9 things you must negotiate other than salary
Finally, you have landed your dream job after years of education and hard work! You have the offer letter in hand. But well, the offer is not as great as you had hoped for. You have even tried to negotiate the offer to bring it up to your expectations, but it still seems kind of unsatisfactory. Do not worry, there are other things you must negotiate other than salary.
The best way to handle such situations is to not fret and figure another way out to get things to your benefit. Every company has some perks that are granted to every employee. Why not negotiate for additional benefits to make the overall offer better?
Here is a list of nine things you must negotiate other than salary :
1. Signing Bonus
There are many companies that offer future employees a signing bonus, which is also called a sign-on bonus. It is a one-time payment given to potential employees to remove all competitors from hiring you if you have offers from other companies as well. A signing bonus may also be paid to you to cut down on your notice period in your current job and have you join their company as soon as possible.
While this is not a common practice, some companies will not hesitate to pull all stops to get you on board, especially when there’s a chance of you rejecting the offer. So if you are not satisfied with the salary that you have been offered, try to negotiate the signing bonus and get compensated there.
2. Early Appraisal
There are some employers who offer a guaranteed bonus after you start your job. Some employers also promise a performance appraisal and a hike in the coming cycle, even if you don’t exactly qualify for it soon.
So if you are unhappy with the salary offered to you, make sure you bring this topic up and see what your chances are of getting an early appraisal. if your employer isn’t willing to raise the initial offer, try talking to them about a guaranteed bonus six months in or at the end of the year. Research and try to see what the average hike rate in your field is and in the company you are considering to join.
3. Job Title
Gone are the days when a mere ‘secretary’ or a ‘customer care executive’ or ‘designer’ sounded fancy enough to satisfy an employee. Companies are now coming up with newer, better job titles for their employees, because ‘corporate executive assistant’ certainly sounds better than a ‘secretary’, right?
If you see no scope of an increase in salary, get a better job title that will reflect on your resume and carries more weight, thus improving your future career options. Make sure your job title reflects your position in the company, your job responsibilities, and also makes you feel more confident.
4. Relocation and Moving Expenses
There are some employers who are willing to cover the costs of moving if they want an employee to relocate to another city. The costs include flight expenses, visa, passport and immigration fees, offering a temporary stay until the employee finds a place of residence, education and health support for the family, etc.
If there’s an opportunity to work in another office out of state or your company wants to transfer you internationally, make sure you understand their relocation policy and negotiate anything you think your company should cover.
5. Flexible Work Hours
If you are unsatisfied with the salary that you have been offered, see if you can possibly get flexible working hours, if your job is independent of your co-workers. If you are unable to negotiate the pay, working hours and options of working from home are good points to negotiate on.
Would you like to start work early? Or do you like to work into the night? Explore the options with them and make it work to your benefit.
6. Opportunities for Professional Development
Everybody likes to develop more skills in their life, to add to their portfolio, and grow quickly in their career. There are corporate-level classes, workshops, and seminars, that offer these opportunities to better oneself.
Ask your employer if you will get such opportunities within the organization. Or if you would get a stipend to explore such opportunities outside the organization. It is a win-win situation for both parties, as it will add to your skill set, and it will benefit the production of the company.
If your employer is made aware of your wish to enhance your professional development, it will make you stand out in your department and convey to the employer that you are looking to improve yourself and your skills for meeting organizational and personal goals.
7. Stock options within the company
Employee stock options not only give you the right to buy shares of your new company at a fixed rate, but they also help you learn a thing or two about the stock market. By offering stock options, companies are hoping that their employees feel like they own a part of their business and that they’re valuable assets to the company.
One benefit of owning stock in a company is that shares are often offered at a discounted rate. If the company does well and their stock goes up in the future, your discounted stock price will yield a higher profit as the employee.
8. Transportation Reimbursement and Other Allowances
It is always good to count your reimbursements and cut down on expenses if you do cannot negotiate a higher salary. If you have to commute a long distance every day to get to work and get back home, speak with your employer and get the costs reimbursed. You can get further allowances for food, education, family health insurance, etc.
9. Vacation Time/Leave Travel Allowance
Check how much paid vacation time the company offers. Ask them if they would be willing to increase it in your case, or get a certain amount of Leave Travel Allowance for yourself. After all, getting some time off work and being paid for it won’t hurt, right?
Remember, when it comes to negotiations, a holistic approach is always better than simply negotiating salary and these elements can definitely add to your satisfaction.