Taking key steps before answering salary expectation questions helps you negotiate competitive compensation. Understanding the value of your skills and experience increases your ability to earn what you are worth in the job market.
Effective salary negotiation is essential when independently finding a job rather than working with a recruiter. Whereas working independently means you are responsible for each step, working with a recruiter means they negotiate any job offers on your behalf to help you secure a competitive income.
Using effective strategies to discuss your salary expectations helps determine a number that is fair to you and within the employer’s budget. The following suggestions can help.
Research Salary Trends
Use reputable sources such as Payscale, Glassdoor, Indeed, and Statistics Canada to find wage data for your industry, role, skills, experience, and geographic location. Then, create a reasonable salary range based on your findings. For example, “From what I know about the role, I think somewhere in the range of [$XX to $XX] would be appropriate.”
Consider the Benefits and Perks
Determine the approximate value of the benefits and perks included with the role. Examples include:
- The ability to work remotely or hybrid
- A flexible schedule
- Opportunities for bonuses
- A retirement plan with a company match
- Paid time off (PTO)
- Professional development opportunities
Benefits and perks impact your total compensation package. Reduced commuting costs and improved work-life structure can support a slightly lower salary.
Request Additional Role Information
If the hiring manager asks about your salary expectations early in the hiring process, consider saying, “I would like to learn more about the duties, responsibilities, and team before discussing compensation. However, may I ask the salary range you are considering?”
- If the salary range is at least what you are considering, thank the hiring manager for sharing the information and let them know it fits your preferences.
- Conversely, if the salary range is slightly below what you feel is fair, let the manager know it is less than what you hoped for but you would like to discuss the role further.
- If the labor market is tight and you can demonstrate the desired qualifications, you could negotiate a higher salary.
- In contrast, if the salary range is significantly below what you find competitive, ask whether the figures could be adjusted for the right hire.
- If there is no room for negotiation, decide whether to proceed with the interview.
Decide on a Salary
Commit to a desired salary by the second or third interview. Ensure you factor in what you learned from your salary research and the interview process:
- Are the responsibilities described as expected?
- Will you manage people or processes not mentioned in the job posting?
- Which benefits and perks are included in your total compensation package?
- Is the salary fair to you?
- Will the hiring manager likely consider your requested salary?
Depending on the circumstance, consider saying one of the following:
- “Given the job responsibilities and the number of people I would be managing, I think [$XX] is a fair figure. It is an exciting opportunity, and I truly believe I am the person for the job.”
- “I recall the salary range you gave me earlier, and I respect that you must work within a budget. But I would like to suggest [$XX] as the starting salary. The job responsibilities are quite demanding, and as we both said, I have the necessary skills and training to deliver the results you are looking for.”
Get Help with Salary Negotiation
Partner with Mercer Bradley to gain expert assistance throughout your Winnipeg accounting and finance job search. Visit our job board to apply for a role today!
