Know Your Worth Before You Talk Salary
Stop under-pricing yourself in the job market
You have found the job. You like the company. You can see yourself doing it. You have probably already worked out what you would wear to the interview.
And then comes the question nobody particularly enjoys:
“What are your salary expectations?”
Cue the awkward pause.
Do you name a figure? Give a range? Say you are flexible? Ask what they are offering?
The problem is, if you have not worked out what your skills, experience and track record are actually worth before that conversation, you are negotiating with yourself before anyone else has even entered the room.
And that can get expensive.
Your current salary is not your market value
One of the biggest mistakes candidates make is assuming their current salary is the starting point for their next one. It isn't.
You may have been underpaid. You may have taken a role at a lower salary because the opportunity was right at the time. You may have stayed with the same employer for years while salaries elsewhere moved on. Or, frankly, you may simply have never asked for more.
Your next salary should reflect the value you bring to the new role, not just what happened to be on your payslip last month.
That means looking at more than your job title:
What have you delivered?
Have you increased revenue?
Reduced costs?
Built a team?
Won major clients?
Improved processes?
Taken responsibility for something nobody else wanted to own?
Those things have value. And the more clearly you can explain that value, the stronger your position becomes.
Don't confuse confidence with plucking a number from the air
Knowing your worth does not mean deciding you deserve £20,000 more because it would be nice. It means doing your homework.
Look at comparable roles. Consider your experience and level of responsibility. Think about the sector, location, company size and the skills that are genuinely in demand. But most importantly, look at the role itself.
A commercial manager in one business can have a completely different level of responsibility from a commercial manager somewhere else. The job title might be identical. The value of the job certainly isn't.
So before you give a salary expectation, ask yourself:
“What is someone with my experience and track record realistically worth in this role?”
That's a much better question than: “What number would make me happy?”
Find out what the employer is actually offering
There is nothing wrong with asking about the salary early in the process. In fact, I would encourage it.
You do not want to get through three interviews, complete a presentation, meet the managing director and start mentally spending your new salary, only to discover that the budget is nowhere near what you need.
Ask:
“What salary range has been budgeted for the role?”
“What does the overall package look like?”
“What would someone with my level of experience typically be offered?”
These are perfectly reasonable questions. You are not being difficult. You are deciding whether the opportunity makes sense for you.
The advertised salary isn't always the whole story
If a job advert says £50,000 to £60,000, don't automatically assume £60,000 is the ceiling. Equally, don't assume you will automatically get it.
There may be flexibility depending on the experience and value of the person they eventually want to hire - that is where your evidence matters. If you can demonstrate that you have done the job before, delivered results and can solve a problem they genuinely need solving, you have something useful to negotiate with.
“I think I'm worth more” is an opinion - “I increased sales by 24% in my last role and built the team that delivered it” is evidence.
Guess which one carries more weight?
Look beyond the salary
This is where candidates sometimes get caught out.
A £60,000 salary is not necessarily a better deal than a £55,000 salary; you need to look at the whole package.
Bonus.
Commission.
Pension contribution.
Holiday.
Car allowance.
Healthcare.
Flexible working.
Hybrid working.
Training and development.
Share options or equity, where applicable.
Working hours.
Travel.
And perhaps one of the biggest ones, how realistic is that bonus or commission actually? If the role comes with £20,000 of “on target earnings”, ask how many people actually achieved it last year.
That's not being awkward, that's being sensible.
A package is only worth what you can realistically receive from it.
Know what you would accept before you get the offer
This sounds obvious, but it is surprisingly easy to forget when you really want the job. Before the offer arrives, work out three numbers:
The number you'd be delighted with.
The number you'd be happy to accept.
The number below which the move simply isn't worth making.
And be honest with yourself.
Because once someone is sitting in front of you saying, “We'd really like you to join us”, it is much harder to think clearly. Excitement is not a particularly good negotiator.
Don't negotiate against yourself
If they ask what you are looking for, don't immediately give them your absolute minimum. If you say, “I'd be happy with £50,000”, you have just told them exactly what they need to know.
Instead, explain where you see your value sitting and why.
For example:
“Based on the responsibilities of the role, my experience and what I have delivered in my current position, I'd be looking in the region of £55,000 to £60,000, depending on the overall package.”
That gives you room for a conversation, and it also tells the employer that you have thought about the number. Because you have.
And remember, you are interviewing them too
This is probably the bit candidates forget most often - an interview is not simply the employer deciding whether you are good enough, you are deciding whether they are good enough for you too.
Is the salary right?
Is the package right?
Does the role offer progression?
Do you actually want the responsibility?
Will you be expected to work until 9pm every night?
Is the “flexible working” genuinely flexible or does it mean you can work from home when someone is coming to service the boiler?
These things matter. Your salary is important, but so is the life attached to earning it.
So, what are you worth?
Not what your current employer happens to pay you.
Not what a salary website says.
Not what your friend earns.
And definitely not whatever number you think the employer will be pleased to hear.
Your value comes from the combination of your experience, skills, results, responsibility and the problems you can solve for the business.
- Do your homework.
- Know your number.
- Know your minimum.
- Understand the whole package.
- And be prepared to explain why you are worth it.
You don't need to be pushy.
You don't need to turn the interview into an episode of The Apprentice.
You simply need to be confident enough to have an honest conversation about what the move is worth to both sides.
Because knowing your worth is one thing. Being able to explain it is what gets you paid for it.
If you're considering your next career move and want an honest conversation about where you sit in the market, get in touch with Sarah at sarah@recruitrecruit.co.uk.