Understanding Salary Expectations: A Guide for Job Candidates

When job hunting, one crucial aspect employers consider is your salary expectation. This seemingly simple question can significantly influence your chances of landing a role. Many candidates, especially those with little to no experience, often quote unrealistic salary expectations, leading to missed opportunities.

Why Employers Ask About Salary Expectations

1. Budget Alignment: Employers have budget constraints for each role. Knowing your salary expectation helps them determine if they can afford to hire you.

2. Market Understanding: Your response indicates how well you understand the industry standards and the value of your skills.

3. Seriousness of Candidate: Quoting a reasonable salary shows that you’ve researched and are serious about the position.

4. Negotiation Readiness: It sets the stage for future salary negotiations if you progress through the interview stages.

Factors to Consider Before Quoting Your Salary Expectation

1. Research Industry Standards:

- Look up average salaries for the role you’re applying for in your location as well as the industry and size of company.

2. Evaluate Your Experience:

- If you’re a fresh graduate or have limited experience, consider entry-level salaries.

- Compare your qualifications and skills with the job requirements. (You can deceive everyone but not yourself, so do you worth it?)

3. Company Size and Industry:

- Larger companies or those in profitable industries might offer higher salaries.

- Start-ups or non-profits may have budget constraints but offer other benefits.

4. Personal Financial Needs:

- Assess your financial needs, but be realistic. Aim for a balance between your requirements and industry standards.

5. Additional Benefits:

- Consider other benefits offered by the company such as health insurance, bonuses, retirement plans, and opportunities for advancement.

7. Career Goals: This is Crucial for growth!

- Sometimes, gaining experience and building your resume can be more valuable than a high starting salary.

- Consider the long-term career growth opportunities the role offers.

8. Consider your current salary:

While you may feel underpaid in your current position, it’s important to consider what percentage increase would make a new job worthwhile for you. Would a 10%, 20%, 30%, or even a 100% increase be your minimum requirement for taking another job? Ensure your expectation is realistic and justifiable based on your current salary and the market standards.

Practical Tips for Quoting Salary Expectations

1. Provide a Range:

- Instead of a fixed number, give a salary range based on your research. For example, “Based on my research and experience, I’m looking for a salary between N300,000 and N500,000 per month.” and feel the pulse of the hiring manager.

2. Be Flexible and open to Negotiations:

- Indicate your willingness to negotiate. For example, “I’m open to discussing the salary further based on the total compensation package and opportunities for growth within the company.”

3. Align with Job Requirements:

- Tailor your expectation to the role’s requirements. If it’s an entry-level position, quoting a mid-level salary can be a red flag to employers.

4. Prepare to Justify:

- Be ready to explain why you’ve quoted a particular range.

A lot of candidates have missed job opportunities because of what they read on social media which is so unreal! Learn to provide a realistic and competitive salary range.