Salary Negotiation – Learn how to negotiate for a higher salary

Money

Everyone wants it, but when it comes to raises and salary offers, no one knows how to ask for it. These helpful hints will have you rolling in dough before you can say "negotiate."

Salaries

Most people are afraid to haggle for higher salaries because, often times, they really need the job. Even if you’re desperate for work, follow these guidelines to a higher income.

Know the worth of your job. Education is your best defense. Research everything you can think of to find the competitive salary for your job in your region — employment surveys, libraries, professional organizations, peers. See our salary negotiation directory for a great list of research sites.

Brush up on your negotiating skills. The process is nerve-wracking, but try to keep these tips in mind:

• Don’t discuss salary until you’re offered the job.
  There’s a good chance you could say a low figure and end up getting less cash. For example, what if you say $25,000 and they were willing to offer $27,500?
• When salary is discussed, let the employer talk first.
  Again, you risk naming a price much lower than you deserve. If the employer does ask your salary requirement, say you’d expect a salary that’s competitive with the market or, if you know the market value, give him a bracketed range (like low- to mid-thirties).
• If salary is not negotiable, try to work in perks or better benefits.
  Things that seem small to a company, like vacation days, profit sharing and tuition reimbursement, are a big deal to the employee.
• When everything is fleshed out, get it in writing but don’t sign on the dotted line.
  Say yes to the employer but take a day or two to be sure you got everything you wanted. If something was forgotten, go back to the negotiating drawing board.

Raises

Even when it’s deserved, few managers offer pay increases out of the blue. It seems that workers always have to ask for them. But if you’re organized and prepared, there’s no reason to worry about posing the question.

• Know your company’s compensation policies.
  You can’t play the game unless you know the rules. How is job performance evaluated? What’s the maximum raise given? (So you don’t look like a fool and ask for too much.) When are raises given? If your company conducts annual performance reviews, schedule an informal meeting with your supervisor a few weeks prior to yours to discuss your achievements in the past year.
• Know the worth of your job.
  This was mentioned in the previous section, but it’s just as important here. Reread your job description and see if you’ve picked up some extra duties along the way. If so, those tasks may mean bigger bucks.
• Keep detailed records.
  It may seem strange, but keeping a journal of your progress and accomplishments is physical proof of a job well done. It may help your manager understand how you add value to the company financially. This documentation is also handy if your supervisor needs to argue your case to the higher-ups.
• As with salaries, practice your negotiating skills.
  Tailor your presentation to fit with your supervisor’s managerial style, like chatty or to-the-point. If you’re nervous about the meeting, practice the speech in front of a mirror or into a tape recorder. When the time comes, don’t say you need a raise. Explain why you deserve one.
• Don’t settle for no.
  This doesn’t mean you should quit your job or scream until you get your way. If your manager says there’s no money in the budget for a raise, try working in a bonus. If that doesn’t work, ask her what you can do to better ensure a raise in the future. If it involves additional training, see if the company will pay for classes. But above all, leave your manager’s office on a positive note. Smile, shake hands and thank her for her time.