The Dangers of Setting Unrealistic Salary Expectations When Seeking a New Job in the MedTech market
When you're on the job hunt, it's natural to dream big. You've gained experience, refined your skills, and are ready to take the next step in your career.
One of the key components of this next step is setting salary expectations. However, while it’s important to aim high and be confident about your worth, setting unrealistic salary expectations can do more harm than good.
1. You Might Price Yourself Out of the Market
If your salary expectations are too high for the role or industry you're targeting, you risk pricing yourself out of the market in what is a very candidate driven market in the MedTech space. Every job has a salary range based on industry standards, company budgets, and geographic location. While it’s fine to want a higher salary, demanding a number that’s far beyond what’s typical for a particular job or industry can make employers question whether you're realistic in your expectations.
For instance, if you're applying for a mid-level position with limited experience and your salary expectation is well above the company’s budget, your application could be ignored altogether. The company may perceive you as someone who’s out of touch with what the position is worth or, worse, as someone who doesn’t understand the economic realities of the role.
2. You Could Miss Out on Great Opportunities
Salary is undoubtedly important, but it’s not the only factor that makes a job desirable. By focusing too heavily on salary, you may overlook other benefits that could be just as valuable—if not more so. A high salary might be appealing in the short term, but if it’s not backed by a strong company culture, professional development opportunities, and work-life balance, you might regret your decision later.
A recent example being an individual that moved to a large corporate MedTech business less than a year ago. They admitted this was a ‘money-motivated’ move, and less than a year later they are keen to move away from the business due to culture and management challenges.
3. It Can Harm Your Negotiation Leverage
If you set an unrealistic salary expectation and a potential employer comes back with a lower offer, you may find yourself in a difficult position. Declining an offer based on salary alone, especially if the difference isn’t huge, can make you seem unreasonable and difficult to work with.
On the other hand, if you’ve already established a higher salary expectation and are willing to negotiate, this can help you arrive at a more reasonable offer. However, if your initial expectations were far too high, it can be tough to recover and convince the employer that you're flexible.
4. You Risk Appearing Unprepared or Out of Touch
Salary expectations are often discussed early in the interview process, and how you handle these conversations speaks volumes about your professionalism and understanding of the industry. Unrealistic expectations could make you appear unprepared or disconnected from the reality of the market.
Employers expect candidates to have researched salary ranges for the role they’re applying for and to have a reasonable understanding of the compensation landscape. If you present a number that’s clearly out of range, it could reflect poorly on your preparation and market awareness.
How to Set Realistic Salary Expectations
1. Do Your Research: Before entering the job market, research the typical salary for the role you’re targeting in your location. Websites like Glassdoor, Payscale, and LinkedIn Salary Insights can provide valuable data.
2. Consider Your Experience and Skills: Take an honest look at your own experience and qualifications. A junior-level candidate will likely have a different salary range than someone with years of experience or specialized expertise.
3. Understand the Company and Industry: Research the company you’re applying to and the broader industry to determine what is feasible. Different industries and company sizes may have varying salary ranges for similar roles.
4. Be Open to Negotiation: Know that salary discussions are often negotiable. Aim to present a salary range, rather than a single figure, to allow for some flexibility in the conversation.
5. Look at the Big Picture: Don’t just focus on salary—consider benefits like health insurance, retirement plans, bonuses, work flexibility, and opportunities for growth.
Final Thoughts
When you are in the market for a new opportunity, it’s important to do your own research and take advice in the space, rather than jumping to conclusions. Just because a colleague once moved to a company and received a ‘massive pay hike’, it doesn’t mean that this is the right thing for you. First of all, is that information accurate or just some showboating, and secondly, what are the expectations the employer will set at that level and are they reasonable and achievable. Take advice from experienced recruiters (don’t listen to over-promises from agencies) and be clear with your expectations.
The right job, with the right business and the right culture will just feel right from the start, don’t fall down by setting unreasonable salary expectations!
