Editor’s Note: This story originally appeared on Penny Hoarder.
If you’ve ever negotiated a salary, that’s great! But did you know that your salary is part of your negotiating mix?
Worker’s compensation covers a lot more than money – and you can negotiate benefits too.
In order to negotiate benefits, you’ll want to think about your overall compensation – both benefits and quality.
Quantitative compensation is things that can be counted like salary, bonus structures or time off. Fair compensation is less effective, such as the option of remote work or work-life balance. Both types of compensation play into your total package value.
Now that your eyes are open to possibilities, check out our list of negotiable items that aren’t your salary.
1. Paid Time Off
Paid time off (PTO) can have a huge impact on your overall job satisfaction. Before you decide what you want to ask for, you need to understand what the company offers. Research (or ask) about the company’s PTO policy and culture. Things to consider:
- How is PTO earned?
- Are there different banks for vacation time compared to sick leave?
- When will I be eligible for additional PTO?
- What other types of leave can I get (parental, sabbatical, professional development)?
All of this information will help you prepare your bid with a solid understanding of what you have already been offered.
When it comes to real conversations, be specific about what you’re asking for. Know what you want and why it’s right for you.
You might say you’re leaving a company with more PTO and you already have commitments scheduled for those times. You can point out that you’re taking a lower 401(k) rate for this job so you’d like to have more PTO to compensate. Whatever the reason, be specific and specific, and wait and see what they say.
2. Bonuses
Although salary negotiations are not always possible (many companies are limited to a set range for each job category), bonuses can increase your overall financial compensation. There are three types of bonuses to consider when negotiating benefits: the signing bonus, the relocation bonus and the annual performance-based bonus.
The signing bonus is straightforward. It rewards you with extra money just for accepting the job. Usually a signing bonus comes with a time commitment to stay with the company, so make sure you understand the fine print before accepting.
You may consider asking for a relocation bonus if you plan to move to this position. Moving packages vary from company to company, but it’s not a bad idea to ask for some help with moving costs if you need it.
Finally, you may consider negotiating your annual bonus percentage if your new job is bonus-based. Most of these bonuses appear as a percentage of your annual salary. Therefore, you can consider asking for a higher percentage. Usually these percentages are set in advance by the company, but it doesn’t hurt to ask.
Remember that: Bonuses are taxed at a higher rate than annual income; they can be one-time payments, and are not set in stone. If the choice is between a higher salary or a bigger bonus, choose the salary.
3. Scope of authority and title
The first step in this negotiation is to understand the scope of your new job. You can find some of this through online research, but usually your best resource is your contact at the company (hiring manager or recruiter).
Once you understand the scope of your work, you might consider asking for certain responsibilities to be split up or volunteering to take on difficult assignments if you’re looking to accelerate your career. Be sure to tailor these applications in such a way that your skills, interests and vision match the needs of the company.
You’ll also want to consider your job title. Although a job title often seems more than formal, it can keep you within certain salary limits and may prevent or delay certain promotion opportunities.
Asking for a change in title will also help advance your career, which can lead to more money and opportunities in the future.
4. Schedule and flexibility
The COVID-19 pandemic has opened the eyes of many workers to the benefits of the flexibility of working from home. Unfortunately, many companies relinquish these benefits and demand strict, traditional business hours and locations.
If flexibility is important to your life, you’ll want to make sure this is included in your final job application before you officially sign it.
Before you negotiate, think about what you really want. Are there certain days you would like to work from home or are you asking to be away entirely? Are there any non-traditional hours you would like to schedule and how will that work within the job role?
If you can be more specific about your request and why it is beneficial not only to you but also to the company, there is a good chance that you will be able to negotiate the schedule you want.
5. Timing of Benefits
An often overlooked non-negotiable is the time to receive certain benefits. Many companies make you wait a set period of time before you are eligible for certain benefits such as parental leave, tuition reimbursement, 401(k) loans or medical insurance.
If you know what you would like to spend, you can negotiate to increase your eligibility timeline.
For example, if you are about to start your MBA, you may be able to negotiate for tuition reimbursement sooner than the year normally required. Or, you can negotiate to have your 401(k) contributions after one year instead of the usual four.
While some companies may not be able to change these requirements, it never hurts to ask and see.
You Know You Want to Negotiate Benefits, Now What?
Once you’ve decided what you’d like your compensation to look like, it’s time to actually negotiate the benefits. We cannot guarantee that the company will meet your request, but we can assist you in your efforts.
First, plan ahead. This is an important step for successful negotiation. Knowing what you want to ask for will allow you to communicate a clear list of priorities and not be swayed by what is being offered. Thinking ahead will also help you assess your current market value and prepare you to defend why you qualify for this compensation.
Next, you’ll want to wait until you have the actual offer letter in hand. A physical (or digital) donation letter removes much of the meaning that can come from a verbal donation. Also, it gives you a starting point to start negotiating.
Once you have that offer letter, make sure the employer knows you want the job. No one wants to interview someone who seems disdainful about the company or the position. We know a lot of negotiation techniques that make it look like you can leave at any time, but with jobs, balance is important.
Of course, doing this is a dream job and there’s no way you’re going to reduce your negotiating power, but so does pretending you don’t care. Find a good balance in the middle where you want a job, but you just need to clear a few hurdles before accepting.
Go find ‘Em
When asking for what you want, be sure to be specific about your requests. If you want more PTO, ask if there is wiggle room for vacation days. If you would like a specific work schedule, share the dates and times. The clearer your inquiry is, the faster your employer will be able to make a decision.
You will also want to be clear about why this additional compensation is beneficial and appropriate. You might talk about how an early start time will increase your productivity or how the bonus structure should reflect the value you bring to the table from your experience. Be specific and understand and see what happens.
Finally, lovely. It may seem simple, but people tend to act on someone’s requests when they like someone. While some of your points may be non-negotiable, it’s never a good idea to go in as if it’s a decision. Your future employer may not be able to meet all of your requests, but if he likes you, he may argue otherwise.
If you’re still feeling nervous, check out this practice script:
Thank you very much for the offer of work; I am excited about this opportunity to work on this project with the team. Before I accept, I wanted to discuss the possibilities of using a hybrid work schedule for this role. I know you need a lot of staff in the office every day, but because of where I am now, I was hoping to work three days in the office and two days away.
I believe that this flexible system would allow me to increase my productivity and thus deliver for the company. I’m open to other ideas if another schedule would work better for the team, but I wanted to get your input before I officially accept the role.
Now that you’re ready it’s time to have a real conversation. Grab your research, take a deep breath and good luck!
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