Talking about your desired salary. How to do it properly?

“What is your desired salary?” It is a question that can make any job candidate nervous. Regardless of whether they are reading it on an application or hearing it from an interviewer. The stress around this is completely understandable. You do not want to give a wrong answer and have to settle for less money than you are worth. However, you also do not want to seem like you have way too elevated, unrealistic expectations.

In this article, you are going to learn what you need to know about answering the desired salary question in a way that will benefit you most in the long run.

1. What is your ideal salary?

2. How to calculate your desired salary?

3. The best ways to respond to the “what is your desired salary?” question

4. Some items to consider before taking an interview

5. Mistakes in salary negotiation

6. Extra tips: How to talk about your desired salary?

7. Do you need job advice? The Talent Point is your ally!

1. What is your ideal salary?

The amount of money you would like to make at your new work represents your desired salary. It is also the sum you should expect to make in your new job. This is based on your degree of experience and competence.

When potential employers ask you these common interview questions, they are looking for an honest, realistic response. However, offering your answer too soon could hinder your chances of getting paid what you are worth.

2. How to calculate your desired salary?

You should have an actual number in mind before considering delivering a solid answer to this question. Even if you do not divulge it straight away, or at all. You should know what you want to achieve so that you may make informed decisions about what wage offers you will and will not accept. However, since it may be hard to settle on a number or a range, here are some variables to consider:

2.1 Make some inquiries

A fast Google search will usually reveal the industry compensation norms for your desired position. Most job search services, such as The Talent Point will also allow you to look for standards in your geographic location. Pay ranges might vary depending on the location. The compensation scale depends at some level on the size of the organization and its level of success.

Another option to gather information is to inquire about salaries from other employees in comparable positions. However, keep in mind that this is personal information that not everyone is comfortable revealing. You might also ask any recruiters in the field if they can share the average salary they have seen for the position you are interested in. Make sure these recruiters are not affiliated with the company you are applying to.

2.2 Consider your experience and skill level

Depending on the position, many employers will still evaluate education and training. Working in a given industry for a longer time will usually result in greater income. Even if you do not have a lot of schooling but have years of experience working in positions that are similar to the one you desire now, your pay should reflect that.

2.3 Take a look at the available perks

Health insurance paid time off, and other factors can all play a role in determining your ideal pay. Maybe your goal is AED 300,000 a year and you are looking for something that pays less but gives you unlimited paid time off. You could be willing to lower your desired salary in exchange for that benefit. Perhaps you are considering a company that pays your expected salary but does not provide the plan you want.

After you have considered all of these criteria, figure out what your deal-breaker pay is. That is, what is the absolute lowest wage you would accept before turning down a job offer? This may or may not be the same as the pay you seek. It is up to you to decide if you are set on one number or willing to negotiate. Only you know what the most compelling scenario is.

2.4 Take into account your previous experience and education

When it comes to income, experience and education are two of the most important aspects to consider. You should have above-average talents and competence if you want to earn higher pay. If you have worked in a given industry for a long time, you can demand a larger compensation than an entry-level employee.

3. The best ways to respond to the “what is your desired salary?” question

Now that you have decided on your desired pay, the next step is to be firm when asked about it! Here are two instances in which you might be asked this question, as well as the best methods to respond.

3.1 In a job application

As previously stated, it is best not to divulge your ideal compensation too early in the hiring process because it may limit your options if the firm is willing to offer more. Because not all applications will ask for your desired salary, there is no need to provide one if they do not. If they do inquire, say something straightforward like “salary is negotiable” or “pay may be addressed throughout the interview process.”

If you cannot insert text into that box on the application, a piece of good advice would be leaving it blank or giving a broad range and then writing somewhere else on the application that salary can be discussed later. However, it is critical to be truthful in this situation. If you are not willing to negotiate, do not use the word negotiate; instead, use the phrase discuss. (And if you are truly unable to compromise, put your firm’s desired salary on the application.)

3.2 In an interview

Because interviews can be difficult, it is a good idea to plan ahead of time how you will reply. Again, you do not have to provide a specific number, and you should not feel compelled to do so if you are not ready. There are numerous respectful and professional responses to this inquiry that do not require you to give a precise financial sum.

These are some answers to questions related to your desired salary:

• I do not have a precise figure in mind, but based on the industry standard and my degree of expertise, I would expect to receive the compensation you believe is fair.

• I do not have a certain figure in mind. How much have you set aside for this position?

• My #1 priority is to find a job that is a good fit for my skill set and at a firm that I care about.

• As we get through the interview process, I am open to discussing the salary you believe is appropriate.

• I normally do not talk about money until after I have been offered a job. Is it okay if we continue the interview process to see if I am a good fit for this role before we talk about compensation?

• According to the requirements of the role, my level of experience, and the fact that I would need to relocate for this work, I stated my desired compensation range as AED 300,000-350,000 on my application, and after further consideration, I believe that AED 350,000 would be a fair salary to ask for.

4. Some items to consider before taking an interview

4.1 Wait till you are sure you are ready

You might postpone your response if the hiring manager inquires about your ideal compensation before you have a complete understanding of the position. It would be smart to know which are the tasks and responsibilities you will take on before discussing the salary.

4.2 Use research and evidence to back up your answer

Before your interview, research the industry so you can give an informed response. If you want an AED 400,000 income, you should be able to make a compelling case for yourself. Find out what the typical wage is for your job, industry, and location.

4.3 When is it appropriate to negotiate?

If you are willing to negotiate your wage with your company, let them know. It is usually a good idea to start negotiating right away. You should confidently stand by your lowest acceptable wage if you have declared it.

4.4 Take a look at the total package of perks

Inquire about the benefits if the hiring manager responds with a lower salary. The position may have genuine monetary value because of health insurance, stock options, pension, and other perks.

4.5 Reject offerings that are not suitable

Know your lowest acceptable pay and be aware to politely decline an offer if the company is unable to satisfy your requirements. It is better to keep looking for the proper fit than to settle for a career that will not allow you to live comfortably.

To summarize, there are numerous ways to discuss your desired wage without confining yourself. Honesty, along with a clear grasp of what you want and need, will go you far. Do not let this question scare you; you have got what it takes.

5. Mistakes in salary negotiation

Make sure you do not make these blunders when discussing money in an interview, since they could jeopardize your chances of earning your desired salary or perhaps the job.

5.1 Negotiation is not an option

Remember that asking about your ideal wage during the application process or the interview is not the same as negotiating a salary! Expect the company to respond with a different number or a different offer. Indeed, do not be surprised if the interviewer remains silent!

Remember that the interviewer is just interested in learning about your desired salary. Move on when you have answered the question.

5.2 Informing them of your most recent salary

Although it is illegal in some areas to inquire about your payment history, not all zones abide by that rule. And, whether it is legal or not, you might feel compelled to respond to the query. But, regardless of your state’s legal position, do not tell them about your wage history.

For starters, companies frequently view your present wage as a benchmark, which could result in a low offer. The idea is that you will be happy in your new work because you will be making more money. It makes little difference whether you would be happy or not, especially if the offer is significantly less than what you could have made if they had not known your wage.

Second, if they are using your income as a benchmark and the new job pays less, the employer may be concerned that you will not accept it. They may be concerned that if you accept the position, you will leave in six months when you find something better paying.

5.3 Not considering the future

Make sure to inquire about the company’s raises and bonuses, as well as the calendar. These will have an impact on your overall income and may determine whether you stay or go. For instance, if a corporation pays you a low wage, it may give you annual raises. If you earn a high income, though, you may only be eligible for lesser incentives.

5.4 Bringing up the subject too soon in the interview

In general, you should never bring up the subject of money unless the employer brings it up. Moreover, you should never bring the topic up during an interview. Wait until you receive a job offer before making a decision. Bringing up salary before receiving an offer may give the impression that money is the only thing that matters to you.

However, if you receive an offer that does not include a wage amount, you should feel free to bring it up. In fact, this will likely be the start of your salary negotiations.

6. Extra tips: How to talk about your desired salary?

Maintain your self-assurance. If you appear hesitant, the recruiting manager may perceive this as a chance to cut your salary. Present a confident demeanor that demonstrates that you are aware of the value of your job.

Make use of a variety of options. Providing a wage range with your desired salary near the bottom allows for bargaining on both sides.

Reply with your own set of questions. In an interview, whether in-person or virtual interview, if they ask you about your wage range, you can respond with questions of your own. You may say, “I normally do not talk about pay until I have received a job offer. Is it the case in this instance?” You could also inquire about bonuses, commissions, or other forms of compensation.

Specify a reasonable pay. The position is probably not a good fit for you if the prospective company cannot fulfill your desired wage. Stick to a range that you are familiar with.

7. Do you need more job advice? The Talent Point is your ally!

If your goal is to continue to improve your abilities and get the job you want as soon as possible, our talent agency can give you the tools you need. It only takes a few steps to move towards that big goal.

Would you like to learn more about our platform and services? You can reach us by email at [email protected]. Our specialists are ready to assist you and provide you with the answers to any inquiry.