One of the stickiest questions to answer when you are seeking a new position are the ones surrounding your salary requirements. Benefits like health insurance and other perks i.e., bonuses, car allowance, stock options, cell phones, laptops, etc., will be important to your decision as well. Yet, it is the base salary decision that becomes the foundation upon which all future raises, promotions and bonuses are based.
Consult with a trusted advisor, recruiter or career coach on your specific situation, however here are a few pointers to help you to ace the question and yield your desired outcome.
First do some research and know your numbers. Include the salary range for a professional with your title, in your targeted geographic area, and with your overall experience and responsibilities. You can obtain that information absolutely free from websites like Payscale.com, Glassdoor.com, and Salary.com.
Salary negotiations start when you apply for a position by submitting your information into a corporate website. These applicant tracking systems ask you to state salary history which may place you at a significant disadvantage. Many people respond by automatically providing their base salary in these systems. Caution...it will become the basis of any ensuing salary discussions, leaving you little room to negotiate. If you must enter information in these fields, I suggest placing XXX’s or several 9’s in these fields or if possible, leave it blank.
According to a 2016 Robert Half report, “U.S. companies are offering increased starting salaries, at an average of 10% higher than a person made at his [or her] previous job.”
So, how do you "ace" the salary question? Here are three ways to successfully respond:
- You are asked: "What are you currently making or what did you make in your last position? "
If the interviewer insists on you answering their specific question, and you are asked about your last or current base salary a second time, simply state what your research has shown. Example: “Research data indicates that the salary range for a position like this is in the range of $_____”. Then state your base salary in your current or last position and let them know the salary range you are seeking (give yourself a minimum of 10% increase.
- You are asked: “What are your salary requirements?”
This question is easiest to answer when you’ve done your research and you’ve practiced your response. An example of your response can be “I am interested in knowing what salary range you think is fair for someone with my qualifications and experience.” It is important for you to obtain their salary range first, because the organization’s number may be higher. If you are pressed to give your salary requirements first, then state your desired base salary, giving yourself at minimum a 10% raise based upon your research.
- What’s it going to take for you to start working for us?
Salary discussions can be tricky and for some a little unnerving, because many people are afraid to negotiate more money and benefits/perks…However, by the time you get to the final interview stage, most often the decision-maker is sincerely interested in having you join the team. Remember to only negotiate with the decision-maker, s/he has the power to make it happen. They will do what they can to get you to say “yes”.
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Elva Bankins Baxter is a Master Coach who has a passion for partnering with business professionals and corporate leaders to provide tactical and strategic coaching solutions to improve business results. As a seasoned executive leader, she has an extensive background in executive search, career transition services, redeployment, leadership competencies and executive coaching.