How to Tackle "What Are Your Salary Expectations?

0:28This episode is brought to you by Google Chrome. of America for a reason. With SUVs made to move with your rhythm. The versatile Equinox tackles your entire day. The spacious Traverse fits your crew and your whole weekend. And tracks bring style with value you can count on. All infused with tech that has your back. So your drive always hits the right chord. Chevrolet. Together let's drive. At some point in a job interview, you're probably going to be asked how much money you'd like to be paid. You know the question. So what are your salary expectations? This is a tough one. It's hard to know the right way to answer.

1:11But your starting salary is often the basis for all future compensation decisions at that company, such as raises and bonuses. So you want to get it as high as you can. Though, aim too high and you might just price yourself out of the job. So what do you do? Luckily, there are smart ways to answer or not answer this question. I'm going to show you how to be ready for this point in the interview so you can maximize your pay without minimizing your chances of getting the job.

1:51Why do they even ask this question? Let's start here, because knowing why hiring managers and recruiters ask this question can help you think about what you want to say in response. In spite of how it might feel, the question isn't designed to trick you into letting them underpay you if you come in low. As author and career development expert Vicki Oliver explains, every position is budgeted and typically hiring managers or recruiters want to be sure they can afford you. It's in their best interest not to waste their time or yours going through multiple rounds of interviews and putting together an offer if they just can't meet your salary expectations.

2:32And from the candidate's perspective, answering the question can help ensure that the opportunity is a good fit for you. You want to know that there's mutual understanding about the salary and benefits being offered. It can also help establish a baseline for your negotiations later on in the hiring process. Okay, with that in mind, here are some ways to deal with the question. Strategy number one, redirect the conversation. The first strategy is to basically avoid answering directly. There are lots of reasons why you may not want to answer. Maybe, for example, you suspect you've been underpaid in the past, and anchoring with your previous or current salary would work against you.

3:19Here's a useful tip. There's no law that says you have to give a number. On the contrary, there are many laws in many U.S. states that make it illegal for employers to ask for a specific number when it comes to your pay history. In many places, they can't ask you, what was your previous salary? Make sure to research what the situation is where you are. It can be smart to protect your own interests by not giving a specific number until you have a job offer in hand. As career strategist John Lees says, the time to discuss salary is after. Good sleep is everything. That's why OLLI's science back support is made with a blend of melatonin and L-theanine for both kiddos and grownups.

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4:43That's Indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed Sponsored Jobs. they've fallen in love with you. Here are two ways to redirect the conversation without making it too awkward. First, turn the question around and ask about their budget. Finance expert Tori Dunlap's advice is to respond with something along the lines of, I actually don't understand the full scope of the role at this point to accurately price myself, but I would love to know the budgeted salary range. If the interviewer is forthcoming about their budget, it, they'll likely want to know whether that meets your expectations.

5:21It's okay to be vague at this point and say, that's helpful to know. If you were to offer me the job, is there room to negotiate? There's a second option. Move past the question and go back to your qualifications. You could say something like, I'm still trying to fully understand the role and what's involved. I'd love to continue talking about my qualifications and why I think I'm a fit for this position. Or you might say, that's not something I'm comfortable answering, but I'm happy to talk about my qualifications for this role. There's no doubt that these responses can feel like you're dodging the question, and that may be uncomfortable.

5:59But given the stakes, this small moment of awkwardness is likely worth it. Strategy number two, offer a salary range. If you feel like you have enough information to answer the question, or perhaps your attempts to deflect haven't worked and they're pressing you for a response, consider giving a range instead of a single number. To go this route, you'll need to do research before your interview so you have a realistic idea of the typical salary range for the role. In some places, employers are required to include a salary range on the job posting, in which case you can compare your experience and qualifications with the job description to determine where in that range you might fit.

6:46If you're working with a recruiter, external or internal, you can request the salary range from them directly. If you do your own research, start with sites like Glassdoor and Salary.com. This will help you understand what a fair salary might be for the position so that you can choose a minimum salary that you're not willing to go below. That number isn't something you need to share while interviewing, but it's good to have it in the back of your mind for when it is time to negotiate. Even with reputable sources, though, it can be hard to translate average salaries across geographies or to the specific role.

7:23It's reasonable to think there might be a big difference between what a data scientist in Tampa and a data mining engineer in Oakland make, for example. Another option is to ask people in your network, people with similar roles in your industry or who maybe even work at the company you're interviewing with. Of course, talking about money can be awkward, but tackling a cringy conversation will be worthwhile if it helps you know how to value.

8:12Availability, amount of discounts and savings, and eligibility vary by state. Tomorrow morning is knocking. Stock your fridge now. How about a creamy mocha frappuccino drink? Or a sweet vanilla? Smooth caramel, maybe. Or a white chocolate mocha. Whichever you choose, delicious coffee awaits. Find Starbucks frappuccino drinks wherever you buy your groceries. Value yourself. Whatever you find in your research, be careful not to get fixated on a specific figure. That can end up with you being unhappy with the final number or even accepting a lower salary than you might have gotten otherwise. So what kind of range should you give?

8:50That will depend on a bunch of factors, like how accurate you feel your research is, the industry you're interviewing in, etc. Typically, it spreads across tens of thousands of dollars, so say$80 ,000 to$120 ,000. Don't give too narrow a range, but it shouldn't be ridiculously big. either. Once you've landed on a range you're comfortable with, here's how to share it in your interview. State your range and provide a rationale for why you've landed there, sharing some of your research and noting the skills and experience that make you a good fit for the position. Acknowledge that salary is just one of the factors that will play in your decision to accept the job or not.

9:31Make clear that you're interested in knowing more about other benefits as well. And signal flexibility so that your answer doesn't come off as a demand, but as the beginning of a conversation. Express your enthusiasm about potentially joining the company. Here are three examples of how this might sound. Here's sample answer number one. I'm looking for a competitive salary that reflects my qualifications and experience. Based on my research and the requirements of the role as I understand them, I would expect a salary in the range of$75 ,000 to$100 ,000. Of course, I'm open to discussing the details of the entire compensation package since salary is just one factor.

10:14I'm particularly excited to learn more about the opportunities for growth and advancement here. Here's sample number two. Given my experience and expertise, I'm looking to make between$60 ,000 and$90 ,000 in my next role. I've done some research on similar roles and talk to people in comparable organizations, all of which helped me confirm that range. I know I'd be a valuable asset to your team and am open to learning more about your budget for the role and the other benefits that you offer employees. And here's sample number three. I've been doing some research on similar roles and my understanding is that for someone at my level with my background and experience, I can expect to make a salary in the range of$100 ,000 to$125 ,000.

10:56Of course, compensation isn't the only thing that's important to me, so I'm eager to hear more about your benefits package, including paid time off and other perks. What's most important to me is finding a place where I can thrive. I can be flexible around the exact numbers for a job that's a great fit. Choose whichever option feels most comfortable to you and tweak the language so that it sounds like you. You'll also want to add some specific details about your qualifications so that you can highlight again why you're a fit for the role and they should be excited about hiring you.

11:36Whether and how you answer the question is up to you, of course. By following the guidelines I've shared, you'll be able to assess which approach feels most comfortable to you and is most likely to keep you in the running for the job. Importantly, you'll also have some tools to help make this potentially awkward part of the interview, well, less awkward. Good luck! You got this!