Negotiating Salary (Part 2 of 12)
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When you want a raise, talk isn’t cheap - but your employer might be. How can you land yourself a better package, whether you're getting hired or nudging your boss for a raise? Try these steps:

Do your homework. How much do others get paid for similar work? Some people are perfectly comfortable talking about their salaries and benefits. If you are, find others like you. If you’re not, do your research through labor unions or over the Internet to get listings of comparable salaries. Two useful sites are jobstar.org and salary.com.

Timing and leverage are crucial. The best times for negotiating are always when you've been offered a job, but haven't yet accepted, or when your boss is afraid of losing you. When you get an offer that is too good to pass up, but the company won’t give you the money you want, ask for a promise that the salary will be reviewed in three months. And get every job offer in writing.

Point to the bottom line. Provide business reasons why you deserve more money. Show how you've improved the company’s finances or helped its image. If your sales have gone up 40 percent or you write 20 percent more code that most colleagues, the company has more incentive to keep you happy.

Think about benefits. Sometimes the economy is too brutal for anyone to get a raise. But think about other benefits - ones that cost the company little money. Telecommuting could cut your travel costs and stress; extra vacation would give you more time with loved ones.

Watch your ultimatums. If you threaten to quit, your relationship with your boss and your company will never be the same. It is a last resort. Use it cautiously - and only if you're willing to back it up.