An important part of any employment contract or negotiation is your salary. However, there are items and things to negotiate besides salary.
Negotiating beyond salary can help you secure a better overall compensation package that meets your needs and sets you up for long-term success.
Of course, negotiation isn’t always easy. There are risks involved, but with careful preparation and communication correctly, you can minimize those risks and come out ahead.
So, in this blog post, we’ll share other things to negotiate besides your base salary.
Before we dive into the specific things to negotiate besides salary, let’s discuss the negotiation process.
Preparation is key. This is very important before any negotiation. You need to know what you want, what you’re willing to compromise, and your bottom line. Without this clarity, you will easily get swept up in the moment and make decisions that don’t align with your goals.
Research. The key to your preparation is the quality of your research.
This information can help you determine what’s reasonable to ask for, give you leverage, and provide a source when negotiating. Glassdoor is a good source.
Clear communication. This is also crucial during negotiation. Be transparent about your needs and priorities and open to compromise.
Remember, negotiation is a two-way street, and both parties need to feel like they’re getting something out of the deal. By being clear and respectful in your communication, you’ll be able to build trust and increase your chances of success.
These steps will help you negotiate effectively and achieve the compensation package you deserve, so before you launch a job search or salary negotiation, be sure to have an idea of the perfect benefits package in mind.
Your base salary is important, but there are other benefits and perks that can make a massive difference; let’s talk about other things we can negotiate.
This is one of the most important benefits that can be offered as part of an employee benefits package. Here are some of the reasons why:
Access to healthcare: Health insurance provides employees with access to healthcare services or private healthcare in countries like the UK that they may not otherwise be able to afford. This can include but not limited to preventive care, such as regular check-ups and screenings, as well as treatment for illnesses and injuries.
Protection: This is the goal of any insurance. Health insurance can protect employees from financial hardship in countries like the USA, where you pay medical bills out of pocket.
If you have to get to work, you can negotiate your transportation costs. You can negotiate fuel reimbursement, Public transportation reimbursements, free parking, WFH Fridays, etc.
If you don’t negotiate, depending on where you live, this can get very expensive, and you don’t want to spend all you earn to get to and from work.
If your job requires you to talk for long hours on your phone, some organizations will provide a work phone with a fully paid plan or subsidize your mobile phone plan. Ask your employer about this.
Many employers offer a matching retirement plan (pension in the UK and 401k in the US) but many people don’t know the matching rates. You can negotiate for better matching rates.
Work-life balance is very important, and a flexible work schedule can help many maintain this balance.
With flexible hours, you can vary your start and end times, or the number of hours worked per day or week, etc, to accommodate personal or family needs. Here are some examples of flexible work hours
This was made popular and necessary because of the pandemic and also done for work-life balance, and for some people, you don’t have to worry about the long daily commute.
Professional development opportunities are also essential to consider. This is another thing that can be negotiated if you are going to continue your education. Many companies offer tuition reimbursement which can help you advance your career and increase your earning potential in the long run.
Just like tuition reimbursement, some companies cover the cost of getting certifications or education courses in line with your role.
We probably don’t need to explain this one. You can also negotiate time off at a certain time of the year or the opportunity to be paid for unused vacation days in the event of a layoff or you negotiate when you can start using your leave.
You can negotiate an increased sick leave.
Mental health days are a relatively new concept in employee benefits, but they are gaining popularity as more employers recognize the importance of supporting their employees’ mental health.
A sign-on bonus is an amount of extra money that an employer gives you when you sign an employment contract for a new position. If you find yourself in a situation where you are unable to negotiate for a higher salary, try and negotiate a signing bonus.
It’s important to consider the structure of the bonus and the potential tax implications that may come with it.
Stock option or equity is an ownership share in a company. It provides an opportunity to purchase company shares at a discounted price.
Here are some potential negotiation options for stock options:
Stock options can greatly increase your compensation package and show your potential employer that you’re committed to the job.
If you work in a sales role and earn a commission. You can negotiate a higher commission percentage.
If a job requires you to relocate, you may be able to negotiate assistance from the company or reimbursement for all or part of your moving expenses. Consider including moving reimbursement in your negotiations if you have to relocate.
Very few companies give severance packages now, but if your employer offers this or it’s normal with your role and position, ensure you include it in your negotiation.
The cost of childcare is rising, especially during working hours, so some companies are proactive with this to retain their talents. Include childcare in your negotiations, and you might be surprised to hear what your prospective employer offers.
A retention bonus is a type of benefits package that offers an incentive for employees to stay with a company for a specific period of time. The bonus is typically paid out as a lump sum at the end of the retention period.
If a company offers you a start date that’s earlier or later than you’d like, you can negotiate about when to begin the position.
This is very useful in different scenarios like if you’re relocating, have prior commitments such as a vacation, need to conclude a project with your current employer, or need more or less time.
Let your new employer know about these reasons and negotiate a start date.
If your job requires you to travel often, you can negotiate travel benefits for example.
Some companies may offer the opportunity to buy or use their products or services at a discounted rate. You can negotiate these discounts for yourself and your family.
You might find that your job title isn’t enough or isn’t right. Before you go into a negotiation, you might want to write down the reasons why your title should change and a better title.
Remember, the most important thing is to know your priorities and be willing to negotiate. Consider these non-salary benefits and advocate for yourself in the negotiation process.
When it comes to negotiating, timing is everything. You want to make sure that you’re negotiating at the right time and for the right reasons. Some factors to consider include
The job market conditions and your personal circumstances. If you’re in a tight job market, you may not want to push too hard for fear of losing the offer. On the other hand, if you have a strong skill set and are in high demand, you may have more leverage to negotiate.
When negotiating with prospective employers, hiring managers, and human resources representatives, it’s important to be professional and respectful. You want to build a strong rapport with these individuals and demonstrate your commitment to the job.
Be sure to do your research on the company and come prepared with thoughtful questions and requests.
In conclusion, the good news is negotiating beyond salary can be a great way to secure a compensation package that truly meets your needs and values. While it may seem daunting at first, the potential benefits of negotiation are huge
So, the next time you receive a job offer, take a moment to consider all of the potential benefits of negotiation. Remember to do your research, prepare for the negotiation process, and communicate clearly and respectfully with your employer.
