When and How to Disclose Your Salary Requirements, How to include salary requirements in cover letter sample

How to include salary requirements in cover letter sample

In addition to job ads, profile forms on job Web sites and online personal agent programs almost always ask for your salary information. If you decide to participate, state your expectations in a range ($xxx to $xxx), and include the value of all perks (benefits, bonuses), not just salary, in your salary history.

If a job application does not require you to include salary information (such as your  salary history , a salary requirement , or a salary range ), do not do so. If you request too high of a salary, the employer might not even look at your application. On the other hand, if you request too low of a salary, they might offer you less than you are worth. In some locations, employers cannot legally ask about your prior earnings .

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However, if you’re applying to jobs outside of those states and cities, you’ll need to have a good response ready. It helps to understand employers' reasons for asking.

Read below for tips on how to provide this information without hurting your chances of getting a job, while still receiving a fair salary.

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If you are asked to include your salary history with your resume, you could ignore the request, but, that means you could risk not getting an interview.

If an employer requires you to include salary information on your resume, do so on a second page rather than altering your standard format. Title the page "Personal Salary Information" and start with your name and contact information just like the first page of your resume. List each of your employers, the dates you worked, and titles you held for each entry. Add in a few accomplishments after each job title then list your starting and ending salaries. Mention every form of benefit received including health insurance, retirement benefits, stocks and bonuses. The idea is to tie your pay to the role you played and the goals you achieved while there.

So how do you get around this without low-balling yourself, pricing yourself out of a job or annoying the employer with a vague response? The answer is, carefully.

Base salary is what you see on your paycheck. It is the amount per hour or per year that you are paid for performing your job. Base salary does not include any bonuses, benefits or perks associated with the job. It increases with raises or adjustments, but remains the yearly or hourly wage paid. Base salary is typically the number you say when people ask you how much you make -- what you are paid.

Your employer then has to pay fringe benefits tax (FBT) on the benefits provided to you. Some of these benefits will be listed on your end of year payment summary and are used to assess your Medicare levy surcharge, tax offsets, child support payments and other government benefits.

If you are a monthly-rated full-time employee and took unpaid leave for the month, you should count it as an incomplete month of work to calculate your salary.

The dilemma starts with the fact that most (if not all) job hiring ads do not contain the employer salary limits.
The employer’s position:
Employers require this info to have an understanding of your salary expectations to obtain their first selection criteria. In fact, it appears that you may find yourself in 3 no-win situations:

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We recommend that you don’t raise the subject of salary expectations until you receive the job offer and/or the interviewer starts talking about it, although it is always wise to have a minimum figure in mind so that you are not completely off guard if the question comes up.

Your compensation strategy must be structured to best meet your unique business circumstances. As a startup, you may not be able to compete with large companies on salary. Therefore, you should consider a combination of options to attract and retain key employees.

Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is also affected by the number of people available to perform the specific job in the employer's employment locale. [1] Salaries are fixed cost in nature.

Asking for too much can rule out your chances right away because you might appear unrealistic, but asking for too little can signal a red flag and tell the hiring manager you don’t value your skills and experience.

How to include salary requirements in cover letter sample

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how to include salary requirements in cover letter sample
how to include salary requirements in cover letter sample

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