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Sometimes a candidate’s skills go beyond what the role actually requires. When that happens, the salary is usually based on what the job is asking for, not everything they could do. We constantly check market data, and also compare that to internal factors like benefits. Exceptions can be made, but it is situation-dependent.
Benchmark against what your competitors are offering. You can't do this 100%, but by reading job postings and company reviews, you can get a good sense of what this kind of candidate is typically commanding and tailor your offer accordingly. They might be way off base with their expectations, or you could be paying less than market. No way of saying for sure without knowing the position/industry/offer.
Refer the candidate to your bands or matrix depending on your org.
When I was recruiting at a start up we often didn't have the cash to match competitors, but we could do equity, sign-on bonuses, immediate benefits start, additional vacation, etc. non-cash benefits.
In my current org, everything is very clearly organized and on a matrix. It would be easy to point out skills, experience, competency, and tenure to the prospective candidate, advise you could go to bat for more - however, as it's clearly defined, there isn't often much wiggle room on comp.
Alternatively I'd use pay scale or Robert half as an example of industry average comp for the role by location, to explain why what they're asking for might be presumptive.