09 Sep 2021
While it's essential to prepare yourself for skill, it's equally essential to get ready for the salary question that is sure to surface at some point during the interviewing process.
Answering "what is your current salary?" the wrong way can also cost you a good job offer. It can also put you in an unarguable scenario by forcing you to consider a job at a less-than-desirable salary. After all, in some situations, the only thing worse than failing to get a new job opportunity after an interview is failing to get another offer that's sufficient to support you and your family.
You might be thinking about what the big deal about the current salary question is, yet it's one question that probably stumps job applicants. Not only that, however it can change the interview climate from red hot to cold as a result of digits of difference in interviewee and interviewer thinking.
Why do companies ask job applicants the salary question? Ultimately, HR professionals and company leaders want to know if they can really afford you before they invest resources and time courting you to come to work for the company.
Some employers put extra. Despite a general market value for the particular job post, some companies place a more significant premium on specific jobs than other organizations. This means that the salary they are willing to pay for a particular post may be higher or lower than the present market rate.
Another possible reason can be that they're trying to look at how you value your work. Are you really confident to ask for what you deserve, or will you meekly accept whatever they offer?
Usually, "the salary-related question" contains one or both of the following:
Each of these types of questions comes with different challenges. The salary-related question(s) can come up in the first meeting or as part of the face-to-face process or can pop up later after you've reached the HR interview round.
In some respects, it's a great thing when the salary expectations topic comes during the interview process. It indicates that your interview round is going well and recruiters are interested in having you come to work for the company.
The other side of the coin, even though, is that when you're not at all prepared, it's easy to miss on this question that could prove costly.
Especially if you don't know a lot about the typical career path at the company. Career experts recommend being SPECIFIC for most interview questions because general answers tend to be bland and easily forgettable. This is the exception. Make your answer honest but broad that it doesn't raise doubts about whether you would be a perfect fit for this post at this organization.
At the firm (especially if you have short job tenures on your resume). Your recruiter wants to know that you're ready to settle in and grow with the company. The truth is that anything might happen. The company could lay you off, they could go out of business, or you could be lured away for a better opportunity.
However, remember that the organization will be investing considerable money, energy and time, in hiring and interning someone for this job. You must show an honest intention to stay long to be a good investment. If you have some "job gap" on your resume, it's imperative to make the case that you're now all set for a long-term job.
As an exciting next step for you. Most importantly, make it clear that you are motivated to take on this opportunity right now.
In some interview situations, your answer to this question will be significant. Suppose you’re making a career change, or this position doesn’t seem like an obvious next step based on your resume. In that case, your interviewer may be suspicious about whether you are committed to this field or need to make a few bucks till something better comes along your career path.
Nobody wants to hire a candidate who is halfhearted about the job. It’s like dating someone who uses you for free dinners until someone she’s attracted to comes along.
Your response to “ What is your dream salary you expect in the next 5 years?” is your opportunity to tell the interviewer about your commitment to the career path and the particular job.
For example, let’s say you were recently resigned after working in an MNC company for five years and are now interviewing for a job. To be seriously considered, you need to describe why you are excited about making the switch and building a career with a handsome salary after 5 years. You don’t want to leave the impact that this would only be a temporary job until something opens up with a better opportunity for you in the near future.
If your major subject and internships are in a different domain, be prepared to talk confidently about why you want to be in the next five years with the handsome salary in this new field represented by the open position.
“It would be very challenging for me to compare my previous salary with this position for different reasons—primarily because I don’t have proper information about your complete package. I’m sure we can discuss the subject of salary and your entire package before an offer is signed officially.
“That would be like making a comparison between two jobs that are way different in roles and responsibilities and in the base salary and bonus structure. I would be more focused on hearing what is the salary package you are offering is. I hope we can kindly postpone this subject until we both have detailed information to discuss salary and its benefit comparisons.
“I had a weird situation at my previous job where I was appointed at a lower salary to own a company share. I also had a perks and benefits structure that I was getting. I would have to look at the whole package that you offer before comparing it to other jobs.”
You will notice that most of the above-mentioned examples attempt to defer the subject until you have the proper information and a better idea of whether this is the perfect job for you. When you have that information, you will assess whether this is a job where you really have something to offer and what the proper value should be. In other words, what you truly deserve to be paid.
Take the time to contemplate this question and prepare a response. Don’t memorize a script, but practice how you will describe your long-term career plans in a way that will be relevant to the interviewer and help you tell your story about why you’re the best person for the job.
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