Friday, October 2, 2009

How will You Answer the Question : “What is Your Salary Expectation?”

What is your salary expectation? is the most important question that is asked in every type of job interview. You may not be given the job if your salary expectations are more than what the employer can give you. So you will have to be very cautious while giving the answer to “What are your salary expectations?”

The salary expectations vary a lot. The expected salary for fresher will be different from the experienced fellow. Even the candidate having degree will have different salary expectations than the candidate having diploma. In addition to this there are many factors like profile, benefits, incentives, location, market et al that determine the salary. But the big question still remains there it is that How will you answer the question : “What is your salary expectation?” To answer this question consider the following points.

As a Fresher
If you are a fresher than the company's standard, pay packages and market condition will determine the salary for you. As a fresher you cannot demand more as you need more of learning than the salary. But if you really have a sound knowledge and matching qualification then you expected salary can be more than the other freshers. To answer the salary expectation question you can mention your education and academic achievements while giving a salary range.

As an Experienced Fellow
You will have to look other aspects as well if you have experience in the industry. You need position and growth opportunities along with good salary. Like if you are being given good position then salary is not the most important thing. Also while deciding the salary do check the quality of people you are working with, location and culture of the company et al. Make sure to prepare yourself to answer the question if you find the salary by the employer at interview is less than your expectation and industry's present status. Keep in mind the following things while giving salary expectations answer:

Market Scenario
Before facing the interview it is better to check the market scenario and the present pay scales of the industry. Find out the candidate having similar experience and education. If possible get the package he or she is drawing. You can expect the similar package. The companies that you are comparing for salary must be similar in size, status and value in the market. market.
Job Profile
Job profile is an important factor that determine the salary expectations. Executive level cannot have more salary than the managerial level candidate. So you cannot expect more than that particular job profile is giving you. Find out what salaries are given at that particular profile. You can check your organization and other organization to reach at average figure for the salary demand.
Location of the Company
If the company is located in the small city that may be for the same profile you will be offered less salary than the organization that is located in the big city or in metro. So while saying the salary part you will have to consider this important aspect as well.
In many types of jobs like BPO jobs generally client incentives are add on to salary that vary each month depending upon your performance. If the employer is telling you the incentive schemes then consider that also while deciding on your salary expectations.
Work Responsibilities
Try to pull out the information related to your work responsibilities in the organization during the interview. Sometimes the work responsibilities are more than the salary. Try to match these two factors and then decide your expected salary.
Consider the other benefits of position, compensation packages and quality of learning. If these are more than the salary then the salary can go to the back seat. Working in the environment that is giving you good learning and experience is better than the company that is only giving the high salary.
Your Financial Needs
Consider this as well while answering for salary expectation. But never explain your financial situation to the employer. Try to make the balance between your financial need and the salary that is given in the industry for that profile.

Also while answering the question : What is your salary expectations never give one solid figure but give the range that you are expecting.

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