Negotiating Compensation
Negotiating Compensation    
Make sure you understand the full range and details of compensation, which might include medical insurance or an option for 401K retirement savings, for example.  You should be clear on the requirements and benefits of the job, including your work hours (e.g. is there overtime?), holidays, vacation and medical/personal time off and other company policies that you should consider before signing a contract or agreeing to take a job.

Major Point: Always, always let money come up from the employer’s side. You do not bring it up.
     Company: “What are your salary requirements?”
    You: “Money is of course important, but more important to me is what I’m doing and who I’m working with.”
    Company: “Can you give me a range?”
    You:  “Do you have a range set for this position?”
    Company:  (If they give it). “It is from $$$$ to $$$$$.”
    You:  “I’m sure we can get together in that range that is mutually satisfactory for both of us.
    (If the company says they can’t give those figures out, but needs a figure from you then you can say something like :)
    You:  “My research tells me the minimum of the range for this position is $40,000 (for example). Is that in line with your parameters?”

Do Your Homework:

Be sure to research salary expectations for the job and geographical job market ahead of time through websites that provide salary calculators, such as:

Plan for the Future: Raises and Promotions

Consider your long-term interests when you negotiate compensation.  You need to start with an income that you will be able to live on but with an eye to the future.  So be sure to address the time table for performance reviews and raises while making it clear that you intend to do a great job, to take on more responsibility over time and be a growing asset to the organization.  Many hold that it takes about six months for someone to learn the ropes and become effective in a new position so the organization is making a big investment.  So it is reasonable that as time passes you should be more valuable and deserve better compensation – if you show you are doing a good job.  Before you start working is the best time to set expectations to serve as a platform for later, regular discussions of raises and promotions.  

First Impressions Last: Go the Extra Mile

When you start on the job make sure you begin well by being on time (or early), enthusiastic and not just adequate but excellent in everything you do.  Then continue to look for opportunities to help and provide value.  Your financial success will ultimately depend on how successfully you impress your superiors with your contribution to their success.

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