8 Benefits You Should Consider Negotiating to Increase Your Salary at Your Current Job and at a New One

Newsflash, you will never be paid your worth. 

But this does not mean that you should not fight for what you are deserved based on your work ethic, performance, accomplishments, education, and tenure. In a post-COVID world (possibly, maybe), employers and employees alike have begun to reimagine what work looks like for them. More than ever before, employees can verbalize what they need to be successful in the workplace and sustain the work-life balance that many of us could not even imagine before. As a result, people are re-negotiating their benefits packages and demands to return to work. So as we begin our transition into a post-pandemic world, continue reading to learn about benefits you should be considering beyond your salary that will benefit you in the long run.

1.     Retirement Planning

Second to health, retirement planning and accounts are among the most prevalent concerns when analyzing and reviewing benefits packages from employers. While the type of plan (401-K,403-B, or pension) depends more on the company you work for (for-profit, non-profit, or governmental agency), you should be examining the opportunity for matching and eventual payout and distribution. Some companies simply give you a vehicle to save money, while others offer to match contributions up to a certain amount. For example, popular private companies provide packages that might offer 401K matching up to $5,000 each year, which translates into you being able to double your yearly retirement contributions, ultimately increasing your payout further down the line. Aside from maintaining your lifestyle upon retirement, these accounts can also assist you in accomplishing other personal goals. For example, these accounts can help purchase your first home, as many of the programs allow you to borrow against your account penalty-free before the age of 59 ½ to put towards your down payment. If possible, you should consult your company’s Human Resources department and a financial planner to determine the amount you should contribute and the plans that work best for you and your family.

2.     Stock Accounts & Vesting

Many technology and start-up companies are now offering stocks and vesting opportunities for new employers to “beef up” their offer and benefits packages. New employees are invited to purchase company stock at discounted prices, assuming that the return on their investment will multiply. This is an excellent advantage of working within specific companies and a way to diversify your income streams. Like planning for retirement, though, this is often a vehicle used for long-term financial benefits. However, it could be attractive, mainly if you believe in the growth and future of your new company. #FinancialFreedom

3.     Relocation Assistance

After months of being quarantined inside of our homes, many people have begun to consider moving elsewhere with the comfort of knowing that technology can assist in sustaining familial connections regardless of location. As a result, the talent pool and pipeline of qualified candidates across all sectors have increased. While the thought of moving and trying something new is exciting, it could also be costly. If you are applying for opportunities outside of your home state, you should consider asking for relocation assistance. Many companies offered this assistance before the pandemic to obtain quality talent from across the world. Aid might be determined based on your relocation address, mode of transport, and family size, but anything is better than nothing. Depending on the size and finances of the company, they might offer full relocation assistance to help you get set up with moving and obtaining a new apartment or reimbursements up to a certain percentage. 

4.     Sign-On or End of Year Bonuses

Depending on the sector, your base pay might be lower with the opportunity to receive a guaranteed bonus at the end of each fiscal year or commission. These bonus structures might depend on concrete outcomes, deliverables, or performance, so it is essential to inquire so that you are clear on the stipulations. You might even be able to negotiate a signing bonus if you consider yourself a qualified and competitive candidate. A signing bonus can range from $1,000 to $15,000+ depending on the company. Shout out to you if you can secure any type of bonus, but don’t forget about Uncle Sam because he will want a donation as well. 

5.     Continuing Education

If obtaining an advanced degree or certification is in your plans, you should see if companies can offer tuition reimbursement or assistance in your pursuit. Often companies will offer some sort of reimbursement if you have been with the company for a certain amount of time. When you are negotiating this benefit, be sure to articulate how obtaining this additional education will benefit them in helping to achieve organizational goals. Be mindful that if you do receive this assistance, they might also expect you to remain with the company after completion for a certain amount of time. Remember to read the fine print so that you are clear on their expectations.

6.     Work from Home Flexibility

COVID has helped many industries realize that there is no actual need for employers to be in the office. Aside from being able to save some money for overhead, recent studies show that employees are more productive and work longer hours when working from the comfort of their homes. Depending on your industry, this might be a harder sell than others. However, when planning for this conversation, speak to the accomplishments you could achieve, despite working from home. Like many non-conventional benefits/perks, the objective is to show your employer how what you’re asking for will help and not hinder their goals. If they already are offering your “work from home” flexibility, be sure to inquire about a home office budget or financial assistance. Some companies offer up to $300 to get you set up at home.

7.     Increased paid days off

We have all heard the saying that time is money, and that is true! If a company responds that they cannot budge on an offer or salary increase, you can counter by asking for increased paid vacation days off. This will allow you to conserve some of your time and free up your time to do more things. Whether you want the time to spend with your children during their summer vacation, travel with your friends, work on your side business, or simply relax. It is worth an ask. If they cannot grant you more vacation time, consider asking to alter your working hours. For example, they might be open to you working from 8-4 instead of 9-5.

8.     Family Planning

As both time and technology evolve, some professionals wait to start families until later in their careers and lives. In understanding their biological clocks, some women are considering freezing their eggs to retrieve them when they are ready for family planning. However, this is a luxury that often has a hefty price tag. Luckily, some progressive companies are offering financial assistance to women who choose this route. Prominent technology companies such as Facebook, Apple, and Google offer these benefits, and even to the female spouses of their employees! In addition, some companies also provide financial assistance to women experiencing fertility difficulties. Conducting a Google search will help you identify companies that offer these benefits.

Remember, all they can say is no. However, you should not be intimidated by asking for the benefits and perks you need to succeed in your workplace. Lean into your [insert inspirational BOSS] and ask for what you want.

Diana Williams, Resume Tailor