You’re still in the first round of interviews. You pass the test and get invited for an entire day of interviews. That’s when the HR representative asks, “How much should we pay you?” How do you respond?
This tricky question can cost your application if you give a less than perfect answer. So how should you answer this question to get that job offer?
When considering the best response to the “How much should we pay you?” question, various factors come into play. This article will go over the top six most effective ways to answer this question.
Tips to Answer “How Much Should We Pay You?”
Below are the most effective responses to the question, “How much should we pay you?”
1. Research the Average Compensation of the Position
Before anything, research the average compensation of the position you are applying for. Knowing the average pay range will help you avoid undervaluing or overvaluing yourself in relation to your qualifications. While some companies may be more forgiving than others regarding salary requirements, never assume that they will.
You must know the average pay range for the position you are applying for. If you have been researching this company, it should be easy to get a ballpark figure from other positions in similar fields and companies of their size. In addition, most jobs in Singapore Asia will have the average compensation information available online.
2. State a Higher Range Than the Company’s Budget
This is one of the most effective ways to answer this question. When you state a higher range than the company’s budgeted salary for this position, employers will assume that you are interviewing at many other companies.
It will make them offer more to compete with those offers. That way, when you finally accept their offer, they will feel like they got an excellent deal.
3. State a Range That Falls Within the Company’s Budget
This will show your willingness to work with the company while still recognizing your worth and qualifications. You shouldn’t play too hard or soft when negotiating salary.
You should always aim for the middle ground. This also shows that you can set realistic expectations while still communicating your value to the company.
4. Consider a Bonus Structure That Goes Beyond Your Base Salary
In addition to being paid a base salary, you should consider negotiating for a bonus structure that exceeds what is in the compensation package.
For instance, If it’s a part-time job in Singapore, you can negotiate for a bonus if the company exceeds its sales quota. Consider negotiating for a performance bonus or commission-based salary if it’s a full-time job.
5. Remove All Emotion From Your Decision
Regardless of how much this job means to you or how badly you want to get an offer, do not let emotions get in the way when negotiating salary. You will get yourself into trouble if you allow your desperation to show.
Remember that you are in a negotiation with another company that is hiring you, so remain professional throughout the entire process.
6. Ask for an Additional Day or Two To Make Your Decision
If you know what the compensation package is like before accepting, ask if you can take a day or two to decide before signing an offer letter. This will allow you to think over whether this position is the best fit for you while also showing that you have other offers on the line.
Don’t Worry Anymore!
When negotiating salary, these are the top six effective responses to “How much should we pay you?”. You should always approach salary negotiations with confidence and strength. Using the responses above, you will get an offer that is better than what you expected.