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Negotiating Your Salary

The salary aspect shouldn't be your all-consuming concern. Don't be blinded by the financial aspect and grab a high-paying job that could later turn out to be a poor position because you get no satisfaction, sense of achievement or you realize it is a revolving door back to unemployment.

When stating your salary range, avoid basing your desired salary on your current income. Always tell the truth when it comes to your past salary. It is acceptable to extend a range to approximately 10% to show that you are within the company's price range but interested in more compensation.

Determine your Value

Understand that different segments of the economy require a variety of skills depending on the industry setting. Once you have established what your skills are and what they are worth to the current employment market, you would know the limitations of your negotiation. Ask yourself what you are worth. Write down your skills, abilities, talents and knowledge, and be prepared to show your future employer the benefits you can bring to their company.

Do Your Homework

Prior to an interview, make sure you are armed with the most recent information on the salary ranges for the position that you want. Contact the companies you are interested in and ask someone from Human Resources about their salary ranges for the job you are seeking. It is also very helpful to compare job postings from various sites to learn about current salary ranges. You may also go on-line to www.salary.com and search by location for your desired position.

Review the Entire Compensation Package

Be sure to consider insurance, stock options, 401(k) plans, pension and profit sharing plans, salary progression, vacation days and other paid time off days (e.g. holidays, sick and personal). To determine your fair market value for a specific job, you should consider the economic, geographic and industry factors of the job offer.

For those fortunate enough to be starting a second career, already drawing some form of retirement pay, remember that this is money already earned and should not be considered as part of your compensation for your next position or career.

Think Fair

In negotiating, never compete. Obtaining a compensation package that both you and your employer consider fair is important as you are enter into an ongoing relationship. Negotiating is not about winning; so much as it is a discussion towards a certain goal.

Bide Your Time

Do not take an offer on the spot. Instead, either take home the written offer or take notes on the details of the offer. Tell the employer that you would like to go over everything very carefully, and set up a time to get back with them, normally within 48 hours. Be enthusiastic but noncommittal.

Establish Your Absolute Limits

Here is where your prep work comes in handy. You previously evaluated your worth and computed the compensation you'd be comfortable with. Now you have to decide if the offer is one you can live with. Know your walk-away price. You know your own financial goals, responsibilities and liabilities. Your walk-away price must consider your personal and professional goals.

Remember - Money Isn't Everything