Career Blunders: Salary Negotiations

Many job seekers are willing to invest time and money in their resume and their interviewing skills. Unfortunately, many don't take the time to educate themselves about negotiating salary. As a result, too many people either wind up working for less than they are worth, or they completely blow a job offer by mishandling salary negotiations during the interview process. To help you avoid this career blunder, we're including 9 tips on salary negotiations.

Salary Negotiation Tips

1. Never discuss salary until you have a job offer. * If you do, you could price yourself out of a job before the employer is convinced they need you. If pressed by the interviewers, tell them you are flexible and would be happy to discuss salary when you learn more about the job. Waiting until you are offered the job gives you the leverage you need to negotiate for a higher salary.

2. Don't forget the value of benefits and perks when negotiating a salary. * Sometimes the salary offered may seem low, and you may wonder if you should turn down the job. Don't decide until you figure in the value of potential benefits and perks. They can add up to 40 percent to your base salary. Some benefits are fixed, but others are negotiable. Negotiable benefits include stock options, bonuses, employee discounts, tuition reimbursements, vacation time, and sick leave. Perks include company cars, club memberships, parking, expense accounts, and use of the company accountants or staff attorneys for personal matters.

3. Research the company before you negotiate. * Gather information about your prospective employer. Learn what the company does, its financial position, its status in the business community, and recent information about its successes and failures. It is critical to research the salary range of the job you are applying for before going to the interview. You can check salary ranges with trade organizations, the U.S. Bureau of Labor Statistics, sites such as www.salary.com, or by asking people who work in the field. Find out whether the company has specific grades and pay ranges they must use or if there is room for negotiation.

4. Be enthusiastic and professional during negotiations. * Negotiating is not a competition. Don't put yourself and the employer on opposite sides of the bargaining table. Instead, encourage the impression that you are on the same side working for a solution that will help you both come out winners. A take-it-or-leave-it attitude negates the feeling that you are a team player. Calmly and logically state what you feel you are worth financially, and let the interviewer make a counter offer.

5. Never stop selling yourself. * A job offer is not the time to let your guard down. When negotiating for the best possible package of salary and benefits, it is important to continue showing the employer how hiring you will improve the company's bottom line. Remind the employer of skills you have that will save the company money. Tell him of contacts you have that will bring the company new business.

6. Ask for a few perks you can do without. * By asking for perks that are less important, you are giving yourself bargaining room. If you look like you are making concessions, it helps the employer feel better about meeting your other demands and encourages the impression that you both have won.

7. Be willing to walk away. * Negotiating for a salary is like a game. You make an offer. The employer counters with an offer of his own, and the game continues until either a consensus or a stalemate is reached. Never go into a bargaining session with the attitude that you must accept the job. The employer will see your desperation and offer you much less than you are worth. You'll be more confident if you are willing to walk away from an offer.

8. Don't say yes to an offer right away. * Be enthusiastic and appreciative when you get the job offer, but ask for at least 24 h