According to recruiting experts the following ten tips will put you on the right track for salary negotiations:
Set your rules: Unless you ask for more, you won't get what you want. Think of grounds on which you can seek a raise. Then go for it.
Homework: You have to know what your peers make. You can take the help of Salary Wizard that has information on many jobs. You can ask trade associations and recruiters what people with your caliber get. Go to internet and see job postings that mention salaries as well.
Know your market value: Have you helped your company cut costs and save money, improved a process or met your targets? If you have had influenced the wellbeing of your company in any way, know the exact figure. You can expect a 5 percent share in it. You can as well suggest your performance be linked to your pay structure. If your position doesn't have a specific contribution to the company's earnings, show what you have done to improve the morale of the staff or the employee retention. In effect, you have to show your value to the company.
Bat for yourself: Make a list of your accomplishments and place it before your boss. You are the best source of information about you. You should learn how to brag about yourself.
Plan your strategy: If you really want a hike, tell your boss you want to discuss the issue with him and inform him of your accomplishments. You must be specific about what you want. Tell him about your expectations of a next hike.
It's never too late: If you have already had your review of performance, seek a different type of hike, such as an accelerated performance review that is retroactive based on target achievement or a merit raise.
Wait for your turn: Don't raise the money issue in the interview. Wait for your interviewer to make an offer. If you are pressed to indicate your salary expectations, give a range or be vague about it. You safely tell the interviewer that the salary you expect depends on job specifics and ask him to tell you more about it.
Ready to quit: If you don't get what you deserve, get ready to quit the job. Look for opportunities elsewhere. Nothing boosts your confidence to seek a raise than a job offer in your hand. If you fail to get a raise on your performance review, don't leave the job in a huff. Your chances to get another job will be better if you are employed than when you are unemployed.
Calculate everything: While evaluating your salary, you have to consider the value of all types of benefits such as bonuses, commissions, health insurance, flexible spending accounts, profit sharing, paid vacation and stock options. If the prospective employer asks how much you are earning in the current job, tell him what all you earn and seek a specific salary figure.
Job satisfaction: If you enjoying working with your company though you don't get what you want, just be patient. Don't spoil your career with frustration. Perhaps it is not the time to say quits. Remember you can't put a tag on job satisfaction.
