How to Negotiate Your Salary & Benefits and Win Big

When it comes to Salary Negotiations, most job seekers don't have a process for negotiation their their salary and benefits and they end up leaving money on the table.

So what you have to do to successfully negotiate your salary and benefits? First, you have to figure out what the salary range for the job. You can get this from an insider that you met on LinkedIn or someone you found at a face to face networking group. If that doesn't work, you can find the salary range from www.payscale.com, which is the best salary site on the web.

If you know the range, you can create a strategy to get as high in the range as possible or at the very top. If you're courageous, you can even go over the top of the range but you've got have a clear strategy to do it. You've also got to be willing to go for broke and be willing walk away from the bargaining table if the negotiator won't budge. If you decide to walk away, be sure to tell the negotiator to call you if he changes his mind. Always leave the door open like this for either party to change their mind.

Here's how to negotiate a salary higher that the top of the salary range for the job. First, you need to know that employers spend about $20,000 to fill an open position. Now suppose your asking for $5,000 above the top of the salary range. If you put this out on table, one of two things could happen.

First, the employer may balk at your counter offer, rule you out, and got after the number two candidate. To me, this is unlikely because they probably wouldn't want the number to candidate since they don't want a second place candidate who won't deliver what you can.

Second, the employer knows that if they don't meet your need, they'll have to start the entire hiring process again and that's another $20,000 they'll have to spend to recruit a new batch of candidates. If they don't get this, gently mention this, so you're sure they know the downside of not meeting your need in terms of having to spend $20,000 a second time.

If the employer won't buy your request for $5,000 more to start, here's another way to get it. You could ask the hiring manager to create your measurable goals and objectives in writing during your first 30 days on the job. If you meet or exceed these objective in 6 months, you get a $5,000 permanent salary increase at that time. If they were to offer you a $5,000 bonus after 6 months instead, push for the permanent salary increase since bonus is a one shot deal where the permanent increase is just that, permanent.

Finally, one last salary issue related to reducing your take home pay. What if you were working in Tampa, Florida and you're new job was in New York City. The taxes you'd have to pay in NYC are much more than in Tampa. NYC has a city tax, a borough tax, a state tax, and federal tax. If you haven't planned for these extra tax costs and adjusted your salary request accordingly, these extra tax costs will come out of your paycheck and reduce your take home pay.

Not here's one last thing. After you've successfully negotiated your salary, you need to negotiate your benefits. Benefits are major part of your overall compensation package and you don't want to leave benefit dollars on the table either. Remember to insure that all these benefit should be spelled out in your offer letter. If all your benefit aren't in writing, they literally don't exist legally and the employer could not honor them.

Here are some possible benefit items you can negotiate. First, you could negotiate you vacation or sick time. Next, you could ask for the option to work at home part or all of the time, so you save the cost of gas and wear and tare on you car, you save on commute time so you have more time for yourself, and you can adjust your hours fit your own needs.

Then ask about Health, Life, Dental, Hearing, and Vision insurance and find out what the deductibles are, so you know what you'll have to pay out of pocket. Does the company have a 401K plan and does it start immediately?

Does the employer match your contribution and if so, by how much? If you were to be let go, do you get a severance package and exactly what is provided?.

If you are very remote to your new employer's office, will the employer pay for your relocation expenses?

What about maternity leave, bereavement time, childcare support, or eldercare benefits?

Does the employer provide tuition assistance for you to complete your college degree or take professional development course that will make you a capable employee?

What about a Wellness Package? It could provide you with a membership at the YMCA or a health club.

Does the employer's health insurance include chiropractic or acupuncture care? Suppose you have a bad back and need to see your chiropractor ever week and in your previous job, the health insurance paid for your chiropractor visits. Let's assume if you had to pay $80 for each visit, the total annual cost would be $4,160. Your old employer picked this up but if you're new employer didn't you'd have to pay this cost yourself or forego getting your weekly chiropractic adjustments and suffer needlessly.

And here's another good one. If the company belongs to a cedit union, then you're eligable to join it too. That means you'll get lower interest rates on your saving's account and on home mortgages, car loan, personal loan, etc. than at a traditional bank. You might also get better loan term (8 years vs. 5 years) too.

I'm sure there are other benefits you could ask about that I haven't covered here. Remember, those who ask about benefits are the ones who often get them.

I hope you've found all this information helpful and use it to get the best salary and benefits possible. Go for it!