When starting your job search, chances are you’ll be paying attention to the salary.
However, when the time comes to make a decision on a job offer, there’s a lot more to consider than just your salary.
A quick internet search about finding a new job will provide many articles about negotiating salary. Salary negotiations are important but don’t be fooled into thinking salary is all that matters.
In reality, other benefits like insurance paid time off, and retirement savings plans will all have a major financial impact. Some jobs are also heavily reliant on commissions or bonuses. If you only focus on salary, you could end up losing out.
Here are some of the key benefits to negotiate in addition to salary:
Insurance Benefits
Insurance is expensive. Unfortunately, many companies try to save on expenses by reducing the benefits they offer. They often label people doing an employee-type position as contractors, thus eliminating the need to pay benefits. Carefully review the benefits package the employer offers and try to negotiate better health, dental, vision, and life insurance.
Paid Time Off
Some companies may only offer 7-10 days of paid time off, especially for new employees. This is one of the primary reasons why my mother decided to find a position in her current company rather than leave the company for a new position. Going from nearly 30 days of paid time off to 10 is a huge loss financially. Even if you are not coming from another company with better PTO, consider negotiating on vacation time.
Flexible Scheduling
While many companies will continue to post jobs with flexible scheduling or remote options, some are itching to get back to the office. However, we have all seen the value that doing some work from home can provide. You may not be able to entirely negotiate from an in-person to a remote position, but there’s a good chance you can get an employee to agree to a part-time telecommuting schedule depending on the job.
Job Title
This may not seem important, but the title of your job can matter a lot for future opportunities and even taxes (think employee vs contractor). Make sure you are getting a fair title that reflects the responsibilities of the position. Employers or HR teams do not always know the ins and outs of each position or industry. If your title should include “Senior” or “Director”, push for it.
Development Education Opportunities
To grow in your career, you must be challenged and develop. Many roles also benefit from additional education. Look into employee development opportunities including conferences, training seminars, and continuing education. Negotiate on what opportunities are available and covered by the employer.
Signing Bonus
Don’t leave a signing bonus out of the equation! As one-time payments, salary bonuses provide ample opportunity for negotiation. While you should focus on a higher salary first, a signing bonus is a good way to get some additional money.
Commissions
Commissions are extremely relevant to sales positions in all industries. If you are in a position that can benefit from commissions, then make them part of your negotiation. Commissions will play a huge role in the money you take home, so you want to make sure you are getting a fair percentage.
Reimbursement for Personal Device Use
Some employers provide you with company-owned devices, like phones and laptops. However, many do not. Many modern employers expect you to use your own devices. If the company has a Bring Your Own Device (BYOD) system, then negotiate an allowance or reimbursement for using your devices.
Health and Wellness Benefits
Healthy employees are productive, efficient ones. It’s in the employer’s best interest to keep their team healthy. Ask for relevant items you think are important for health and wellness at the job. Some ideas include:
- A standing desk
- A gym pass/ reimbursement
- Healthy office snacks
Salary and benefits must be negotiated before taking a job offer. Don’t just jump on the job because the salary sounds good. If you do so, you may be missing out on many other key components. Paid vacation and other employee benefits are crucial to negotiating for any job.