How to negotiate salary?

As my mid year performance review has been completed last month, it never cross my mind to try asking for more $$$ over the "special" salary adjustment which has just been done for me 3 months ago. Over the years, no doubt this thing cross my mind when my company twice yearly held the Employee Performance Review. However, I always puzzled over the idea of asking for more in terms of the tiny puny income they gave me for the humongous work load I receive.

Well, in the future if I still think I should be getting more, then I could look into some of these tips I found out from someone who e-mailed it to me. But whether having the guts and intelligence to do it or not is a different matter all together, isn't it?

10 Salary Negotatiation Tips

Do not to bring up compensation until the employer makes you an offer. If you're asked what your salary requirements are, say that they are open based upon the position and the overall compensation package. Or tell the employer you'd like to know more about the responsibilities and the challenges of the job prior to discussing salary.

Never forget that employment is an ongoing relationship. Job negotiations are the starting point for your career with a company. Get too little and you're disadvantaged throughout your career there; push too hard and you can sour the relationship before it begins.

Be creative. Consider the value of the total package. Look for different ways to achieve your objectives. Be willing to make tradeoffs to increase the total value of the deal. If you're creative, you can package what you want in ways that will be acceptable to the company. You'll also be able to find creative 'trades' that allow you to withdraw requests that might be problematic to the company in return for improvements in areas where the company has more flexibility.

Do Consider How Much Experience You Have: Those with more experience can hope to earn more money. Remember to talk about the amount of experience you have if it will help you negotiate a higher salary. If you don't have a lot of experience, be realistic about the salary for which you can ask.

Know when to quit bargaining. The one sure way to lose everything you've achieved is to be greedy. There comes a point in every negotiation when you've gotten everything you could have reasonably expected to gain. While most companies will want to treat you fairly and make you happy, few companies want to hire a prima donna. Being perceived as greedy or unreasonable may cause the deal to fall apart. Even if it doesn't, you'll have done immeasurable harm to your career.

Understand the dynamics of the particular negotiations. Sometimes you'll have skills that are in great demand. And sometimes, you may be one of several qualified candidates the company would be happy to hire. Sizing up the situation and understanding the relative position of each party will help you determine when to press your advantage and when to back off. Knowing when to ask is often critical to getting what you want.

Be prepared. The more information you have about your market value and the prospective employer, the greater your likelihood of success. This is the first commandment because it's the most important. There's a wealth of information available on the Internet, at the public library and through professional associations and networking groups. Time spent learning how to negotiate and preparing for negotiations may be the best investment you'll ever make.

Don't Talk About How Much Money You Need: When you are going through salary negotiations, don't tell your boss (or future boss) that you need to make more money because your bills are high, your house was expensive, or your child is starting college.

Do Research Salaries in Your Field: Look at recent salary surveys, talk to others working in your field, and contact your trade or professional association to find out what other people are paid for doing the same work. Remember that salaries differ by geographic region.

Timing is important. Remember that the best time to negotiate is after a serious job offer has been made and before you have accepted it. Once you are clear about the initial offer, you can express interest and even enthusiasm, but ask for more time to consider the job offer. Sometimes you can split up the negotiating session into two meetings: one to firm up the job design and responsibilities and the second to go over compensation and benefits.