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During the prescreen process, it’s possible that a recruiter or potential employer requested your salary expectations and you may have provided to a recruiter or potential employer your current salary. In general, after that, it may be best to let the prospective employer initiate any further conversations around compensation. Once you have been identified as the desired candidate for a position, you may have more negotiating power and can arm yourself with information to help negotiate any job offers.
There are some steps you may wish to consider when preparing and planning for salary discussions with prospective employers:
1. Understand your competitive market value. Be prepared and know what your skills are worth in the marketplace. Sources for this information include: Salary-related websites, Search firms, and Salary surveys in professional journals
2. Determine minimum salary requirements. Know your bottom line or minimum financial requirements to meet your household budget and expenses. Ideally, you might not want to discuss this figure with anyone during the recruiting process. This is for your information, only, so that you are aware of potential "walk-away" situations.
3. Determine your ideal salary range. First, identify a number at which you will still be comfortable, that is in line with market value, but one that might be lower than your current salary. The ideal number, you probably already know…it is likely your current salary or higher. If you are targeting a salary higher that your current salary, keep it realistic. Be careful about pricing yourself out of the market. The end result will be a reasonable range, and it should be higher than your minimum requirements.
At the conclusion of this exercise, you will have two salary figures to consider providing as reference points: your salary range – a minimum – but reasonable salary that you can live with, and, of course, your desired salary which is still within market and may be either current salary or something higher. The 3rd number, your "true minimum," as stated earlier is usually best kept to yourself as a personal data point.
Having a realistic salary expectation in mind is important before you enter into any salary negotiations. There may be times when you might want to accept a lower salary…for instance, when a part of your current job doesn’t exist in your new job (i.e. less travel, shorter commute, less stress, etc,). You may be trading time back for money. If your approach with potential employers is one of an expectation (and attitude) of "I’ll accept nothing less than at least a 20% increase," then you may likely be removed from further consideration with that company. It’s perfectly acceptable to desire a salary increase, but keep in mind, the hiring company may not be able to accommodate. Depending on your level or position, consider the total package and how it’s paid (lower base/higher at-risk/bonus, etc).