Cracking the Salary Code

"What's the salary range?"

"What's your salary expectation?"

aaand repeat ??

If you've ever found yourself in what feels like a stand-off when it comes to discussing the salary for a role, this week's newsletter is for you.

It can be an infuriating loop, so here's how to not get stuck in it and how to put your best foot forward when it comes to negotiating salary and benefits.

If you ask the salary range, you're going to be asked your expectations, so set some before heading into the application process.

Here's some ways you can do that:

• Research industry benchmarks for similar roles in similar locations to evaluate what a competitive range or offer looks like to you.
• Consider the factors that determine salary, such as years of experience, qualifications, and previous performance.
• Think about additional benefits, perks and compensation packages and whether or not they would impact what you consider a competitive range.

Trust me, whether you're applying for roles yourself, or working with a recruiter, having this information ahead of time will quickly identify roles that are right for you.

Once you have an idea of what your expectations are, there are a few other questions you can ask to avoid the loop.

What factors are you looking for in a candidate that determines the salary?

How does the company determine salary increases?

What does the compensation package look like?

How often are salaries reviewed or adjusted?

Asking questions like these will help you estimate where the role fits into your salary range.

That said, you don't need to go in with a solid figure. There's a lot of moving parts to consider, so always leave room for negotiation.

For example:

I’m looking for a competitive salary that reflects my qualifications and experience. Based on my experience and skillset, I’m looking to make between $X and $Y in my next role. Benefits are definitely important to me as well, so I’d be open to adjusting my expectations if they were particularly attractive.

Ultimately, understanding salary expectations and negotiation strategies can significantly impact your professional journey.

It's essential to have a clear understanding of current market value of similar roles, and how factors like experience, skills, and location influence salary ranges.

But keep in mind that salaries are just one component of the overall compensation package. Explore additional benefits like health insurance, retirement plans, vacation time, professional development opportunities, and work-life balance initiatives. These can significantly enhance your job satisfaction and overall financial well-being

Once you've settled on a salary range, make sure you're truly confident in that range.

The odds of a potential employer heading straight for the top end are low. So, be ready for the offer to fall within your range—even if it's on the lower end.

Remember, by establishing a range, you have already set the parameters, and now it's time to embrace the power of your negotiation skills.

Navigating salaries and negotiations can be overwhelming. As always, please feel free to reach out if you have any questions or if there's anything I can do to support you in your job search.

Got a topic in mind you'd like me to cover next week? Let me know here

See you next Wednesday!

Jack Kalb | Minted Search Group