Hearing this question at the time of interview or at an HR discussion, what answer would come to your mind first? If you are thinking of saying “no”, then, it is better to give it some deep thought.
You must have faced this common question while applying for a new job or a new position. Before telling the employers an arbitrary amount, which could be way less than your actual requirement, you need to calculate how much salary would meet all your financial needs.
Some tips for determining salary requirement are as follows:
- Research the market: You need to research the current market to find out how much the employees, similar to your skills and experience in other companies are getting. For this, you can take help of authentic sites, type in the job title, location, position and find out the approximate salary range offered by different companies.
- Take help of salary calculators: You need to document your salary for the last 2 to 5 years. Along with the pay stubs, you also have to calculate how much deductions have been done towards tax returns and other related things. Then you need to plan a budget based on your monthly income and expenditure. You can take help of an online salary calculator to prepare the budget. Apart from the fixed expenditure every month, you also need to put aside a fixed amount of money towards an emergency fund. From this amount you can pay for any sudden medical bill, house repairing and such like.
- Offer a range to the employer: Instead of telling a fixed amount it would be better to offer a range to the prospective employer. While naming the salary range, you need to consider the distance of the office from your house, working hours and other benefits offered by the company. It is better to say that you are flexible to the salary requirement, and it should be based on your years of experience, skills acquired, and knowledge.