If you are looking for a job, you are likely to be asked about your salary expectations. Here are some things you need to understand.
What the employer is thinking
To formulate an answer about salary expectations, you need to understand why the question is being asked. The primary reason is to ensure that your salary expectations align with the salary range that the employer has budgeted for the position. Employers don’t want to spend time with candidates who want more than they are willing to pay and you do not want to spend time with a company that won’t pay you what you want either.
While this isn’t the only reason employers ask for salary expectations, it is the one with the biggest impact. Since you don’t know why, you would be well advised to assume it will impact your candidacy.
As uncomfortable as the question may seem, it has integrity. While job seekers may think they are going to take advantage of a sleepy employer who leaves a bag of salary money on the desk for anyone to grab, it is a rare situation where one can get a number they don’t deserve. And what do you think happens when someone gets a job they don’t deserve?
You want a win-win
The company has spent significant time defining its win by assigning a dollar figure or range to a set of skills and experience for which they are looking. You need to decide your win. If the wins between you and the employer align, you take the job. If not, you walk away with no regrets.
The four considerations for setting your salary expectations are:
- What do you require?
- What you need
- What do you want?
- What you deserve
Before we break these down, you should be aware that these considerations are emotionally loaded… for you. They aren’t emotionally loaded for the employer. You will have a hard time getting to a win-win if you bring an emotionally loaded expectation to the bargaining table.
What you require
This is the number you need to cover your savings, giving, and expenses. If you are able to live on a number today, that number is the high end of what you require. Hopefully, this number won’t be part of the negotiations, but you ought to have it — so figure it out.
What you need
The category “What you need” forms your baseline for salary expectations. You have a vision, plans, and future obligations. You also have social pressure. You may feel you “need” to live in a certain neighborhood or drive a particular type of car for validation. Right or wrong, it is real to you. Some of what you perceive your “need” can be satisfied if you feel the “need” can be reasonably achieved in the future. To achieve these future goals, you want to build a time-phased salary picture and back that into a current-day attainable salary.
Your goal is to find a minimally acceptable salary. Think of it as a salary line that, if not met, would cause you to walk away from a great company. You test this with, “I’d rather have this thing (vision, plan, neighborhood, car) than work at a company I really like, in a job I really like.”
Most people will endure some discomfort for a great job with a great employer, so this number is likely to be a salary number below “what you want.” If you are making enough money today to meet your needs but would like a better job with a better employer, then you might come to the conclusion that this number is not much higher than your current salary and, possibly, even less.
What you want
This is the salary number that gets you what you need with some cushion in it. What salary permits you to save more, give more, and worry less? Typically this would be in the range of 20% more than the salary number you determined to be “What you need”.
What you deserve
While you may feel there is an objective answer to this question, there is not. Philosophical perspectives on what you deserve range, literally, from heaven to hell. How would one come to the answer of what they deserve? The considerations are infinite. There is no audience or employer for “what you deserve.” And this is why the question is so dangerous. Ultimately this question is about the pent up and unresolved injustice in your life. You do not want to expose this side of yourself to a future employer. If you are obsessed with “what you deserve” you will surely sabotage the interview process.
Once you’ve addressed these four components, your salary expectations range should fall somewhere between “What you need” and “What you want.” Since you are willing to walk away from an offer below your “What you need” number, you can be confident in that range.
What are your salary expectations?
Employer criteria for ruling out candidates based on salary expectations are rarely concrete. They know you tend to have wiggle room and they tend to have wiggle room.
So your salary range expectations should be calculated as follows:
“What you require” * 1.1 to “What you need” * 1.1
Your goal is to be open to a compromise for a great opportunity, hit the midpoint for an average opportunity, and leave open the possibility that you could do better than expected.
The framework
Now that you have thoughtfully defined your salary expectations, you are ready to communicate them to the market. With this framework, you are empowered to discuss and negotiate a salary based on your values and requirements. The framework doesn’t restrict your options. You can go above or below at will and when you do, you will make a trade-off that has value to you.
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About QDStaff
At QDStaff we know that industry depth is critical to finding great talent. We recruit game studio talent every work day of the year. It is all we do. That means the credibility we have with our clients gets your resume further faster.
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