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When it comes to job offer negotiation, a competitive salary is usually on top of the list for most job seekers. While a hike in your salary is great, there are other equally important benefits you can negotiate. The U.S. Bureau of Labor Statistics stated that benefits make up 31.3 % of an employee’s total compensation. Hence, taking this into consideration when making negotiations is imperative in getting the offer you deserve. In this article, we will discuss the top things you can negotiate other than your salary.
A study revealed that only 54% of candidates negotiated additional time off. While some companies have established standards for annual leave, there is no harm in trying to negotiate. After all, the answer would be a no if you don’t ask.
Research what the company generally offers in terms of vacation days and ask them if they can increase it. Propose several options to your new employer to make it mutually beneficial for both parties. Evaluate what you are willing to give and take. Would you consider a slightly lower salary to compensate for additional time off?
The most ideal time for negotiating additional vacation time is when you are evaluating your job offer. Employers are typically more open to accommodate your requests at this stage than later. While negotiating, emphasize how crucial work-life balance is for you to recharge and stay productive at work. Additionally, we suggest conveying that your time off won’t be disruptive to the business to negotiate successfully.
2) Job Title
A job title is sometimes an overlooked element of a candidate’s compensation package. While this doesn’t augment your salary in terms of monetary value, it can make a difference in your career progression and salary growth. Your job title is a representation of your seniority level that can put you in a stronger position for a more senior role and better pay in a future job application. Hence, taking this into account during the negotiation phase is an apparent way of creating a non-monetary value for yourself.
Negotiating a job title involves a bit of self-reflection. When preparing your pitch, ask yourself why you want a certain job title. Does it seem irrelevant? Doesn’t it adequately describe your responsibilities? These will help you prepare for any objections or concerns from decision-makers. You also need to consider what is realistic within the context of the firm and the industry.
3) Flexible Working
COVID-19 pandemic has triggered a drastic change in the ways we work. As a result, many companies have adopted flexible work arrangements. Working remotely or using a hybrid model is becoming the new norm. So, if you need to keep your work schedule flexible, this one is for your negotiation list.
Research the company to understand their company’s employment culture. When proposing a flexible work arrangement, you need to clearly state your grounds and how long you intend to work under such a structure.
4) Severance Package
A severance package is pay and benefits that employees may be eligible to receive when they leave employment at a company unwillfully. Its existence varies around the world and is shaped by the legal environment in which the company operates. Hence, it is imperative to take your geography into account when deciding whether to include this or not in your negotiation list. Below are some common elements of a severance package you can consider.
- Severance pay – This refers to the cash benefits a company may offer to a discharged employee. The amount is typically computed based on months of service.
- Paid time off – Some companies may offer payment to unused accrued sick and vacation days.
- Transition and outplacement services – These are access to outplacement resources to help a discharged employee develop professional skills and transition to a new job.
5) Healthcare Benefits
With the emergence of COVID-19, the need for comprehensive healthcare benefits has never been greater. An inadequate coverage can lead to massive healthcare expenses. Thus, health insurance should be one of the deciding factors when evaluating a job offer.
To make an informed decision, ask your contact in HR about the company’s healthcare plan options and coverage. Once you have the information, conduct research and contemplate your options. If your new employer’s existing plan is not in line with the industry expectations and your needs, you can use these as arguments in your negotiation.
6) Child Care Support
Striking a balance between raising a child and working can be challenging. Because the truth is it takes a village to raise a child. So if you are a parent, you might want to factor in child care support from your new employer when evaluating a job offer. This can help minimize additional, avoidable work stress that can impact your overall work productivity and mental health.
Research what type of parental perks are being offered by your potential employer. If the information is not available online, you can ask what their culture and policy is for childcare during the interview. However, you need to resist the urge to negotiate during this stage. We highly recommend waiting until after you have received an offer.
7) Signing Bonus
A signing bonus is a monetary incentive offered to a new employee for joining the company. This is often overlooked by candidates when negotiating their compensation package, costing them potential additional income. Signing bonuses offer more flexibility to employers compared to salary negotiations as it comes from a different budget, making it easier to negotiate.
In most cases, signing bonuses come with terms. Some employers may restrict you from resigning within a certain length of time. Others may not release the payment until you meet a set job tenure. Before getting into the agreement, make sure you fully understand the company’s terms.
8) Tuition Reimbursement
Continuing your education can help you advance your career. The cost could be a major deciding factor when considering enrolling in a course or program. If you’re planning to pursue an advanced degree or take a certification, convincing your new employer to invest in your education can benefit you. This is not only a great way to augment your salary but also demonstrates your interest and motivation to grow professionally within the organization.
To negotiate tuition reimbursement, highlight what the organization will get out of investing in your professional development. Will it help you become more effective in the role? What skills will you gain and how can they be applied to your job? You must also be prepared for objections and concerns such as taking your time away from work. In such a case, you can mention that most courses are flexible and will not negatively impact your time at work.
Remember, negotiation is a give-and-take process. Before your next negotiation, think about what really matters to you. Is it taking care of your child, going on a vacation to recharge yourself or your health? By having a clear goal in mind and knowing your priorities, you have a higher probability of getting the compensation package that you truly deserve.