What to Put for Desired Salary on Application

It's fun to apply for a new job, but then there's that one question: "What wage are you seeking?" Although it appears to be a tiny box on an application, it may seem like a massive riddle! Is it necessary to request a lot? Not enough? Or simply state "negotiable"?

No worries! This guide will explain exactly how to respond to this difficult question. To help you feel confident and receive fair compensation for your abilities, we will provide you with practical advice and straightforward instructions. This is an opportunity for you to demonstrate your value without turning off possible employers. Let's ensure that your compensation response benefits you rather than harm you!

The "Desired Salary" Question Is So Difficult Because

There are a few reasons why firms inquire about your salary expectations:

Every position has a salary range: To determine whether you fit their budget.

To determine your expectations: They are curious about your self-worth.

Your response is frequently the initial step in compensation discussions: When you begin negotiating.

The difficulty is that they can reject your application if you ask for too much. Asking for too little could result in receiving less money. It's a balancing act!

The Golden Rule: Always Do Your Homework First!

Research is your best friend until you enter a single number. This is the most crucial stage in obtaining the wage you want and deserve.

How to Conduct Research

Look for similar positions: Use websites like Salary.com, Glassdoor, LinkedIn, and Indeed. Look up your job title in your city or area.

Think about your own experience: Are you a senior specialist, an entry-level employee, or somewhere in the middle of your career? Salary is greatly impacted by your experience level.

Consider the size of the business: Startups may pay differently than big corporations.

Consider location: Salaries can vary significantly between a major metropolis and a smaller community.

Talk to people: If you know someone working in a similar sector or position, ask them politely for their thoughts on average pay.

Your Objective: Identify a sensible wage range for your particular position, experience, and geographic area. For instance, in Chicago, a "Marketing Coordinator" with three years of expertise may make between $50,000 and $65,000 annually.

The Best Ways to Respond to "Desired Salary"

There are a few intelligent approaches to answering the issue after you conduct your research.

1. Offer a Range of Salary Options (Often the Best Option!)

The majority of the time, this is the best and safest course of action. It demonstrates your flexibility and that you have conducted your study.

How to: Provide a range that is a little higher than what you would anticipate. Ensure that the lower end of your range continues to be a decent income for you.

For instance: You might write: "$60,000 - $70,000" if your research indicates that the average range is between $55,000 and $65,000.

Why it works:

You demonstrate an understanding of market value.
There is still opportunity for bargaining.
It keeps you from asking for too little.

2. Use the Words "Negotiable" or "Open to Discussion"

If you're unsure of the company's budget or want to know more about the position and its perks before discussing numbers, this is a wise course of action.

How to do it: Just write "Negotiable" or "Open to Discussion" in the salary section.

The reason why it works:

It gives you more options.
It refrains from assigning a number too soon.
It raises the wage. Speak to later, after you have more details, such as perks, bonus plan, and other things.

When to use caution: Certain application systems may only take a number and not text. If that's the case, choose Option 1.

3. If Feasible, Leave It Blank

You can occasionally skip this question on application forms.

How to do it: Leave the field blank if it is not required and does not have an asterisk (*).

The reason it works: It avoids commitment and compels the employer to either make an offer first or ask you directly later.

When to exercise caution: An entry is necessary for several online programs. You cannot leave it blank if it is a necessary field.

4. Give a Precise Figure (Use with Caution!)

Only use this approach if you are absolutely sure of the market worth of your position and you know precisely what you want and won't settle for less.

How to accomplish it: State a precise number, such as $65,000.

The reason it works: You may project a great deal of assurance in your worth.

When to exercise caution:

You may be excluded if your number is excessively high.
A low number might cause you to miss out on possible profits.
As a result, there is no room to negotiate above the figure you provided.

When Responding to Salary Questions, What You Should Avoid Doing

Always conduct your research: Before pulling a number out of thin air.
Don't use "I don't know" or "Any": This will make you seem unprepared.
Don't undervalue yourself: Value your experience and abilities; don't settle for less than you're worth.
Don't be scared to set your sights a bit higher: Within your researched range, businesses often anticipate that you will haggle.

Tailoring Your Response to Various Circumstances

Entry Level: Concentrate on research for your first employment. A restricted, thoroughly researched range is beneficial. "Negotiable" might be a priority if you're focused on getting your foot in the door.

Career Change: Your prior salary may not be relevant if you're changing industries. Concentrate on research for the new discipline.

Senior Positions: A well-defined, confident range of skills based on considerable expertise and market worth is often anticipated for senior roles.

Conclusion

It shouldn't be frightening to ask about the "desired salary." By doing some study and having a solid plan, you can respond with assurance and improve your chances of receiving the position and compensation you deserve. Remember to conduct research, make informed decisions (a range is frequently the best choice!), and constantly value your talents.

Best of luck with your application! Keep in mind that tools like ApplyTrackr may help you manage your salary expectations, research notes, and job applications in one location, which will make your job hunt easier and more productive.

Frequently Asked Questions (FAQs)

Q1: What if the application requests an hourly rate as opposed to an annual wage?

A1: To calculate an hourly rate, divide your desired annual income by 2080 (which is 40 hours/week multiplied by 52 weeks/year). For instance, $50,000 / 2080 = $24.04 per hour. It's still acceptable to offer a range, say, "$24 to $28 per hour."

Q2: Should I factor in benefits when figuring out my ideal salary?

A2: "Desired salary" typically refers to your base pay (before benefits). You may, however, be more adaptable when it comes to the base salary if a business offers excellent benefits, such as health insurance, retirement plans, and additional vacation days. When reviewing an offer, it's wise to take the entire compensation package into account.

Q3: What if my current income is quite high? Should I make it public?

A3: In general, it's preferable to concentrate on the salary you want for the new position rather than the one you have now. It's possible that your present wage is not reflective of the market worth of the new job or the new company's compensation system. Always strive for what the new position is worth.

Q4: What if the interview asks about my preferred wage rather than the application?

A4: The regulations are the same! Giving a researched range or stating "Negotiable" is still the best option. "I'm looking for a competitive wage that reflects my experience and the responsibilities of this position," you might say. I'm looking in the range of [Your Range] based on my research on similar positions in this field.

Q5: Can I modify the salary I'm seeking at a later point in the process?

A5: Although consistency is ideal, you may modify if new knowledge about the job duties or the company's perks significantly alters your perspective on the worth. Be ready to tell us what has caused your expectations to shift. "After learning more about the extensive project management involved, I've adjusted my expectations to X," for instance.

Q6: If the application only accepts numbers, should I provide a range or a single value?

A6: If the system only permits one number, select the lower end of your desired range, or a number slightly below your ideal, to make sure you don't screen yourself out too soon. This provides space for bargaining up if you receive an offer. For instance, put $60,000 if your range is between $60,000 and $70,000.