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Salary Related Questions with Answers

Salary Related Questions with Answers

What to expect in this type of questions?

These questions are asked to find out if the company can afford to hire you based on their budget and the range that they are willing to offer. They want to ensure that your expectations and the range provided by the company are aligned and you are satisfied with it. It is very important to know and realize your worth while answering these questions, especially when your expectations are more than what they are willing to provide.

You do not want to come across as a money-minded person nor do you want to come across as a saint who is happy with being underpaid. This is also the part where your negotiation skills also come into play.

 

Question 1 : What is your current salary?

Explanation : This question is asked to make sure that the money that you make in your current position falls within the budget that the company wants to provide you with.

 

Answer : Try to avoid telling your current salary. In this current hiring market, companies tend to avoid adding anything more than 35-40% of the current salary you make.

Only in some cases when you are found to be the perfect fit after clearing all the necessary rounds of the selection process, the companies are willing to offer you higher hikes. However, the job of the recruiter is to hire a candidate who can do more at less cost. Hence, disclosing your current income might land you in an unfavourable position.

Some tips to answer this question are :

  • Research well about the salary range offered by the company to that particular job role either by checking on their official website or on the platform you are applying on.
  • Avoid stating your current income as much as you can. Deflect the question by asking them about their offering.
  • If necessary, mention a range between which you are expecting your salary to be. Make sure to discuss the total compensation and perks provided by the company.
  • Don’t arrive unprepared. Look at the industry level salary provided by other firms as well. Then, you can be sure that your compensation is equal or higher to your peers at the same level.
  • Ask the interviewer what is the range that he/she is providing for the role.

Sample answer:

  1. “I am not allowed to disclose my current salary information as my employer it is confidential information and I am bound to an agreement to not disclose it. If you could share the range you are willing to offer for this position, I could confirm if my current salary lies in that range. I can also provide you with a range that is based on my research as per industry average for a job of this position.”
  2. “ Thank you for asking. Let me start by saying how grateful I am for the benefits this job is offering. That being said, I am expecting my salary for this position to fall anywhere between 6LPA to 8LPA annually. My skills and experience are a perfect fit to help strengthen the organisation and prove to be an asset for the team.

 

Question. 2    What is your salary expectation?

Explanation : You have to answer this question carefully as you do not want to get underpaid for the job role at the end of the day.

Some tips to answer this question:

  • Research about the salary range the company is providing for the position.
  • Try to get a range from the interviewer and see if you are okay with it. If the interviewer still insists on you providing a number first then give a range that you are looking for.
  • You should be ready for negotiation, hence consider a range where you are okay with even if salary gets negotiated.
  • Do not simply blurt out a range. Explain why you deserve it. Share your experience and your skills that are relevant to the position you have applied for.

Sample answer:

“First of all, thank you for asking me this question. I have been in the software development industry for around 6 years. I have worked on developing and launching many projects and have come a long way from being a fresher. I have also demonstrated leadership capabilities which I think will also be an added asset for the company along with my technical prowess. Considering all this and also based on my research, I think an ideal compensation for me can be in between the range of 15LPS-20LPA.”

 

Question 3. How much do you think you should be paid by looking at your qualifications?

Explanation : By asking this question, the interviewer checks if the candidates are aware of their self-worth and indirectly wants to know what salary are you expecting. Do not be humble and modest while answering this question. You should sell yourself and prove that you are aware of what you are worth.

Some tips to answer this question:

  • Research about what is the current market trend for the skills and capabilities that you possess.
  • Let the interviewer know that you have great skills by really selling yourself.
  • Do not undermine or downplay your skills just to please the recruiter.
  • Do not say a specific amount right away. Back it up with why you think you are worthy of that money.

Sample answer:

“I have been in the Web development industry for around 8 years. I have worked on developing and launching many projects and have come a long way from being a fresher. I have also demonstrated leadership capabilities which I think will also be an added asset for you along with my technical prowess. Considering all this and also based on my research, I think my compensation can fall in the range of ₹17LPA – ₹20LPA”

 

In this article, we have seen what are the most commonly asked salary related questions in an interview, why they are being asked and some tips to answer them correctly. We have also provided with sample answers to each question for you. The list is quite comprehensive.

Sometimes, an HR may ask role-specific questions to check your understanding about the role. While it may seem like a causal discussion to you, make sure to be prepared for this round and the questions thrown at your way. Even if you are not sure of any answer, stay confident about it and try not to lie about anything. Make sure to follow all the tips and tricks to ace your dream job !

 

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