Conducting market research and setting salary expectations

Emphasize how your qualifications justify the higher end of the range.

Consider the total compensation package and decide if other factors make the role worthwhile.

Articulate why you deserve the top end of the salary range, using your achievements and market data.

1. Conduct thorough research

• Use resources like Glassdoor.com, Salary.com, Payscale.com, and Indeed.com, to gather data about the typical salaries for your role in your geographical area and industry.

• Reach out to peers and STLs in your industry to get insider insights into what you can expect. These conversations can provide additional context that isn’t always available from online sources.

2. Adjust for personal factors

• Reflect on how your background may position you above or below the market rate. Higher experience and relevant education can justify a higher salary expectation, so adjust your salary range as needed.

• Understand company context. Smaller companies and startups might offer less than larger corporations but could compensate with other benefits or equity. Assess the financial health and growth opportunities within each company.

3. Assess personal needs

• Evaluate your financial requirements and lifestyle costs, debts, and savings goals.

• Consider factors like relocation, commuting costs, or changes in work-life balance. These factors can affect your minimum acceptable salary.

4. Define a salary range

• Based on your research and personal needs, determine a salary range. The lower end should ensure your financial needs are met and reflect your professional worth, while the upper end allows for negotiation wiggle room.

• Start negotiations at the higher end of your range to give yourself room to come down to a figure that still meets your requirements.

5. Prepare your pitch

• Prepare clear examples of your work, achievements, and contributions to previous roles. Think about how these successes translate into benefits for the potential employer.

• Learn to articulate how your skills and experiences will solve problems or add value to the company. This helps justify your salary expectations in the context of what you bring to the table.

• Practice your pitch. This includes how you’ll introduce the topic, how you’ll respond to potential offers, and how you’ll counteroffer if the initial offer is too low.

• Be confident in your delivery and open about how you’ve determined your expected salary. It demonstrates your understanding of your worth and openness to negotiation.

  • For instance, stating “My salary expectations are in line with my experience and qualifications” effectively communicates that your salary expectations are reasonable and justified. This approach demonstrates a solid understanding of your market worth.

  • Additionally, expressing a readiness to negotiate, such as by saying “If this is the right job for me, I'm sure we can come to an agreement on salary,” positions you as a flexible and cooperative candidate, which can be advantageous in negotiations.

✅ Conduct thorough market research to inform your salary range.

❌ Offer a single salary figure, limiting your negotiation flexibility.

✅ Define a salary range with room for negotiation, aiming higher within your acceptable range.

❌ Neglect to consider the entire compensation package beyond the base salary.

✅ Prepare concrete examples of your contributions and achievements.

❌ Rely on vague statements or generalities that don’t showcase your unique abilities.

✅ Show genuine interest in the role's responsibilities before discussing salary.

❌ Feel pressured to agree to a salary before fully understanding the role.

✅ Evaluate all components of the offer, including benefits and perks, as part of your compensation.

❌ Focus solely on the base salary without considering the total value of the compensation package.