Truth be told, today’s job market is saturated with potential candidates left and right. Such is the scenario that a feat in its own accord is achieved when a candidate is called in for an interview alone. We have all been there, excited and nervous about the potential questions and whether or not you can answer them properly.
After going through the usual questions such as describing your skills and why you want to work in that particular institution, the interviewer might be impressed enough to talk about potential employment and then ask probably the toughest question: What kind of a salary or compensation are you looking for?
This has become a very important question, and it is something that will decide if you are going to get the job or not, or whether you are going to be satisfied even if you do get in. It also signals to the employer what your thought processes are about the work you do, and in general a good indicator of your communication and negotiation skills to the employer.
It is also a question that can reveal to you, the candidate, the intentions of your potential bosses as well. It is the question that will show both parties the significance they have of each other in the event that you are hired. Unfortunately, this is also where most candidates make mistakes in answering the question tactfully.
What exactly should candidates do?
Since compensation is such an important issue, you need to be prepared to answer it with a lot of diplomacy. Remember, you may feel that you are of no particular importance to your potential employer but it is not true. By the time you have been called in for interview, they have already invested time and money to sort through all the resumes to find you, so they have some incentive to not let you go. This does not mean that they cannot pick another candidate though, so keep your expectations average.
To prepare for this, you need to research the typical compensation package for the position you are applying for, and depending on your skill level and experience add or deduct from that average. If you feel there might be a bit of a haggling (unlikely) then you need to keep some room to negotiate as well, but not when it comes to the basic salary amount.
When asked about compensation you need to include weekends, work hours, potential bonuses and increments in addition to the basic salary if possible, so that you can reduce the expectations in some other field than the basic salary which will determine your future increments.
Ask for an industry average, and your employer will understand that you know what to expect and have knowledge about the field of work already. However, do not make a lowball offer just to get employed—you will regret that later and become dissatisfied with your career. Usually, the employer will make a counteroffer a bit lower than the one you proposed, and the negotiation will be minimum.
If they decide to haggle like a fish market then it is a big warning sign that there will be more cases of stinginess down the road, so you would probably be better off refusing the job altogether.
The power of compensation
Your compensation amount actually has far more implications in your career than you realise, especially if it is your first job. Statistically, it is better to be a bit under compensated than being over compensated. You might feel that being over compensated is a good thing: after all who does not enjoy a bigger income and benefits.
But over time it raises dissatisfaction of your employers on you, and your co workers, since they will feel that you are being paid more than you deserve, while you will feel that you already have enough and the struggle to be the best you can be will lag behind. This will result in stagnation of your career, both in terms of your skill development and in terms of promotion, since your employer will hesitate to pay even more for your work.
Having said everything, everyone must try to make just one point clear: you need to be your own judge and set a target on what you think your skills are worth, and find a job accordingly. One must do a thorough self-evaluation before going into the interview to face the issue of compensation, and it is also important to understand what the standards are in the industry.
But remember, doing a job for the money is the worst possible mindset you can have—the job needs to come first, and then decide what you need to make it satisfactory. So do your research on this and set your priorities right, before you walk into any future interviews.
