Interviewing for a job is stressful enough, but when it comes to discussing money, most everyone is uncomfortable.  How do you respond to that inevitable question, “What are your salary requirements?”

If you price yourself too high, you’ll eliminate yourself from the running.  If you price yourself too low, you might be leaving money “on the table” and later regret positioning yourself at a bargain-basement price. Most companies want the best candidate for the best price.  Some want only the cheapest price.  If you quote a salary less than your market value, they’ll wonder what’s wrong with you that you’d be willing to work for less than you’re worth.

Before you get yourself into that situation, do your homework.  What is your market value?  The Department of Labor, college or private career services, and salary.com have this information available.  It is important that before you commence your job search, you have an indication of what the type of work you are qualified for will pay today.

Too many people assume that what they were paid by their previous employer is their current market value. Not true.  In fact, that may be one reason why your position was eliminated.  The amount of money you were making was disproportionate to the contribution (value) of your job within the company.

If you were in one job or one organization for a long time, you may find this to be particularly true.  And, if your former company did not invest in your training or encourage you to keep your knowledge and technology skills current, you have a double whammy – overpaid and not qualified to do your former job in another organization.

Management and executives may have a similar problem.  As organizations “flattened,” layers of management were eliminated, decreasing the number of potentially available positions.  This has created a strong employer’s market, with many highly qualified candidates vying for fewer jobs.  The employer may be looking for a “bargain,” and you will want to make every effort to earn as much as you can while still being realistic.

Those who choose to stay in central New York may be challenged to “wait it out” for the right opportunity, or to compromise their level of job challenge and/or earning power.  As the period of unemployment lengthens, you may be more willing to be flexible with your salary requirements.

Only you can decide what that means when it comes to providing for the needs of your family.  Just be careful that in being flexible you don’t sound desperate or imply that you’ll take anything.  When you de-value yourself, a potential employer will follow suit.

When asked about your salary requirements, focus your response on the job as much as possible.  Remember, it is the job that is priced, not the individual.  The employer will be exploring to see if you fit the salary range that they have budgeted.

To avoid guessing at a salary response, first try to find out as much as you can about the position and its responsibilities.  Ideally, you will want to find out what their job pays.  Based on the position description, you should be able to estimate this with the thorough research you have done.  Use the interview process as a way to validate your research, or to get the employer to confirm their range to you:

INTERVIEWER’S QUESTION:

“Bob, what are your salary requirements?”

RESPONSE OPTIONS:

“Mr. Darron, based on the information I have so far about your position, I estimate that it will probably pay in the mid – $50’s – would that be about right?”

“Mr. Darron, I really don’t have enough information about the full scope and responsibilities of this position to respond just yet.  May I ask, what is the salary range you have designated for this position…?”

“Mr. Darron, if you don’t mind, I’d like to postpone salary discussions until I have a better sense about what the position requires.  Is that all right?”

“Mr. Darron, similar positions I’m considering right now are in the $50 to $60 range.  Is that consistent with this job?”

“Mr. Darron, if I’m your candidate of choice, I would like you to make me your best offer.  Then we can take it from there.”

When it comes to discussion about salary, remember the cardinal rule:  As the candidate, NEVER be the first to raise the issue of money.  No matter how tempted or curious you are to ask, DON’T.  It will give the message to the interviewer that you are more concerned about money than anything else.