Discussing expected salary during a job interview is a critical moment that provides valuable information for both parties. On the one hand, employers seek to understand whether a potential employee would feel valued and satisfied with the terms offered and whether they have an objective view of market standards and their value. On the other hand, candidates face the complex task of articulating their financial expectations, especially if they have not conducted thorough research into the specifics of the position and the company they are seeking. We invited Irena Stoyanova, IT Recruitment Team Lead from our team, to share how to optimally prepare for such negotiations in a new and current role.
Let's start with the most difficult question - should a job applicant name a specific figure when asked about their salary expectations?
Irena: This is really one of the hardest questions at the end of any interview for a role without a salary budget stated. The tricky part here is that the onus is on the candidate to name a salary without knowing whether the company has set a specific financial framework.
On the one hand, the applicant doesn't want to take any chances and exceed the potential budget for the position with their expected remuneration, lest they drop out of the process under this administrative criteria. On the other hand, one also does not want to underestimate oneself and indicate too low an amount.
A useful trick here is that once you are asked the question, you get the ball rolling by asking - what budget has the company set for the role. This gives you an opportunity to show negotiation skills and a willingness to continue the conversation in a realistic context.
It's also important to research the company, the role and similar positions, the market, and even locations before an interview so that in negotiations you have enough information on the average pay in the market for the specific role. Such information can be found on various websites, and a good option is also to consult recruitment specialists through career consultancies, which would give you an overview of the actual state of the market at the time.
It is important to add that during the interview you may find out more about the role and its responsibilities, which also bring about some change in your expectations. Building on the solid grounding you have done beforehand, it follows that even with such surprises, you know how to maneuver your financial expectations.
My advice is also to not state a specific amount, but state a pay range. Set a range with the lowest amount you would feel comfortable with and is your so-called "social minimum" and if you eventually get an offer with that amount, then you would accept the job. As an upper limit, state the most realistic and optimistic amount you would like to be paid, consistent with the market and the role.
What are the key factors to consider when negotiating salary?
Irena: The bottom line is to do your "homework". Without proper research to handle up-to-date and correct data, negotiations would be unsuccessful. When you have the information, then you already know what is a fair and realistic salary for the role you are applying for.
The factors to consider are:
And these factors apply even when you are negotiating a raise on your current salary. Renegotiating pay after a certain period in a position can also cause discomfort at first reading. Don't feel uncomfortable commenting on money. Again, notoriety is a key factor here.
Prepare with a stated amount you feel you deserve and be prepared for questions. Prepare as much information as possible about your work, achievements, figures, and specific data and situations to illustrate why you deserve this financial promotion.
With confidence and available information backed up with data, set up a meeting with your manager. This meeting is the time to present how you have helped the company and your colleagues and to demonstrate your achievements and potential. A good test here is: if you can tell and justify to your circle of friends why you deserve a promotion, you can do so just as convincingly to your manager.
A pinch of patience is also advisable here - You may have to bring your desired promotion forward for discussion, you may have more meetings, and you may have to wait for the next quarter's budget.
But be mentally prepared for a "No" as well. Saying no is perfectly okay, it's the start of new soft skills to acquire or new horizons to explore.
Besides your base pay, how should you negotiate fringe benefits and bonuses?
Irena: The key here is that you know what you wouldn't compromise on when entering a search for a new company. Find out in the first conversations what benefits, perks, and perks the organisation offers and compare whether the conditions match the environment and the working model you are looking for. If you want to work entirely remotely, and you are applying for a job that specifies working entirely from an office put your topic and expectations at the interview and be prepared to justify yourself rationally.
If you want to negotiate for something other than the financial part which is beyond what the company offers, choose the most convenient time and the most professional way to bring up the topic. For every candidate and company, this moment is different - it could be right at the start of meetings, it could be at the end of a series of interviews when you've already been through the steps and meetings and shown that you're the right person for the role.
Everything is negotiable and communicable if it's presented with the right attitude, arguments, and commitment from both sides.
