What Are You Worth?

The negotiation process revolves around two factors: what you are worth and what they are willing to pay for you. To negotiate successfully, take these factors into consideration and research them thoroughly. Research, after all, is one of the few steps in the negotiation process that you have full control over.

The first step in researching these two factors is to consider the position. Know the required skills and job responsibilities, and the company's size, industry position, clients, goals, and challenges. Use this information as perspective or context for your research.

• Make a list of your credentials. What degrees do you have? What other training or education do you have? You may have handled design and layout of the newsletter at your previous position—a very impressive responsibility, but only if it is relevant to the position you are applying for. If it's not, you shouldn't expect to be compensated for it.
• If you held an impressive title in the past, use it to your advantage. Did you have a respected position with your previous employer? Did you work for a well-known, successful company?
• What measurable successes have you had in your previous positions? Did you raise sales by 15 percent? Did you save your company $50,000? Did you organize a seminar for 1,000 guests? The eye is drawn to numbers and statistics, so include as many as you can.
• What is included in your skill set? Make sure you can meet every responsibility of the job and can provide specific examples of the skills you have to fulfill them.
• Think value-added. Maybe you can bring excellent finance experience with you to a human resources position. Do you have any technology specialties or marketing know-how? Are you bilingual? If so, you may deserve higher compensation.
• What is your work ethic? Are you willing to come in early, stay late? Can you be counted on in a crisis? If you can document this or provide references, it may increase your worth.

When you are in the interview and in the negotiation stage, briefly and clearly list the most impressive qualifications you have as support for the salary you are requesting. Show them exactly why you deserve the salary you are asking for.

How much are they willing to pay?

Sometimes you will know the salary before you go in for the interview. Do not simply accept this at face value. You can still negotiate. Think of it as a ballpark figure. If it is lower than you had hoped for, don't walk away from the position. Go in prepared to negotiate based on what you can bring to the position.

If you do not know the salary going into the interview, you need to research salaries in similar companies and positions. More than likely, the company you are interviewing with will have done similar research. Take into consideration geographic location and cost of living, degree level, years of experience required, and size of company. All these factors will influence salary averages. If you live in Smalltown, USA, do not expect to be paid the same amount of money for the same position with the same responsibilities as someone in Bigtown, USA.

Know the lowest offer you are willing to accept, the offer you think you deserve, and the offer you will be thrilled with. Prepare materials as support for your salary request. It will be easier to persuade people if you can show them solid, objective information.

You are not just there to sell yourself. You are there to get information, as well. Here is a list of questions you need to have answered in the negotiation conversation. Keep in mind, these are not questions to ask until you've received an offer.

• What is included in the salary and benefits package? When do I become eligible for benefits?
• How much vacation time and sick leave will I receive? Can I roll it over or cash it out if I don't use it?
• Is there a 401k plan or retirement program? How much can I contribute and what percentage is matched?
• What deductions are taken out of the paycheck and how much does it add up to?
• How often will I be paid?
• When will I receive a review and be eligible for a raise?
• What are the opportunities for advancement?
• Are there bonus opportunities?
• Are there any other benefits that you think I should be aware of?