How To Determine Salary Requirements For Your CV

The issue of salary becomes a very touchy subject for most of us, when we can’t determine how much we’re worth, or how much we should be paid for a new job.

It’s often very confusing when an employer expects you to indicate your expected salary as you submit your application.

The job advert will often read, “Send us your CV and Cover Letter indicating your expected salary,” and this statement throws us off as we ponder and wonder on what to indicate.

Employers will ask you to indicate your expected salary in order to see if your expectations fit within the Company Budget, and for them to know how much you consider fair remuneration for the job you’re applying for.

Before you jump the gun, first ensure you conduct thorough research on the Company and the particular job you’re applying for, to understand the market rate. For well-known companies, a site such as Glassdoor.com can help you find out how much a Kenyan Company pays for certain positions.

Here is how;

1. Research your industry

One of the most important factors to consider when calculating salary requirements for a cover letter is the industry. Various professions have specific salary structures for different positions. Researching the prevailing remuneration in the industry can help you arrive at a salary figure that will be acceptable to you and the employer.

2. Consider the geographic location

Employers consider the cost of living, cost, modes of transportation, and several other variables specific to different geographic locations when calculating employee salaries. The same goes for jobs that require going to the office as opposed to ones that can be done remotely.

3. Factor in your level of education

Your educational qualifications are also an important determinant of pay. A candidate with a doctorate in a field will often expect a higher salary for a position than someone with a master’s or bachelor’s degree.

However, remuneration will ultimately depend on the job requirements and the employer’s budget for the position, so do your research so you can choose a salary range that best aligns with the employer’s needs and your education.

4. Evaluate your experience

If you have extensive experience in the company’s industry and operations, you can usually expect to get more compensation than someone with minimal or no experience at all.

5. Figure out the desirability of your skills

A candidate with an in-demand skill is often able to command a higher salary. For example, you will likely have a higher salary requirement if you are proficient in all the major languages spoken in every region where a company has operations than someone who can only speak English.

6. Determine your career level

If you are applying for an entry role, your salary requirements should be lower compared to when you are applying for a more senior role with management or leadership experience.

7. Review professional certifications and licenses

If you have higher professional certifications and licenses, you could demand higher salaries than candidates with the minimum qualifications for a role. Since you’ve invested in your career advancement program, the employer can compensate you more for your extra credentials and the additional capabilities you would add to their company.

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