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THE QUESTION
There’s a job I’m interested in applying for, but the top of the listed salary range is $10,000 less than what I need to earn to make a living. I also believe this is a fair wage for the position, considering my experience. Should I even bother applying for the job? If so, when’s the best time for me to present my higher salary expectations: in a cover letter or during the interview stages?
THE FIRST ANSWER
Jennifer Houle, people and culture director, Raven Indigenous Capital Partners, Victoria
If you’re currently employed at a livable salary and your circumstances don’t require a job change, you might want to carefully consider whether applying for this position is the right move. A job transition comes with uncertainty, and leaving a role that meets your financial needs without a pressing reason may not be worth the risk. That said, there’s no harm in applying; the safest time to explore opportunities is when you already have secure employment. Without the pressure of finding a job under a tight timeline, you can approach the process with a clear mind and the flexibility to negotiate confidently.
If you decide to apply, hold off on discussing salary expectations in your cover letter. Instead, wait until the interview stages, when you’ll have a better sense of the role, company culture and whether the opportunity aligns with your goals. At that point, you can ask thoughtful questions about salary bands, how they’re determined, the salary review cycle and the processes for promotions and raises. But most importantly, you can ask whether the company is willing to go outside of the listed salary band for the right candidate.
Employers may be open to negotiating if experience and qualifications justify a higher salary. However, you should also consider whether this organization aligns with your values and long-term aspirations. Compensation is critical, but a fulfilling role in a supportive workplace may also influence your decision. Ultimately, the choice to pursue the opportunity should balance financial needs with your goals.
THE SECOND ANSWER
Frank Li, associate professor of finance, Ivey Business School at Western University, London, Ont.
Applying for a job, even if the salary seems low, can still be a rewarding adventure. Think of it as an opportunity to negotiate and advocate for yourself, a crucial skill in any career.
When presenting your higher salary expectations, it’s generally best to wait until you’ve discussed the position and your qualifications with the hiring manager. This is especially true if you believe the interview is to your advantage by adding your value.
If you’re barely qualified for the position, mentioning your salary expectation upfront in your cover letter is a good idea. Sometimes, companies are rigid in their salary ranges, which can save you time and effort.
During the interview, asking about incentive pay, like bonuses, shows your interest, confidence and willingness to go the extra mile for the company. You don’t want to leave the impression that you only care about money. In many instances, the incentives provided can easily bridge a $10,000 salary gap.
Remember, salary negotiations are often a dance of give and take. Come prepared with market data and be ready to explain why you’re worth the salary you’re seeking. Imagine: you’re negotiating not just for a higher salary, but for a fair deal that reflects your worth and sets the stage for future success. Plus, negotiations might surprise you with a win-win outcome.
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