good candidate for the position.

Recognize that salary is only one of the factors that will influence your decision whether to accept the job or not. Make it clear that you are also interested in learning more about other benefits. And signal flexibility so that your response doesn't feel like a demand but rather the start of a conversation. Express your excitement about potentially joining the company. Here are three examples of what this might sound like. Here is an example of answer number one. "I am looking for a competitive salary that reflects my qualifications and experience. Based on my research and the requirements of the position, as I understand them, I would expect a salary in the range of $75,000 to $100,000.

Of course, I am open to discussing the details of entire compensation package, as salary is only one factor. I am particularly excited to learn more about the opportunities for growth and advancement here. Here is sample number two “Given my experience and expertise, I am looking to earn between $60,000 and $90,000 in my next position. I did some research on similar positions and talked to people at comparable organizations, all of which helped me confirm that range. I know. I would be a valuable asset to your team and I'm open to learning more about your budget for the position and the other benefits you offer employees." And here's sample number three. "I've been doing some research on similar roles and understand That, for someone at my level, with my background and experience, I can expect to earn a salary in the range of $100,000 to $125,000.

Of course, compensation isn't necessary." It's not the only thing that's important to me. That's why I'm eager to learn more about your benefits package, including paid time off and other benefits. The most important thing to me is finding a place where I can thrive. Exact numbers for a job that is a perfect fit.” Choose the option you are most comfortable with and change the language to make it sound like you. You'll also want to add some specific details about your qualifications so you can again highlight why you're a good fit for the position and why they should be excited to hire you.

Of course, it's up to you whether and how to answer the question. By following the guidelines I've shared, you'll be able to evaluate which approach feels most comfortable for you and is most likely to keep you in the running for the job. Importantly, you'll also have some tools to help you make this potentially awkward part of the interview less awkward. Good luck. You got it. Thanks for watching. You can read more about how to answer the salary question in my article linked in the description. And let us know in the comments what important topics you'd like us to walk you through and we'll try to address them in a future video.

Goodbye for now.