When you are job hunting, the question “What is your salary expectations?” will more often than not be raised. If asked face to face or over the phone, you wouldn’t have much time to come out with that golden number. Why not do some preparation now, so that you can fight for the best package for yourself.
Why is managing salary expectation so important?
Many of times, people are rather reserved when sharing their salary details and expectations. This is because the salary topic has always been seen as a confidential personal information. However, companies will need that detail to know whether you are above their budget for the role that they are hiring for. It will be unfair for you to go through the entire hiring process to know that they are not able to hire you.
However, be very tactical when sharing your salary details because that number that you give might limit you from getting higher salary. For example, Company A was initially intending to offer you $8,000. However, you said that your salary expectation is $7,200. This might result in Company A to shortchange you because you will be contented with $7,200.
Strategies to determine your salary expectations
It will be good to refer to industry benchmarks to determine your salary expectation. Such benchmarks can be found from salary guides done by researchers or external recruiters as they have quality insight on this. It will certainly be good to know how your peers of the same career level or the next career level is getting so as to plan the number that qualifies as your salary expectation for your next move.
If you have gotten an exceptionally high pay raise in your previous moves that rocks you off the industry norms, you might have to adjust your expectations a little if you are doing a move. There is a chance you might face a situation where you need to have a pay cut if the organization is not able to pay the same. The other scenario will be where your salary expectation is lower than industry norms in your previous employment. This might cause a snowball effect in which if the increment is by percentage, you will lose out definitely.
In today’s time and age, many organizations are moving away from pure monetary compensation packages. There are also components other than salary that candidates are starting to appreciate.
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This include benefits such as insurance, medical/dental reimbursement or even gym memberships. Such benefits are becoming more common as it is one of the factors that reflects an organization’s culture. It certainly shows how much an organization values their employees.
Perks
This includes benefits such as food, mobile bill reimbursement, company discounts, childcare assistance programme and any other creative initiatives organizations can have. When we talk about employee benefits, there will some companies that will come to your mind. This helps with company branding a lot.
Know when to walk away when the negotiations are not to your favour. You have done your research and you know what’s your value. Do not succumb to pressure to accept offers which are not what you are looking for. It is not easy to say “no”, but it is important to get the best for yourself.
All in all, we need to learn how to evaluate our worth and to learn how to compare between different types of compensation packages. Some may focus more on the monetary portion, while some may provide a holistic package. Know your priorities and make the best decision.
If you still have difficult managing your salary expectations, speak to us!
Kingfisher Recruitment Group is a global provider of total recruitment solutions. We help clients design people strategies, attract and develop talents worldwide across Healthcare & Life Sciences, Professional Services, Technology, Retail & Consumer, Manufacturing, Automotive, Property & Construction and Engineering industries. Let us know if you are seeking for opportunities or looking for talents within these industries. We have a dedicated team of specialist consultants who are always ready to extend their services to you.
