Salary Negotiations

There are several ways to make the process of salary negotiating effective. Start by taking a good look at your own salary requirements as well as developing an understanding of what your skills are worth in the current employment market.

• Research salary ranges before you begin the interviewing process. Contact the professional association, which represents your career field for salary information. Salary range information is available from several sources i.e.: the labor office, professional journals, the Bureau of Labor Statistics or on the Internet - salary calculator for US etc.

• Look at your monthly cash requirements. Keep in mind that your paycheck after taxes is approximately 30% less then your gross monthly salary. Factor fringe benefits into your calculations. Include savings and contingencies in your budget planning. (You do not need to tell anyone your salary requirement. It only provides you a foundation on which to make decisions.)

• Enter the salary negotiation portion of your job interview with a firm understanding of your skills and what they are worth to different segments of the economy and in a variety of industrial settings.

• The first inquiry about salary may come in the form of an application. When completing application forms, be sure to use 'open', 'negotiable' or 'competitive'. Avoid stating a specific figure.

• Factor the organization's entire compensation package (i.e. tuition benefits, investment options, health plans and any perks) along with salary into your negotiation discussion. Compute the dollar worth of these benefits and add this figure to the salary for a more realistic picture of how the organization compensates. If it is important to you, you may decide to negotiate benefits rather then an actual dollar increase.

• When job recruiters or an interviewer asks for salary history or salary range, he or she is interested in establishing a starting point for negotiation. The important thing is to avoid basing your desired salary on your current salary. Do not lie about your past salary - reference check can easily provide this information. Provide information about why your salary may have been lower, if appropriate.

• When stating a salary range, extending the range up to approximately $5,000 is acceptable. This shows that you are within the employer's price range but interested in more compensation.

• Determine opportunities for promotion. Job progression is an important factor in making salary decisions. Ask how they handle promotions and salary reviews.

By taking a good look at your own salary need, understanding the current market and approaching salary as something that you and the employer will agree on as mutually beneficial, your chances of successfully negotiating a salary are greatly enhances.