You’re sitting in a job interview and everything has been going great. You’re feeling really good about how you’ve responded to all the questions so far. Then, the hiring manager asks, “How much money do you currently make?” or “How much salary do you expect?” Your heart races and you begin to sweat. How should you answer?
As a recent mentee discovered, the salary question can be a difficult topic to discuss if you haven’t already thought through potential responses. “James” (name changed) felt he had been close to being hired during several job interviews. Then the inevitable salary question came up and the hiring managers asked what James was making in his current position. He told the truth and, in both cases, the hiring managers responded that James’ current salary was more than what the position would pay.
“What’s the best way to respond to the question of how much are you making in your current position?” James asked me. “I let both hiring managers know I’m flexible with salary, but it seemed like once they heard what I’m currently making, they kind of switched off and didn’t consider me as a viable candidate anymore.”
For job seekers, I tend to think of the salary question in terms of a poker game with the goal being to get the hiring manager (or HR rep) to lay down their poker cards on the table first. That’s because, as James found out, once you share a specific salary number, you might just have priced yourself too high (or too low) for the position.
Tip #1: Arm yourself with salary information. Before you go to the job interview, spend adequate time conducting research to find out average salaries and salary ranges for similar jobs in your area, industry and geography. Websites for salary research include: salary.com, payscale.com, indeed.com, careeronestop.org, glassdoor.com, and jobsearchintelligence.com.
Tip #2: Deflect the salary question if it’s asked early in the job interview. It will do you no good to tell the hiring manager how much you currently make or a desired salary range if you haven’t at least made it to the end of the interview to see if you and the hiring manager believe you’re a good fit. Let her/him know you’d like to better understand the job responsibilities and requirements and how well you meet those needs before discussing the salary topic.
Tip #3: Be prepared to provide a salary range. This can be handled in a few different ways. You could provide the salary range you’ve researched, as in, “Based on my research, similar positions in this geography and industry are currently paying between $x and $y. Is this also the range for which you’ve budgeted for this position?” Or, you could share the salary range you desire, such as, “Based on the job requirements we discussed and my knowledge, skills and experience, I would expect the salary range of the position to be between $x and $y.”
Tip #4: Think about how much you’d like to make. This doesnt mean sharing an exact number, because it can place you above or below the budgeted salary for the position. Instead, provide a range you’d like to make. “Because I’m changing industries, I’m not expecting to exactly match my previous salary, but, I’d like my pay to be in the range of…”
Tip #5: Think through ways to side step the salary question. Remember, the goal is to get the hiring manager to tell you the budgeted salary range for the position before you share any salary information. Try to avoid giving out information by providing answers such as, “My research shows similar positions pay in the range of $x to $y. I’m sure you’ve budgeted a salary range based on competitive data for this industry. What is your budgeted range?” Or, “If I’m the candidate you’d prefer for the position, I’m sure we’ll be able to reach agreement on the salary, as I’m willing to be flexible. What is the budgeted salary range?”
Tip #6: Discuss the salary range with the HR rep during the initial screening interview. You dont have to wait until youve made it to the interview round with the hiring manager. The initial telephone screen with HR is a good time to discuss the positions pay range to make sure your expectations are within the salary parameters. This also makes the salary discussion with the hiring manager (when it comes up) a lot less stressful.
As my mentee James found out, sometimes honesty isn’t always the best policy. When it comes to discussing salary during job interviews, avoid sharing with the hiring manager what you currently make. Focus instead on getting them to share the salary range they’re willing to pay. This isn’t always easy and you’ll need to be professional and respectful in your approach; however, it will help you walk away much closer to your desired salary.
How have you handled the salary question during interviews? Share your thoughts, ideas and what worked well in the “Comments” section below.
What are your Salary Expectations? | Best Answer (from former CEO)
Job Interview Question & Answer: What Is More Important, the Money or the Work?
Employers want to know what motivates job seekers to succeed. By asking whether money or work is more important, interviewers can learn if your objective is career development or simply financial gain. The right answer can let them know that your passions make you an excellent choice for the job.
Examples of Acceptable Answers to “What Matters Most, the Money or the Work?”
There are a few different ways to show interviewers that your passion for the work is most important, but that money matters, too. Here are a few sample responses that include both personal and financial motivations.
Sample Answer 1 – Caregiver Jobs
“Personally, the work has always mattered more to me than the money. Making enough to support myself is important, of course. However, I have had jobs in the past that paid well but made me feel miserable. I would much rather get by with a fulfilling career that allows me to help others than make a ton of money doing a job that I dread going to every day.”
Sample Answer 2 – Barbering and Cosmetology Jobs
“Both are important, but I think pursuing my passions motivates me more than getting paid. I love using my creativity to make people look and feel good, and I enjoy developing strong relationships with my clients. I mostly think of money as a tool that allows me to take care of my family and get new equipment to keep doing what I love.”
Sample Answer 3 – Automotive Technician Jobs
“As a parent, I definitely think about earning enough money to make ends meet. Still, I believe that choosing a job that I enjoy and am good at will make me happier in the long run. I like working with my hands and enjoy doing work that helps me improve my skills, and that drives me to keep doing my best.”
Find Balance
You may think that employers who ask either/or questions are looking for one correct response. In this case, however, your answer can combine both options. When an interviewer asks, “Is it the money or the work that motivates you?” emphasize how your passions align with the goals of the company while also expressing your desire for a decent wage.
An example of how you should not answer this question: “Yes, money is the real key for me. It’s how I’m measured in my work. Everything I do revolves around how much money I make. If I’m doing a great job, I expect to be paid for it. If not, I will move on to another employer who values me higher. In fact, that’s why I’m here talking to you today…” Remember to answer each interview question behaviorally, whether it is a behavioral question or not. The easiest way to do this is to use an example from your background and experience. Then use the S-T-A-R approach to make the answer a STAR: talk about a Situation or Task (S-T), the Action you took (A) and the Results achieved (R). This is what makes your interview answer uniquely yours and will make your answer a star!
An example of how to best answer this question for entry level candidates: “Yes, money is important to me, since it’s both a measure of my value and it helps me to take care of the personal needs in my life. But the opportunities for growth and advancement which would be offered to me are even more important to me than money as I grow and succeed in the role. Can you give me some examples of how others in this role have advanced in their careers over time?”
The best approach to answering this question: Money is important for everyone and you should not reject its importance outright. But you should not make it your first priority. As you will come to learn in your career, opportunities for growth and advancement, in the long run, are far more important for your career development.
Further review: know the answers to these Common Interview Questions to be fully prepared for your interview!
Why the interviewer is asking this question: The interviewer is looking for your prioritization of money in your decision making, not only for accepting the role itself, but as a future consideration for whether or not you can be retained. This question is usually asked by employers who tend to pay less than average or at least less than the leaders in the industry, yet offer other benefits. It is also asked by employers in lower cost of living areas who cannot pay the same salaries as employers in higher cost areas.
How to answer during the interview:
Youve done your preparation, and now youre in your interview, face-to-face with a recruiter. Theyve asked you the big question: “How much do you want to make?” Although you may have a number in mind, there are a few ways you can approach the discussion.
If youre at an early point in the interview process, you dont have to disclose your number right off the bat. Answer the question in a relaxed, tactful and reassuring manner that makes it clear that you understand compensation is an important factor for both parties, and that youll be willing to provide a more concrete answer at a later point in the process.
Example: “Its a little early to be talking numbers, but if this position is a good fit, Im sure together we can come up with a fair salary for this job.”
Alternatively, you can put the ball in the recruiters court, asking them questions regarding the job and its description, or the companys salary band. Torabi suggests: “Keep pushing the conversation. Establish yourself as an intelligent, curious person and make it difficult for the company to lowball you. Get them to show their cards.”
Example: “Actually, as a recruiter and someone who has a good grasp of what the company is willing to offer, Id love to hear what you have in mind regarding the salary range for this role.”
Example: “As this role is different from my current/previous role, in order for me to give you a fair salary, I would love to learn more about this job and how you envision me executing the position.”
How to Answer Salary Interview Questions
Why do employers or recruiters ask this question during an interview?
Employers or recruiters will ask potential employees the salary expectation question for three important reasons – budget, knowing your worth, and professional level.
Employers want to know salary expectations because they have a budget to stick to. They want to be certain your salary expectations align with the amount they’ve allotted for a specific role. If most applicants expect a certain range in terms of compensation, the company may provide more budget.
Most of the time, recruiters ask salary expectation questions to gauge an applicant’s knowledge of their worth, considering their skill set and experience. Knowing the worth of your skill set is essential to make sure you’re not going to be paid lower than what you deserve.
Lastly, employers want to know your professional level. Most applicants who have a higher value are those with more skills and experience. This means that the applicant has been working longer and has attained a great deal of knowledge about the know-how of the position.
FAQ
How do you answer an interview question about money?
How do you ask for a certain amount of money in an interview?
What is more important interview question or money?
How do you answer how much money do you need?
