what is desired rate of pay

what is desired rate of pay

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Your desired salary is something that you often discuss in job interviews or note on a job application. It’s important to know how to answer this question. Providing a salary in the right range will help you get a job that can compensate you appropriately for your skills and experience.

In this article, we discuss how to determine your desired salary and how to share this information with a prospective employer.

 

When a potential employer asks you this question, they’re expecting an honest, realistic answer—but giving your answer too soon could actually end up hurting your chances of making the amount of money you’re worth. More on that in a minute. First, let’s talk about how to figure out your true desired salary.

What is desired salary?

Desired salary is the compensation that you would like to receive for a new job. It’s common to be unsure of what to put for desired salary as you’re completing job applications and attending interviews. If you select a number that’s too low, your employer may eagerly accept the suggestion and pay you less than you’re worth. If you quote a desired salary that’s too high, you could risk losing the job opportunity.

It’s important to have a smart strategy for approaching the matter of your desired salary so you can quote a number that’s likely to get you fair compensation for the job.

How to determine desired salary

Follow these steps to figure out the best salary request for your desired job:

1. Research average salaries for your occupation

Perform online research to see what others are making with this job title. You will probably find a broad range depending on location, experience and education. This gives you a very loose basis of what you can list as your desired salary.

2. Consider your cost of living

The average salary for a job varies by location. If you’re relocating for your new position, it’s important to understand how much it will cost for you to maintain the same standard of living in a new city. In some places, housing, gas, groceries and utilities are significantly cheaper. If this is the case, you may accept a salary that’s lower than your previous job.

In other cases, you may find that the cost of living is notably higher in your new location. In this case, you will want to request a higher salary simply to maintain the same lifestyle. If you want to increase the funds that are available after your standard living expenses, you need to request a salary that’s even higher.

3. Factor in experience and education

Experience and education are two of the biggest determining factors when considering salary. If you’re seeking an above-average salary, you should also have above-average skills and expertise. If you have a long history of working in a particular field, you can ask for a higher salary than if you’re an entry-level employee.

How to answer “What is your desired salary?”

If a job application asks for your desired salary, you may have to provide this information before the interview. Follow these steps to handle a request for your desired salary within the application process:

1. Follow the hiring company’s directions closely

Don’t provide your desired salary in your cover letter or on your resume unless specifically asked to do so. It’s best to withhold this information until you get a starting offer from the company so you don’t price yourself too low.

If the job posting asks that you include desired salary on your resume, you can satisfy the requirement without giving a concrete number by including a note that says, “Salary is negotiable and can be discussed during the interview.” If you’re filling out an online application that you cannot submit without filling in this box, continue with the following steps.

2. Select an appropriate range

Use the strategy outlined above to determine what an appropriate salary range is for your field, taking the local cost of living and your personal experience and knowledge into consideration.

Related: Salary vs. Hourly Pay: What Are the Differences?

3. Indicate that your salary is negotiable when possible

Some online application forms include a checkbox that allows you to indicate whether your salary is negotiable. Check this if you’re given the option. If not, you may be able to state that the salary is negotiable at the end of the application if there’s a place for notes. This could help you get further consideration from employers.

How to answer “What is your desired salary?” in interviews

Potential employers will often ask what your desired salary is in an interview. This is the best place to approach this question because you have the flexibility to discuss the topic fully in person. Follow these steps to address this query:

1. Wait until you’re ready.

2. Support your answer with research and evidence.

3. Indicate when negotiation is acceptable.

4. Consider the full benefits package.

5. Decline unacceptable offers.

1. Wait until you’re ready

If the hiring manager asks about your desired salary before you have a full grasp of the position, you can delay your response. You may say, “I’d like to learn more about what this position entails before I discuss my desired salary.“

2. Support your answer with research and evidence

 

Research the industry before your interview so you can provide an answer that’s backed by evidence. If you want a salary of $90,000, you should have a solid argument for why you’re worth that amount. Know what the average salary is for your occupation, the industry and the local area.

Read more: Average Salary by Age

3. Indicate when negotiation is acceptable

Let your employer know if you’re willing to negotiate your salary. It’s usually best to open the discussion to negotiations. However, if you’ve stated your lowest acceptable salary, you should confidently stand by it.

4. Consider the full benefits package

If the hiring manager counters with a lower salary, inquire about the benefits. Your health insurance, stock options, pension and other benefits add real monetary value to the position.

Read more: Base Salary and Your Benefits Package

5. Decline unacceptable offers

Know the lowest salary you can accept and be prepared to respectfully decline the offer if the employer cannot meet your needs. It’s better to keep looking for the right fit than to take a job that doesn’t pay you enough to comfortably maintain your lifestyle.

Example responses

There are many ways to answer the question of your desired salary. Consider some of these responses.

Responding with a request for a pay increase

“My current salary is $60,000, which is the maximum compensation that my employer allows for this position. I have recently completed an MBA which gives me the skill and expertise necessary to take on the more advanced position that I am now applying for. As this job has a greater number of responsibilities, I’m seeking a 10% increase in my salary and asking for $70,000.”

Responding with a desired salary based on relocation

“Based on my research, the average salary for an RN in the Chicago area is $65,000 to $85,000. I have 10 years of experience as an RN and recently obtained Certified Additions Registered Nurse-Advanced Practice certification. I believe this qualifies me for a higher salary within this range, and request compensation of $80,000 to $85,000.”

Responding when you’re unsure of your desired salary

“I don’t have a specific number in mind yet. I’m focused on finding a position that’s a good fit for my skills and career goals. Once I’ve done that, I’m willing to consider the salary offer that you feel is fair.”

Responding in a cover letter to desired salary in an online application

“On the application, I selected a salary range of $40,000 to $50,000. I believe this is appropriate for my skills and experience level. I am open to negotiation regarding the salary and benefits for this position and look forward to discussing this with you further.”

 

 

How to Answer “What Is Your Desired Salary?”

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Now that you have your desired salary in mind, the next step is to stand strong when you’re asked about it! Here are two common scenarios where you might have to answer this question, plus the best ways to answer.

On a Job Application

Like I mentioned earlier, it’s better to not reveal your desired salary too early in the hiring process because it can limit you if the company is prepared to pay more. Not all applications will ask for your desired salary, so if they don’t ask, there’s no need to give one. And if they do ask, keep things simple by saying something like “salary is negotiable” or “salary may be discussed during the interview process.”

If you’re unable to enter text into that field on the application, I’d recommend leaving it blank or giving a loose range and then adding a note somewhere else on the application saying salary may be negotiated later. It’s important to be honest here, though. If you know you won’t be open to negotiation, don’t use the word negotiate—stick to discuss. (And if you’re really not willing to budge, you might as well state your firm desired salary on the application.)