You can’t be prepared for every salary interview question
You can't be prepared for everything, but you can be ready for most eventualities. The steps to getting prepared are pretty obvious. You have probably have thought of all of them. Still, I find it's helpful to put all my salary considerations down on paper and then review them before going into an interview.
1, How much do you want to earn? Realistically, how much do you think someone with your skills and experience should be able to command? People with several years of experience in a field have a pretty accurate sense of what the market will bear. But if you're new to a field it's a bit more difficult. Do some research. Talk with knowledgeable people, check with an employment recruiter, search the job information that's so plentiful on the Internet. And remember that salary is only one part of the compensation package. An employer may offer other benefits that reduce your salary requirements. Health insurance, a retirement plan, profit sharing are all worth money. In your research, try to find out how quickly compensation increases in your line of work. How much does someone with, say, five years of experience typically make? Future year earnings potential may alter your views of how much you need to make initially.
2, How valuable are the non-salary benefits to you? It's not enough to know what they are. You should put a price on them. If, for example, you really need health insurance, then the value of that policy to you would be equal to what you'd have to spend if you went out and bought your own. You should know how much lower a salary you could accept or how much higher it would have to be, depending on whether or not the job includes a good health insurance program. Suppose you don't need health insurance. Then you should estimate how much money you'd be saving the new employer who didn't have to provide it to you. If it's offered as part of the package, say you'd rather take an increase in salary instead. Perhaps your employer offers commuter subsidies, day care facilities, or other perks that offset your costs of going to work. You should determine what value you place on them and factor them into the salary that's offered.
3, How low will you go? At some point, the compensation just doesn't justify getting dressed to go to work in the morning not unless you're independently wealthy and only work for the fun or it. Or unless you're willing to moonlight doing pizza delivery. You need to know when you walk into an interview what your absolute bottom line is, including the trade-offs between salary and other benefits you might be offered. That doesn't mean you should tell the interviewer what your bottom line is, since your floor could become the interviewer's first point of negotiations. But you should know what it is.
Best 3 Ways to Successfully Negotiate a Salary
But he points out that, generally, the higher you go with respect to compensation, the more realistic professionals tend to be about their market value. This could be because they have more experience, learned from mistakes they have made, and have held enough jobs to have a good understanding of fair compensation. Morley offers these five tips to help understand your worth and negotiate for it with confidence:
1. Be realistic about your experience.
"You need to be honest with yourself about what you can and cannot do," Morley says. For example, you may be tempted to apply for a job that is offering a $60,000 salary, even if you don't meet the job requirements. One major part of being realistic about what you can make is being realistic about what skills you can bring to the table.
2. Do your research.
"There are a variety of salary surveys that you as an individual can access over the Internet," Morley says. Research professional industry associations and HR Web sites. He also suggests browsing job postings and classified ads. While ads don't always list salaries, you can often get ideas of a pay range companies are willing to offer.
3. Be methodical in your decision making.
Use a simple list-making method, Morley suggests. On a piece of paper, write down all the things that are important to you in order of their rank. While cash for most is king, having a short commute and good medical benefits might matter more than a few extra dollars. Or perhaps you'd be willing to trade a couple thousand dollars for more vacation time. Having this knowledge about yourself, the market and your personal needs will give you the confidence to negotiate effectively. Write down your desired salary and the benefits you most desire. Be ready to play hardball, but give yourself a little wiggle room. That way if you have to negotiate, you can still achieve your bottom line total compensation goal.