How to Negotiate Your Salary

Written by Lauren Lind

If you are interviewing for a new position or seeking a pay raise at your current place of employment there are a few things to keep in mind for a successful salary negotiation.

1.  Do your research. Search online at Payscale.com or Salary.com or ask hiring managers what salary is to be expected.

2.  Prove your worth to the company. This is your time to show why you out of all employees deserve a pay raise, or why a company should hire you compared to your competitors. Companies will be willing to pay more for an employee that shows return on their investment. What will you bring to the table that justifies a raise?

3.  Find out who makes the final decision. Generally hiring managers make the final decision compared to HR representatives. Speak with them directly.

4.  Understand that there is not a ton of room to negotiate if you are applying for an entry-level position or junior level-jobs. The reason behind this is mainly because you have not gained a lot of experience yet. If you are not able to reach an agreement on salary, try to negotiate your work schedule and benefits or think about ways you could be compensated other than money.

5.  Tell the truth about your current salary. If employers ask you what your salary is, you need to be honest because they can easily call your employer and ask them what your salary is. If you are going to estimate your total compensation you have more leeway to add more by a couple thousand dollars.

Know your value and use these tips when negotiating salaries. Also be sure to check out Career Services Salary Negotiations: What are you worth - Money Smart Week TODAY 4/21 at 5:00pm.

Hat tip: Kelly Gurnett and Liz Handlin