Cover Letters--How to Write Compelling Cover Letters by M M Dowden

Author:M M Dowden
Language: eng
Format: epub
Tags: cv template and cover letter, cover letters, job application letter, success books, job hunting, career opportunities
Publisher: JMSD Publishing Limited
Published: 2021-09-29T00:00:00+00:00

Chapter Ten

Talking Money

Most applicants feel obliged to mention a specific sum, when asked to indicate in their application letter, what their salary expectations are. This is a big, Big, BIG mistake!

As already mentioned in another volume of the Job Search Success series, you could fall into the trap of either pitching it too high and getting excluded from an interview or pitching it too low and selling yourself short. In the latter case, it may then be very difficult to negotiate more favourable terms when you receive a job offer.

Be vague. After all, you don’t yet know what the job really entails (this is usually made clearer at interview). Nor do you know what additional benefits may be available to you to make the overall package attractive to you. Or even what the prospective employer is prepared to pay to secure the services of the right candidate.

You could, in answer to that specific question, say something like ‘seeking a competitive salary’ or ‘seeking remuneration commensurate with the responsibilities of the job’ or ‘willing to consider/negotiate a mutually acceptable salary’. In effect, you would be taking a leaf out of the recruiter’s book. I am sure you have come across ads where the recruiter is vague and wonderful about the salary on offer.

If actual figures are required by the recruitment company with whom you are registered, however, instead of giving an approximate figure, state your absolute minimum. Recruitment companies may have other opportunities to offer you and may need to have some indication of the salary range or minimum figure you would be prepared to consider. After all, there is no point in taking a cut in your salary, even if you have other sources of income.

So, in the case of indicating salary expectations to a recruitment consultancy, you could say something like ‘would consider a salary (or remuneration package) in excess of £75K’ or whatever your minimum package is. This figure would need to be based on your current earnings and any salary increase and guaranteed bonuses or commissions payable to you during that 12-month period. Your calculations should take into account benefits such as a pension scheme or company car or car allowance or London weighting allowance and so on.

If you are also fortunate enough to have shares in the company, remember to include in your calculations, a sum to reflect the average amount of annual dividends received from company profits and also, depending on the terms and conditions of your employment contract relating to shares when you depart from the company, factor in the anticipated value of those shares.

Do remember that not all employers offer additional benefits like shares or share options, pension schemes (although all employers in the UK are obliged, by law, to offer the latter), medical or dental insurance or interest-free loans for travel, or help with mortgage or life assurance, or a free or subsidised membership to a gym or relocation expenses. So, you need to assess what your current overall package is worth

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