What does a competitive salary mean?

At paramount personnel, we try and be as transparent as possible in our job adverts, but sometimes you may come across ‘competitive salary’ when searching through job ads. So, what does a competitive salary actually mean?

A competitive salary means the industry standard wage that stacks up well compared to similar jobs from other employers, in the area. This is aimed to be a fair wage that can often be negotiated depending on the candidate and their experience/skillset. Many employers use ‘competitive salary’ in job adverts because it is not a fixed price and may vary depending on who is applying for the role.

Another reason employers may put a competitive salary, rather than stating a sum, is that it may be confidential. Business owners may want to protect their current staff from knowing how much the new role is and so won’t state a figure for all to see.?Not stating a salary also filters out people applying for the role who are only interested in money.

If you come across a job advert with a competitive salary, don’t let not knowing the exact figure you’ll earn put you off applying. You can usually estimate an approximate wage by doing your research. Have a look at similar jobs local to the area, the competitive salary will either be equal to or greater than the ones those jobs are offering. For example, if a job nearby is offering ￡23,000 per annum, the role you’ll be applying for will likely be between ￡23,000-￡23,500.

Ambiguity when it comes to money is not always ideal, especially when we may be watching the pennies. So, when is it ok to ask about money? Often employers will bring this up first during an interview stage, this is when you must remember not to sell yourself short. Be honest, be reasonable but still know your worth. There may be room for negotiation and if you’ve done your research, you’ll know what’s an appropriate figure to ask for. If employers don’t bring up the wage, it’s important you find the right time and right manner to ask about this. You can risk it looking like your main focus is money rather than wanting the job itself, if you ask too early about a salary. But it’s important you find out and so if there is a second interview stage this may be when it’s appropriate to ask.

What are your thoughts on competitive salaries? Would this put you off applying for a role? Let us know by commenting on this post!