Salary Negotiation --Prepare for the Negotiations

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It is foolhardy to negotiate on assumptions, so make sure you have some specific facts in hand. Some of these information can only be learnt during the interview process; elicit them from the interviewer when an offer is made, before starting the negotiation.
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What is your worth in the market? Changes in the job market is constant due to a globally competitive economy. So the first thing you should find out is the current salary trend for your job profile.
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( g7 p, }3 S& V* }5 }/ m4 vThere are many free and fee based online resources on salary surveys like payscale.com, jobstar.org and salary.com that can give you a ballpark range.

, T: V+ A& L4 |. c# i( j" XResearch salaries at similar firms in the same job function and the same industry. Call similar companies directly and ask their salary ranges for the type of job you seek.

" ]% \8 L4 I8 o/ t% S: KAsk recruiters, employment agents, other professionals and your own network of friends and associates.

# j9 P. s0 Z) Q5 i! |8 F3 U2 HOther places to research are professional trade journals and business magazines and newspaper and online job listings.
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Remember to consider factors like location and experience that play a huge role too.
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" Q$ W8 c. ^( _! xWhat is the offer package? In case an offer has been made to you, get specific details on the following facets of the offer -
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Job Responsibilities: The specific job responsibilities and the first assignment you'll be working on is one of the most important aspects of the offer. If the assignment is to your liking, you might be more willing to be flexible.
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The Signing Bonus: Some companies also offer an initial one-time bonus for start-up expenses like a new wardrobe or as an incentive to accept an offer over another. But keep in mind that since future raises are computed as a percentage of your base, it can be to the employer’s advantage to entice you with a signing bonus rather than a higher base salary.

' h  V( t7 q7 _1 H7 u$ DBase Salary: It is best to present a neutral appearance and not tip your hand by any involuntary response like "Wow!". Some firms offer a higher signing bonus if you accept the offer immediately. Unless you've made up your mind, it is always better to ask for a reasonable amount of time to consider their offer.
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1 g' ]/ i' I- x% X. }Relocation Package: If you are offered a relocation allowance, make sure you understand what is included - moving household goods, house hunting trips, and brokers' fees are examples.

Benefits Package: These are generally non-negotiable and are often standard for all employees. But they vary from company to company and so can be used to compare various offers before reaching a final decision.
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) r4 q# l$ @9 n; C" [Promotional Opportunities: Find out the promotional opportunities of this position, and the kind of salary progression to be expected in the first three to five years?
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) P: y2 T/ P# A3 `8 z- ^8 o( RTuition reimbursement: Organizations that want to encourage their employees to gain further education and training offer some form of partial or complete tuition reimbursement.
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Future raises: Find out the methodology of the reviews and how future raises are computed and awarded. Are there performance-based raises and bonuses?

" o" S) ^' B$ w: ~, j3 lProfit sharing: If you are working for a growing and profitable organization, profit-sharing programs can offer you great year-end bonuses based on the success of the organization or your division.
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Starting date: Some companies might want you to start immediately, and some might be more flexible.
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) e# l7 G% Z, ?/ JDeadline: When an offer is made, the company also provides a time frame to respond. This is often negotiable; don't hesitate to ask for more time if you need it.


* \- W5 D! s) O1 U( p# k: G' |9 J7 JWhat does the interviewer earn? This information can give you an extra edge if the interviewer is also the one under whom you'll be working. After all, you wouldn't like your subordinates to make more money than you, right? So keep that sensitive issue in mind when you start negotiating. Generally ten percent less than what he/she earns may be an appropriate figure to negotiate on, but proceed carefully to make sure that the interviewer doesn't feel personally threatened by your salary request. (If you can't find the exact figure, even an estimate can help - use step 1 to figure it out.)
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& w, Y- @% t! `1 IWho's the boss? As early as possible, find out who the final decision maker is with regard to hiring, determining your job title, and authorizing your compensation agreement.
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Who's the competition? If possible, determine how desperate is the employer to fill in the position, how many other candidates are being considered and how you measure up to them.