When negotiating job offer beyond the salary, there are a number of factors that come into play in addition to the salary. Of course, your salary is important. Keep in mind there are other things to consider based on your values, lifestyle and need for work life balance. Companies are offering all sorts of incentives and benefits that go beyond the job salary. Let’s think about some other items you may want to ask for.
Growth and Development Opportunities
If your job offer includes a high salary yet your promotional and growth opportunities are limited, that’s a potential earnings loss for you to consider. You may be happy with the salary now but if you want to get promoted to continue to elevate your compensation and don’t see a chance for that then you should factor future earnings and possible losses. Will you have chances for learning and growing in your career? You want to understand your potential career path before accepting a job if that’s relevant to you.
Normally when you start with a new company you may lose some vacation time typically starting with two weeks that you can’t take your first year. If work life balance is something you value and feel you need to recharge your batteries, then ask for additional vacation time as part of the negotiations process. You certainly don’t want to come behind where you are now. It could take ten years of service before you get an additional week. Put it on the table especially if there’s little movement with the salary portion or it’s something you value.
Some companies offer childcare reimbursement or have onsite day care. That could amount to a huge savings. You want to factor that into your offer and make sure it’s something you are eligible for and how it works. When weighing job offers, it’s important to compare apples to apples. Your salary may be lower but the childcare benefits may make your total compensation higher.
There’s no price tag on flexibility. It’s worth so much more in the scheme of things. The ability to work from home part of the time is great for work life balance and a savings in commuting as well. If the culture is more open to working from home and you prove yourself, you may even secure additional flexibility.
Once you reach a senior leadership level in your career, it’s critical to negotiate an enhanced severance package. The higher up the ladder you go, the more time it typically takes to find a new role if you find yourself unemployed. That is because there are less high level positions that you will be competing for. Companies are consolidating regularly, mergers and acquisitions have become more commonplace. You may be an exceptional performer but if your company is acquired, they may choose to retain their own leadership. Once a company is acquired they go through a process of evaluating talent and looking at synergies. That generally includes like positions that can be eliminated. Protecting yourself by negotiating a severance package as part of your job offer is essential at the leadership level.
Think about what you value aside from salary and consider making that part of the job offer negotiations. Be mindful of the job market salary and compensation data and make sure your asks are realistic and can be backed up with data.