Don’t Forget About These Perks During Your New Job Negotiations
A job negotiation is much more than just agreeing on your salary. When you are negotiating for your next position, don’t forget to negotiate for additional benefits outside of your paycheck. For some professionals, vacation time could be more important than a salary amount for example, especially if they have a family. Others with recurring health problems may be more interested in good health insurance. Those with smaller children may want to work for a company with a good daycare program.
Job negotiations have changed over time and there are many new benefits that were not previously available. One of the biggest changes is that many professionals are able to work remotely. More people are interested in work/life balance, so flex time, more time off and working from home are of great value.
Hallie was honored to be interviewed for a LearnVest.com article about things you didn’t know you could negotiate in a job offer. As a follow-up to this article, here are a few things you can negotiate for and what you should keep in mind:
- Your job title. Negotiation for a higher level title can help your career in the long run and possibly garner you a higher salary. However, before you start this negotiation, do your research. Find out:
- What other titles exist at the organization
- What job growth opportunities are available
- What re-negotiation possibilities there are down the line
Ask yourself, “If I start out with X title and X salary, what could I be five years from now?
- Education. Some organizations offer training or reimbursement for employee education. Find out what programs are available. If they don’t offer any in-house training, would they cover any training you may need to continue your career growth?
- Working remotely. This perk is more widely available, but still determined by your industry. Talk to the hiring manager about the company culture and if working remotely is a possibility, and how often employees are able to do so if at all.
- A retirement account. If you have big retirement plans, or just want to make sure that you and your family will be comfortable, talk to the hiring manager about their retirement account benefits. You may be able to negotiate starting an account earlier and/or at a better percentage.
- Stock options. Find out what stock options are available to you, if any, and how many you can earn over time. It may be to your advantage to negotiate for more stock in the company or in a certain product.
- Bringing in a percentage of business. This doesn’t just apply to those working in sales. If you have a way to bring the company more business, and it’s enough to merit a considerable amount of sales, negotiate your cut of the business.
- A relocation package. Is the job you are negotiating for in a new city? Relocating can be very expensive, especially if you have a family. Ask them what is included in their standard package. Make sure to consider things like:
- Moving expenses
- Job search assistance for your spouse
- Assistance in buying and selling homes
- Assistance for schooling or daycare for children
- Performance-based package. This is a good thing to negotiate for, especially if you work in sales or perform client-based work. You can negotiate for an increase in salary or a bonus based on your performance. However, make sure that this negotiation incorporates a base salary as well.
- A six-month raise. Negotiate to get a raise in less time than a standard year. This can be an effective way to get the salary you have in mind if the company is unable to give you the number you want right away.
- A signing bonus. Although this isn’t available for all new hires, if the company really wants you they may offer you a signing bonus. Before accepting the number they give you, take the following into consideration:
- Are you giving up benefits at your previous job that aren’t available with the new company? You may be able to negotiate for a higher signing bonus to make up for what you’re leaving behind.
- Is the first-year salary lower than what you were expecting? The company may be able to make up for the difference with your signing bonus.
- Make sure to read the fine print. Make sure you are clear on the terms of your signing bonus.
No matter what, it’s important to identify what is important to you, your professional values, and your financial situation, before starting your job negotiation. This will ensure that you get the benefits that will help you to find fulfillment in your career.