What is your Salary Expectation? 1 Perfect Answer

For how long have you been underpricing or overpricing yourself?

In this blog we will be sharing with you how to answer the salary expectation question in interviews. and it is simple, you just need to use this formula – Expected Salary= Base Salary + (Experience Multiplier × Years of Experience) +(Level Multiplier × Organizational Level).

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The expected salary questions mostly comes as a viable tool in the mouths of interviewers becasue they believe the have the upper hand then but nothing can be farther from the truth. This 

We always advise people to never be afrainf to call out “big money” if you are afraid, you might as well just get employed for free. Human capital is valuable hence your time is valuable too.

Now to the good stuff – What is the formular for calculating ones expected salary?

The formular is simple, never go into interviews just calling out prices and amount without proper backing, you would not be able to defend it. Back up your ask with verified data.

Expected Salary= Base Salary + (Experience Multiplier × Years of Experience) +(Level Multiplier × Organizational Level)

This is what it means:

1. Base Salary: The starting salary for the lowest level of experience and organizational level.
2. Experience Multiplier: A fixed amount added to the base salary for each year of experience.
3. Years of Experience: The total number of years the person has worked in relevant roles.
4. Level Multiplier: A fixed amount added to the base salary for each level within the organization.
5. Organizational Level: The level or rank of the person within the organization (e.g., entry-level, mid-level, senior level).

Let us put the formular to test

Assume the following values:

• Base Salary: N70,000
• Experience Multiplier: N50,000 per year
• Level Multiplier: N70,000 per level
• Years of Experience: 5 years
• Organisational Level: 3 (where 1 is entry-level, 2 is mid-level, 3 is senior level)

Using the formula:

Expected Salary=N70,000+(N50,000×5)+(N70,000×3)

Expected Salary=N70,000+N250,000+N210,000

Expected Salary=N530,000

In this example, the expected salary for a person with 5 years of experience at a senior level (level 3) in the organisation would be N530,000.

Why it is important to calculate your salary expectation

While the national minimum wage increased to ₦70,000 in 2024, high inflation rates have eroded its purchasing power

Inflation is projected to reach 30% by 2025, diminishing the real value of wages and affecting workers’ ability to afford basic necessities. Interpoint

Despite a reported unemployment rate of 4.3% in Q2 2024, nearly half of Nigerians live below the national poverty line.This paradox highlights that employment does not necessarily equate to adequate income or improved living standards. Business Day

A significant majority of Nigerian workers are engaged in the informal sector:

As of Q2 2024, 93% of employed Nigerians were in informal employment, lacking formal work arrangements and social security benefits.

Only 12.7% of workers were in wage employment, indicating limited access to stable, formal jobs. Jobmag

Making the Formula work for you

Adjust the Base Salary, Experience Multiplier, and Level Multiplier according to your preferred organisation’s specific salary structure and industry standards.

Let us know in the comments if this was helpful and other questions you would like us to answer.