Are salary negotiating mistakes costing you?

(WCPO) - With companies cautiously hiring in 2012, many people are starting to look for new work.

Or, it may be time to sit down with the boss for your annual review.

In either case, you'll want to know about the top salary negotiating mistakes that could cost you several thousand dollars a year.

Thrilled to get a job, we say yes

U.S. News and World Report says many of us are so thrilled to get hired, we say yes immediately, and in doing so make big mistakes.

If you accept that first money offer, you may start off several thousands of dollars a year behind your co-workers. And to make it up, you may need to change jobs in the future.

It says the top salary mistakes include:

- Not knowing the salary range for that job: Do your homework first. Know whether it's a $20,000 year position, or a $40,000 a year position before the interview.

- Relying on salary websites for information. Instead, talk to people in your line of work.

- Discussing salary in your cover letter or resume. Pay should be discussed midway through the interview, never in the cover letter.

- Accepting their initial pay offer. It is often a low-ball offer, or starting point. If you are so eager to get the job you accept it, you will be stuck with low pay forever. You will never make it up, as most companies can't give more than 3 percent raises per year.

Doesn't that stink

And from the "doesn't that stink" file, failing to ask about benefits during the job interview, again because you are so eager to get the offer.

Like to visit Disney World during the kids' school break? Better make sure the new job allows that time off. Sometimes new hires can take vacation only in months like October and January, with long-term employees getting the peak vacation weeks.

Visit the doctor frequently? Find out what the company's health plan covers, and what the annual deductible is.

One last tip...

Finally, while a lot of families have struggled the past three or four years, prospective employers don't want to hear about it.

US News says salary conversation needs to be about your value to the company, not the mortgage you are behind on, or how deep you are in debt. If it appears you can't handle your finances, the prospective employer may feel you can't handle the job either.

As always, don't waste your money.
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