10 Ways to Negotiate a Good Salary

by P.D. Lesko

THESE RULES WILL help job seekers to maximize potential employment packages. The Internet has given job seekers a wealth of information about competitive salaries easily accessible to them that was not available in the past. With this information and a basic knowledge of negotiation, job seekers’ anxiety will be reduced and their success rate for negotiating will increase.

1. Determine your salary requirements.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. Look at your monthly cash requirements. Keep in mind that your paycheck after taxes is approximately 28 percent less than your gross monthly salary. Factor fringe benefits into your calculations. Include savings and contingencies in your budget planning.
2. Research salary ranges before you begin the interviewing process.The Internet has given job seekers an edge that they didn’t have before. Start your research by accessing information on the web. There are several sites that are easy to find which offer salary information. Contact the professional association that represents your career field for trade and professional association surveys.Salary range information is available from several sources, including the Career Center’s Resource Room, the state labor office, professional journals, and the U.S. Bureau of Labor Statistics. In addition, the National Association of Colleges and Employers salary survey, American Almanac of Jobs and Salaries, executive search and consulting firms’ job vacancy announcements and professionals in related career fields are also good sources for salary information.
3. Know how to answer salary questions on application forms.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.
4. Establish a starting point.When an interviewer asks for salary history or salary range, he/she is interested in establishing a starting point for negotiation. The important thing is to avoid basing your desired salary on your current salary.
5. Don’t lie about past salaries.Do not lie about your past salary — reference checks can easily provide this information. Provide information about why your salary may have been lower, if appropriate.
6. Know how to state a salary range.When stating a salary range, it is acceptable to extend the range to approximately $5,000. This shows that you are within the employer’s price range but interested in somewhat more compensation.
7. Know what benefits are worth.Factor the organization’s entire compensation package including, tuition benefits, investment options, health plan, vacation time and any other 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.
8. Determine opportunities for promotion.Job progression is an important factor in making salary decisions. Ask how promotions and salary reviews are handled.
9. Know how to negotiate benefits.You may decide to negotiate benefits rather than an actual dollar increase. Some employers have limits on certain compensations, so to increase your packages worth you can negotiate other benefits. Employers are more likely to throw in perks like bonuses and vacation time to increase the value of your package.
10. Don’t be too eager.If you have reached the negotiation phase of finding a job, the employer has already invested time and money in finding the right candidate. Although the employer is ultimately in control, they will do what is within reason to hire you.By taking a good look at your own salary needs, 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 enhanced.