Much has been written about what to say and how to act in an initial job interview, but the path to a job is a bit murkier during the second, third or fourth interviews. It’s during this late interview stage when the subject of compensation usually comes up. Unfortunately, many candidates leave thousands of dollars on the table by not engaging in negotiations over these figures.

Deborah Beroset Miller, a communications expert and director of public relations for professional growth and training firm Landmark, recently visited the Seattle area for a seminar and talked with me about how nearly half of all job applicants, according to a recent CareerBuilder study, accept the first dollar figure they are offered. These people, she says, are stuck in the “recession mindset” and don’t realize the potential power they hold over employers — about 45 percent of whom are willing to negotiate.

The next time you feel the urge to jump at the first offer that comes your way, fight it, she says, and remember these five tips about compensation negotiation.

Separate the facts from the story about the facts. Sometimes our own experiences can make us excessively sensitive when it comes to negotiation. “People will go into their second interview already influenced by their own anxiety,” Beroset Miller says. What some interviewees don’t understand is that, by the time a salary is discussed, “the hiring manager has already decided you’re a good match,” she says. “It’s easy to feel that the hiring company has all the power. But just remember that they have chosen you.”

Pay less attention to the overall economy. Since 2008, job seekers have been told every day about how they are in a terrible job market. While this may be true in some professions, it’s not the right attitude for a salary negotiation.

“Some candidates read the news about the economy and make a blanket assumption,” Beroset Miller says. “They’ll figure, ‘I probably won’t get much more than the rock-bottom salary.'” This, she adds, is defeatist thinking and outdated in this recovering job market.

Don’t take things personally. Negotiating is just a part of the employment business. “No one is going to be personally offended if you try to ask for more; in fact, they probably expect it,” Beroset Miller says. “Employers usually build in some wiggle room into their first offers.”

Also remember that the conversation does not end with a dollar figure. “There are other ways of being compensated, such as a more flexible schedule, extra vacation time, reimbursement for your daily commute or a telecommuting arrangement,” she adds.

Determine your wants and your needs. Familiarize yourself with the typical salary ranges for your profession. Do your research using NWjobs.com’s Salary Wizard or the many other web resources available for compensation information so you can make an intelligent counteroffer based on your lifestyle needs.

“Don’t negotiate just for the sake of it,” Beroset Miller says. “If they offer you a number on the high end of the norm for your industry, you don’t want to push it much further.”

Consider the viewpoint of the hiring manager. The company wants to see leadership abilities in its candidates. If you propose a salary that is within reasonable parameters for your position, it shows the employer that you have some grace under pressure and a good head for business.

“You want to get into their world and ask yourself, ‘How much value can I create for them?'” Beroset Miller says. “Look at project ownership — where have you demonstrated leadership in this area? If you haven’t, then maybe it’s time to look around for projects you might want to take on.”