Salary Expectations
September 30, 2011|Interesting Facts, Tips At work| No comments yet
Research Before Quoting A Salary Expectation
Global job markets are having a big impact on salary expectations. This the main reason to research salary ranges in specific job disciplines. Supply and demand is the mechanism driving salaries ranges in today’s job market. Knowing in advance the domestic as well international salary ranges for career positions is an advantage that requires much consideration. While specific professional career positions may thrive in certain areas of the job market, it may not in others. If travel is involved in the job, this also affects salary expectations.
The Reality Of How Businesses Figure Wage And Benefits Compensation
For most large corporations, wage and benefits compensation is the biggest annual budgetary expenditure. It’s no surprise there’s a prevalent gap between the job applicant’s assessment of their salary expectations and the potential employer. Keep this in mind when settling salary expectation dilemmas.
How Realistic Are Salary Expectations?
Considering that final decisions on salaries of prospective job applicants lies with future employers, checking salary expectations for viability before the first interview is important. It can be the defining line of whether a potential hire fits the company’s salary expectations. This is why knowing the salary ranges for a specific domestic and international job before interviewing gives the job applicant a definite advantage.
Generally, the hiring company will advise the interviewer that there is room for flexibility for top notch candidates for hire. Rarely will this flexibility exceed more than 20%, depending on the job applicant’s current salary and salary expectations. In a tight economy, however, that percentage of salary flexibility may be far lower. Be prepared to make the choice as it pertains to personal needs. In some jobs, there may be a trade-off for a flexible work schedule for a slightly lower salary. Or there may be a dollar value attached to the company’s benefit package that exceeds the company’s quoted salary range.
Should A Covering Letter Include Salary Expectations?
In a tight job market, it’s almost imperative to try to arrive at salary expectations that meet with that of the hiring company. However, most hiring companies expect job applicants to quote salary expectations from 6 to 10 percent higher than their current salary. While it’s best not to include salary on a resume, it’s a good idea to give some indication of salary expectations in the covering letter.
