Negotiating for more than just salary is important; here are the simplest ways to increase your compensation package.
Negotiating the salary of a new job can be highly stressful and impact your future earnings. Despite being advised to do so, many workers fail to initiate salary negotiations when offered a job.
Fewer people may consider negotiating additional compensation package elements beyond the base salary.
Negotiating non-salary perks can be a relatively easy ask during a salary discussion or can sweeten the deal if you don't get the desired salary.
According to Tessa White, a career coach and founder of The Job Doctor with over 20 years of HR experience, the most challenging task for the company is to provide you with an upfront payment, which includes your base salary.
She notes that companies are more likely to grant benefits when you're hired, stating, "Companies tend to offer what's free."
What are the best things to negotiate in a job offer, aside from salary, to increase the likelihood of a positive response from HR?
1. A higher title
White suggests that negotiating for a higher title in a new job may not result in immediate financial gain, but it could benefit you in the long run.
"Negotiating a higher title now can increase the value of your resume and make you more attractive to potential employers when you leave, even though it may not cost the company anything."
How much of a title change should you push for?
Instead of requesting the job title listed, ask for the specific title you desire.
Can you provide more context about the situation so I can better understand how to rewrite the sentence?
To ensure a successful negotiation, White advises inquiring with HR about the position's leveling. Specifically, he suggests asking, "What is the job title above this position, and what qualifications are needed for that role?"
Rewritten sentence: Can you provide me with the necessary information to complete this task? Title Bump: I have extensive experience in completing tasks efficiently and effectively, and I believe my qualifications make me a strong candidate for a higher position within the company.
2. An earlier review period
If you don't achieve your desired salary during your next review, White recommends negotiating for a higher salary during the next review period.
You should discuss with your manager the date of the review and what is expected of you, as well as any potential adjustments that may be awarded if you meet or exceed expectations.
White suggests asking, "Can we schedule a review six months from now to discuss the possibility of giving me the second half of the base pay increase I was expecting if I continue to make significant progress and make a significant impact?"
3. Flexible office hours
As Amazon and other large corporations retract their remote policies, requesting more flexibility in a new job may seem like a high-risk endeavor.
To negotiate for more flexible work arrangements, such as work-from-home days or hours, it is crucial to present a compelling argument that shows how the company benefits in the process.
She states that she dislikes individuals who merely request things without any genuine need or purpose.
White explains that having more remote days motivates him and brings out the best in his work, and that his optimal self is being able to be in the office but also have private locked-in time at home. This, he believes, will bend the curve on loyalty for the company.
Keeping employees engaged and loyal could be a smart move, White suggests. As an HR professional, she understands that young people tend to leave their jobs every two or so years, which can be a significant drain on companies.
If you can say that an environment like this will keep you engaged and productive, and you find yourself happy in it, you'll have a higher chance of getting flexibility in your work schedule.
4. Your full bonus
If you quit your current job, you may miss out on bonus money, which could amount to tens of thousands of dollars, according to White.
White advises negotiating for your first-year bonus to be paid in full, rather than prorated based on your start date, if you're moving to a new employer that offers bonuses.
White suggests considering calculating your bonus at your previous job and incorporating it into your new compensation package as a signing bonus.
Negotiating for a financial cost upfront may be easier for the company, as it does not increase the base pay going forward.
Earn more money at work by taking CNBC's new online course, "How to Negotiate a Higher Salary." Expert instructors will teach you the necessary skills to increase your paycheck, including preparation, confidence-building, effective communication, and counteroffer crafting. Pre-register now and use coupon code EARLYBIRD for a 50% introductory discount through Nov. 26, 2024.
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