A Step-by-Step Guide to Setting your Salary Expectations

A Step-by-Step Guide to Setting your Salary Expectations

Do you want to be paid what you are worth? The first step in getting the salary that you deserve is setting an accurate expectation of what your skills are worth. This can be tricky, especially if you are just starting. You may feel as though you are too inexperienced to be able to set a fair value for yourself.

There’s no clear formula for setting salary expectations, but there are some helpful guidelines that will help the process along and ensure that you do not end up underpaid.

How to Set your Salary Expectations

When it comes to salary expectations, the idea is to come up with a range that fits your talents, experience, role, and location. At the start, it is not about how much money you need or want. It is about how much money you can get for what you have to offer.

You’ll be able to ask for more if you’re in a competitive job market, have a hot job, or have in-demand talents. If your metro area has few employers with open employment or your profession is overcrowded with talent, you may need to drop your range or up-skill yourself into a better position in the market.

1st – Conduct Research

Research the salaries paid for your position so you may have a starting point for this conversation and be ready to negotiate if necessary. Research, the national average salary for your position, the state and city averages, and then the range within that particular firm.

Before going to an interview, you need to know your exact market value. Slected can help you with this! With Slected, you can understand what professionals in your field are earning. Slected also aids you in determining your worth based on 50 different parameters and tells you about other skills you can gain to improve your market value.

2nd – Make a Budget

Before entering a salary negotiation, figure out how much money you’ll need to get by. Even if you require more than you are likely to make, you must have that information to proceed. You may find that you need to cut costs or that you need to start looking for a job that will allow you to make more money. Alternatively, you can find the incentive you need to argue for a higher wage range within the role’s acceptable range.

3rd – Compensation Is More than just Salary

Compensation is more than just a figure on your pay stub. This is the amount your employer pays you for your services, including non-cash payments. Benefits like health insurance, retirement programs, and paid time off are included in many professionals’ salary packages.

However, there are several benefits that you can negotiate during the employment process. Like an extra week of vacation, a flexible schedule, or the ability to work from home. These solutions could help you improve your bottom line as well as your work-life balance.

4th – Consider Negotiating a New Job Offer

Mostly when you start a new job, you should plan to negotiate your new job offer. For one thing, most hiring managers anticipate it – according to a survey conducted by recruiting business Robert Half, 70% of hiring managers anticipate candidates negotiating. However, according to PayScale’s poll, only 43% of respondents have ever requested a raise at a job in their profession.

5th – Choose the Right Time

If the hiring manager asks for your wage range early in the process, respond by expressing that you want to learn more about the job duties and responsibilities before deciding on your compensation expectations.

You should try to hold off on setting a range until at least the second interview. You’ll have a better understanding of the job at this time and the employer will have a better understanding of why you should be a part of their team.

6th – Decide Whether to Reveal Your Salary History

Some employers still inquire about a candidate’s wage history during the interview process. Your worth isn’t defined by how much money you made at your previous job. Some cities have passed laws making this question unlawful to safeguard candidates from being trapped in a low-paying job.

As Per PayScale’s research:

When questioned about her wage history, a woman who refuses to reveal earns 1.8 percent less than a woman who discloses. When a man refuses to reveal, he is paid 1.2 percent more on average.

In any case, the decision to reveal your wage information is entirely up to you.