A Look at Common Interview Questions Many People Get Wrong (Part 3): "What Are Your Compensation Expectations?"

The Question: “What are your compensation expectations?”

 Questions regarding compensation will always occur in an interview. Be prepared and don’t get weird. Come prepared having done your research, be able to define your value, and have a reasonable and relevant expectation of salary in mind. 

Ensure you have a clear understanding of industry standards and are able to relate them to your own experience, education, and employment history to validate what you’re asking for.  

How Not to Answer Compensation Questions

“I hate this question...”

      “It’s not about the money...”

      “I was hoping you wouldn’t ask...”

      “You can’t afford me...”

“I’m not ready to talk about it at this time, if we move forward in the process we can address it then.”

“That depends –  what’s your budget for the role?”

“I’m good with anything…” (Even for those who have been out of work for any reason, this is not a good response.) 

If you’re a nervous sort, practice your tone, content, and overall approach ahead of time! Aim to communicate your expectations clearly and confidently without arrogance, anxiety, awkwardness, or desperation. 

Although many employers will often include salary ranges, it is not yet a universal practice. If they haven't disclosed the salary range, you may have the opportunity to ask about it when your interviewer opens the floor to questions. However, if the opportunity to ask questions does not arise, you can address it in your follow-up thank you note with any other questions you may have. 

Planning Your Answer 

When answering compensation questions, be upfront, open, and realistic with your expectations. Don’t be disappointed if the role is priced too high or too low for your expectations, and don’t try to talk the interviewer into your salary range. 

Instead, be transparent about your needs and express a willingness to be flexible because – it’s important to remember – compensation is not only about a base salary! 

Total compensation includes an employer’s offerings for professional development, vacation time, health benefits, bonuses, RRSP contributions, pension plans, stock options, and more. There are many elements worthy of consideration when addressing compensation, and often, these additional benefits can play a significant role in your workplace satisfaction. 

Be able to isolate what is important to you! If you are willing to be flexible on salary because of market conditions, your desire to change industries, or other outside influences, tell your interviewer and be able to clearly articulate why this is the case. 

Moving Forward…

Navigating the dreaded compensation question can be one of the most nerve-wracking elements of the interview experience, and navigating your answer effectively can significantly impact your chances of advancing to the next stages of the hiring process. 

If you would like additional support on framing your compensation response to ensure you get everything you want on the table (base salary and otherwise), contact People Exchange today for individual interview coaching and preparation.