Compensation is the monetary value that is received in exchange of the services provided. Compensation is also referred to as remuneration, wage, salary that is paid to people for their work. It is a periodic payment from employer to the employee. It is already specified in the employment contract.
The component of compensation includes:
- Job Descriptions: it defines the responsibilities, requirements, functions, duties, location, environment, conditions, and other aspects.
- Job analysis: It is the process of analyzing jobs from which job descriptions are developed
- Job Evaluation: It is a system for comparing jobs in order to determine appropriate compensation levels for individual jobs or job elements.
- Salary Surveys: It involves collection of market and salary data.
Give below are some sample interview question related to salary which are frequently asked:
1. What do you expect your first salary to be ?
For deciding the salary for your first job you should have enough information regarding your new job such as skills, experience required for the job, what others in similar position are paid etc.
2. What do you feel this position should pay ?
You can say that “I understand that the range for this job is between $______ and $______. Salary is a delicate topic. Don’t sell yourself short, but continue to stress the fact that the job itself is the most important thing in your mind.
3. What salary range are you looking for ?
You can provide the specific range for salary. However, tell that you are willing to negotiate and compromise. You can also say that lets first talk about the job requirements and expectations, so I can get a sense of what you need, then decide the salary.
4. What did you make at your last job ?
Tell sincerely about your last compensation. Don’t exaggerate or inflate your previous earnings. Employers check your references to confirm your salary history. You can also add by saying that my last job was completely different from this one. So let’s discuss about the roles and responsibility and then determine the salary.
These tips would help you to answer questions related to salary easily. Salary is one thing our jobs revolve around. Prepare yourself with all the possible questions related to salary. You should research market rates for similar jobs and develop a range based on your experience and qualifications of what you will accept from the lowest amount to an ideal salary figure.
