How can I tell you my Salary Expectations? Shouldn’t you tell me how much you are paying first and then I’ll tell you whether it is okay or not. Trust me, I have given multiple interviews and I’ve taken interviews too and it doesn’t work this way. The way you answer this question decides whether you’ll get a good salary or not get an offer at all. So it doesn’t matter if you are a fresher or an experienced professional, today by the end of this article, you’ll know exactly how to answer this question because in today’s article, we are going to see What does the interviewer want to know by asking, ‘What are your Salary Expectations?’
A 3-step process of answering this question, no matter what job you are applying for. And towards the end, I’ll give you a Bonus Tip so that your salary keeps on increasing either through promotion or a better job. And somewhere in between, I’ll also tell you how to save your salary and make it grow.
Let’s begin. Now, every recruiter is different. By asking this question, some want to know. If you are confident of your skills, your experience. So you cannot quote your salary down too low. Every company has a budget and they want to know if they can afford you or not. So you cannot quote something too high! Keeping those 2 points in mind, here’s how you should not answer it.. Don’t give a set number unless the employer mentions it and you are negotiating it. ‘Are you serious? You are giving me THAT low?!’ Even if the offer seems less, respond gracefully and ask if you can negotiate. And the most important thing, you don’t ask the salary question, let the interviewer bring it up. Just a few weeks back, an interviewee told me, ‘My payscale is in millions. ..You are a start-up, so you can’t afford me full-time. But I am willing to work part-time for you.’ As soon as he said this, it told me that this guy is more concerned about money rather than working with me, then why will I waste my time teaching him something?
So the rule of thumb is, be gracious and let the interviewer bring it up and in case they bring it up, this is how you can answer the question. When you are answering this question, you are basically selling your skills to the interviewer and in order to do that right, here are the 3 things that you must do.
- Know yourself. List down your education, experience, qualifications, unique skills, achievements, so that you know what you are worth.
- Know the job and the company. Money is important but an average person spends 90,000 hours working and money is not a good enough reason to keep you happy for that long. Along with money, things that matter include learning opportunities, team that you get to work with, company’s vision that makes you want to go to office every day, for some office location matters too. So know everything there is to know about the benefits you’ll get from working for that company.
- The most obvious step is to find out what the industry is paying. Go to website like Linkedin, Glassdoor and see what range a company is paying for that role.
Now, here’s a Pro Tip! A job in Jaipur might pay you 30,000 INR per month but the same job might pay 50,000 INR in a city like Mumbai because the cost of living, varies in cities. Now, after you’ve followed these 3 steps, here are a few ways that you can present your answer. As you just saw, you are politely shifting the focus from a specific number to the other benefits that a job has to offer and are showing that you are willing to negotiate. If you are a fresher, then you can’t this answer like this. When you show that the company culture is important to you then you as a fresher become more preferable when compared to others who have similar qualifications. You don’t have to say the exact same thing, use your own words. But you are getting what I am trying to say right? But if the interviewer is adamant about you providing a figure then use your 3-step research to answer like this.
Now, here is a Pro Tip. Kindly do not mention your personal financial needs that I need this much salary because I need to pay off my loan. Instead use your experience, your qualifications and your achievements to justify your salary range. I am going to tell you what you can do to increase your salary range in the Bonus Tip. But before that, at the start of the article, remember I said I’ll show you what you can do to make your money grow. No matter what salary you get, it is important that you invest it. And one of the ways of doing it, is through this app called, ‘EasyPlan’. This article is brought to you by them because it is a smart way to save and invest your money. This is how it works. On the app, you can add a personal goal whether it is to go on a vacation, buy a phone or simply maintain an emergency fund. I want to go on a vacation. I enter the amount I want to save. I want to save it monthly. And it’ll suggest me how much I should save per month. I chose the option that works best for me and it’ll tell me how long it’ll take me to achieve my goal. And that’s it.
Now, at the start of every month it’ll send me friendly reminders so that I first save from my salary before spending it. Now where is this app sending your money? This money is being invested in your name, in ICICI Prudential Liquid Fund which is a low-risk Mutual fund. In the past, it has given returns of 7.2% pa which is similar to a fixed deposit and roughly twice as much as a regular bank account return. This liquid fund has never lost money in the past for investments made for a week or more and is considered low-risk. What I like about this app is that, I can invest 500 INR one month and 1000 INR after 2 months. Unlike an FD or an RD, there are no penalties for missing an instalment. You can invest how much ever you want and whenever you want. Liquidity with this app is high because you get 90% of the amount immediately and the rest 10% within 2-3 business days. Now, how to invest? Simply download the app and complete your KYC which is all done on the app without any paperwork. So, download the app, play around with it a little bit and decide for yourself. If it’s the right investment option for YOU.
Finally, it is time for the Bonus Tip. Most of us, invest our money in FDs, Stock Market, Mutual Funds but unfortunately, most of us do not invest any money in ourselves. So we don’t buy that online class that’ll teach us a new skill, we don’t attend that conference that’ll help us network, we don’t even take that new hobby class that’ll finally make us happy just because we think it’s ‘Expensive.’ But do you know what is more expensive? To be stuck at the same place for years. So today’s Bonus Tip is this Invest in your self-growth, instead of buying materialistic things that you don’t need. Only when you keep upgrading your skills, will you get a promotion or a better job or better yet, you might convert your hobby into a new career and finally be happy.