One of most common ways that employers and hiring managers gain valuable information about a possible applicant is through asking what your salary requirements are. They can better understand if an applicant is overqualified and less likely to take whatever salary range the potential employer is offering, as well as if the applicant is under qualified. Lastly, an employer can use this information as bargaining power for when the topic is directly approached. This said, it is often a touchy topic: discussing salary, so that many applicants do not know how to answer the question of what they expect for a salary. We discuss how to answer this question as well as how to add salary requirements to a resume below, for your convenience.
How does an applicant answer the question of salary requirements for a position that they are interested in? There are a number of tips to consider when choosing to add salary to your resume.
1.Include it in Your Cover Letter
The best way to include salary requirements for a potential employer is to include your salary requirements in your cover letter. Do not include this information in your resume, as it has no place. Instead, include it in one sentence with whatever number or range for salary in your concluding paragraph.
2.Use a Range
Next, consider using a salary range to identify for a potential employer what your salary requirements are. This way, you can show that you are both flexible, but also have a number in mind; and will not accept less than this.
In your statement in your cover letter about salary requirements, you should show some flexibility-especially if you think the number may be above what the potential employer is seeking. How do you go about this? Give a salary range for your requirements, but say that you are willing to be somewhat flexible given other benefits involved and/or the right company and position. This way, you can keep yourself in the running, until you can find out the employer has for a bottom line.
It is vital to include a range for salary expectations that is realistic. It should be in keeping with your experience and market value, as well as what the company and/or the position should pay. A good way to get a better reference of what this is, is to do some research on a salary site to see what is typical for your career, your position, and in your location of the world. This way, you not only have bargaining power as to why you deserve a certain salary, but also do not run the risk of overpricing yourself, so that you are discounted immediately.
5.Include it on a Separate Page
Another good tip is to include your salary requirements on a separate page, and state why you deserve the salary that you have stated. This shows that you have given a lot of thought to the topic and can, therefore, show yourself as a well qualified candidate for the position. If you choose to take this tactic, ensure that you include bulleted points on what your career value is for the money that you are requiring from an employer.