Negotiating Pay: My Pete Rose for Your Reggie Jackson and a Matchbox to Be Named Later

Many children get their first taste of negotiation with sports cards - baseball, football, etc. Sometimes, the trades are even. Other times? Not so much.

These bartering skills are valuable in the adult world as well. For example, Dallas Cowboys' owner Jerry Jones traded running back Herschel Walker to the Minnesota Vikings for a ton of players and draft picks. The players Jones acquired from this trade formed the foundation of the Cowboys' dynastic run of three Super Bowl titles in the early 90's.

Haggling is also important when negotiating compensation packages with employers. And, just like trading sports cards when young (and professional athletes if you're really lucky), there are a few things to keep in mind during your negotiations with hiring managers.

What's most important? This determines the primary focus of your discussions with Mr. Smith. Do you want truck loads of cash? Four weeks of vacation? Time off for dance recitals and little league games? Full health premium coverage? Company car? Specific hours? Time off? The ability to telecommute? Only you can determine what's most important.

Determine acceptable trade-offs. Let's say your health benefits are covered by your spouse or life partner. Mr. Smith, therefore, doesn't need to pay a portion of your coverage. Use this as leverage to bump up the salary. If Mr. Smith's company won't give a company vehicle, then leverage this so you can telecommute a couple days each week. Do you need more vacation? What are you willing to give up for it?

Know when to speak and when to keep silent. Let the company representative begin the negotiations. Then, each time you counter to find common ground, stop talking. Silence equals pain. This is an old but useful sales technique. Sometimes the silence lasts what seems a very, very long time. You may want to say something, but you should resist that urge. Don't blink. The ball is in Mr. Smith's court, but he's waiting for you to show your cards (pardon the mixed metaphor). The pain caused by this silence will eventually lead someone to speak - and s/he who speaks first loses the edge.

Be prepared to walk. If the hiring manager isn't willing to compromise, don't cave and accept his terms - you won't be happy. Walk away, content in the knowledge that you've saved yourself from feeling resentful after starting the job. Walking away also increases your self-confidence, and confidence increases the chance of success the next time you negotiate.

IN A NUTSHELL: Successful negotiations involve knowing what's important, what to trade, when to be silent, and when to walk.