When companies post job listings, they often ask potential applicants to include the salary requirements of the position. These are called “salary expectations” or “salary requirements” in the industry and are sometimes called “objective qualifications” or “competencies.”
Companies use salary requirements to ensure that they have the right employees for their specific needs. They also use them to avoid wasting time and money by hiring candidates who aren’t a good fit for their company.
However, some people wonder whether it’s even relevant to put salary expectations on a resume. If you want to get hired for a specific role, should you include a salary requirement? Or is it better to leave the salary expectation blank?
In this article, we’ll go over Why companies ask for Salary requirements, How to include salary information on your resume and recommend several ways to handle this section.
Why companies ask for Salary Requirements?
Some employers ask for this information to help them determine if they can afford to hire you. Others ask because they want to know if you are being underpaid at your current job and may be tempted to leave if offered a higher salary.
Companies that ask for this information may fall into several categories including contract-to-hire businesses and those that only hire full-time employees.
These companies may want to make sure that the applicant is seeking a position within their company and are not just applying for any opportunity that comes along. In addition to this, companies may always want to know what you’re looking for in terms of compensation so that they can make sure they’re offering you a competitive salary.
Is it a good idea to include Salary Requirements on a Resume?
The first rule of salary negotiation is to never bring up your past salary with an employer. But what if a potential employer asks you for that information?
Many job applications and interview questions ask for your salary expectations, but there are some ways to answer that question without giving away your entire compensation history.
We’ll take you through the three things you need to consider before including your salary requirements on a resume and discuss why it may not be the best option for your career.
How to Write Expected Salary in a Resume
If you decide to include your salary expectations on your resume, you can add them under a new section called “Salary Requirements” or “Salary Information” (or something similar).
When it comes to salary information, you may have three options to choose from. The first is to be completely open, the second is to not include any salary information at all, and the third option is to ask for “open” compensation considering the market value of your position.
Tip : Never be completely open about your salary requirements, as it is generally a bad idea because it can eliminate you from the running for opportunities where your salary requirements are above what they were willing to pay.
If you’re looking for the most flexibility when it comes to disclosing your salary requirements, then open compensation could be the best option for you. If the job posting does not specify how much the employer intends to pay, an open-ended approach allows you to avoid naming a specific number and gives employers more freedom to make an offer.
If you want to use this method, there are several different ways you can state your salary requirements on a resume. Some sample phrases include:
- I am happy to discuss my salary requirements in person.
- I would rather not disclose my expectations at this time, but I would be happy to let you know once we have had the opportunity to meet and I have learned more about what [company] can offer me in terms of salary and benefits.
- I would like to speak with you first about the position before discussing my salary expectations.
- I’m confident that my experience and qualifications will bring significant value to [company]. I’d be happy to discuss compensation further once we get the opportunity to meet.
- I prefer to discuss my compensation expectations as we get to know each other, but I’m sure that we can agree on a competitive compensation package once I have an understanding of the benefits and opportunities.
A Range of Compensation
When asked to include your salary requirements in a resume, it’s best to offer a range.This means that the employer will be able to see what your minimum and maximum salary requirements are, but they will not know exactly what you want to get paid.
It is best to provide a range of numbers on your resume—for example, “$45K-$60K”.
– If you don’t want to list specific numbers on your resume, consider listing “open” as your desired salary.
No Compensation Information at all
In this situation, you would simply leave off any salary information from your resume altogether (e.g., if it were already provided in another part of the application).
Tips on How to Include Expected Salary in a Resume
When you’re looking for a job, you may want to include your expected salary on your resume. Including your salary expectations can help you avoid wasting time on jobs that don’t pay what you’re looking for, and it can also help employers determine if they can afford to hire you.
There are a few things to keep in mind when you include your expected salary on your resume.
1. Do your research
Before you include your expected salary on your resume, you should do some research to find out what the average salary is for your position. This will help you to set a realistic salary expectation.
2. Consider your experience and skills
Your experience and skills can also play a role in setting your expected salary. If you have a lot of experience in a particular field, or if you’re an in-demand skill, you may be able to ask for a higher salary.
3. Be flexible
It’s also important to be flexible when it comes to your expected salary. If you’re too specific about the amount you want, you may miss out on opportunities for jobs that are a good fit for you but don’t pay as much as you were hoping for.
4. Be ready to explain your expectations
If an employer asks you why you’re expecting a certain salary, be prepared to explain your reasoning. You may want to mention your research on average salaries, or you may want to highlight your skills and experience to show why you’re worth the salary you’re asking for.
5. Don’t include your salary on your initial application
It’s best to wait until you’ve been interviewed or until an employer asks for your salary expectations before you include your expected salary on your resume. This will show that you’re interested in the job and that you’re flexible when it comes to salary.
Example of Expected Salary in a resume
Reasons to not include your expected salary in your resume
Although it may be tempting to include your salary requirements in a job posting, let us take a closer look at some reasons why you should keep this information off your resume.
Benefits of not including a salary in resume applications :
- You’ll be more likely to get a response from companies that don’t have your exact salary history in their budget.
- You’ll avoid scaring off companies by being able to accept lower offers.
- You won’t waste time on interviews that aren’t in your price range.
- You” not risk either being underpaid or overpaid for the position
- Including salary information on your resume is something that should only be done if specifically requested, and even then it must be handled properly.
- Don’t include your direct salary requirements in your resume. You can provide a range of pay rather than a specific number if you want to remain flexible during the hiring process.
- Don’t include your Salary expectations on your resume but you can include that in the cover letter which gives you felxibility to talk more in detail about your position and expectations.