Editor’s Note: This story originally appeared on The Penny Hoarder.
If you’ve ever negotiated a salary, that’s great! But did you know your salary is only part of your bargaining mix?
A job’s compensation includes a lot more than money — and you can negotiate benefits too.
To negotiate benefits, you’ll want to think about your overall compensation — quantitative and qualitative benefits.
Quantitative compensation is countable things like salary, bonus structures or time off. Qualitative compensation is less concrete, like the option for remote work or work-life balance. Both types of compensation play into the total package’s value for you.
Now that your eyes are open to the possibilities, check out our list of negotiable things that aren’t your salary.
1. Paid Time Off
Paid time off (PTO) can have a huge impact on your overall job satisfaction. Before you decide what you want to ask for, you need to understand what the company is offering. Research (or ask) about the company’s PTO policy and culture. Things to consider:
- How is PTO accrued?
- Are there different banks for vacation time versus sick leave?
- When will I qualify for more PTO?
- What other types of leave are available to me (parental, sabbatical, professional development)?
All this information will help you prepare your bid with a solid understanding of what is already offered to you.
When it comes to the actual negotiation, be clear with what you’re asking for. Know what you want and why you deserve it.
You might mention you’re leaving a company with more PTO and already have commitments planned during those times. You could point out you are taking a lower 401(k) match with this job so you’d like to have additional PTO to compensate. Whatever the reason, be clear and specific, and wait and see what they say.
2. Bonuses
While salary negotiations are not always possible (many companies are restricted to a set range for each job category), bonuses can up your overall financial compensation. There are three types of bonuses to consider when you negotiate benefits: a signing bonus, a relocation bonus and an annual performance-based bonus.
A signing bonus is pretty straightforward. It rewards you additional funds for simply accepting the job. Often a signing bonus comes with a certain time commitment to remain at the company, so make sure to understand the fine print before accepting.
You might consider asking for a relocation bonus if you plan on moving for this position. Relocation packages vary from company to company, but it’s not a bad idea to ask for some help with moving expenses if you need them.
Finally, you might consider negotiating your annual bonus percentage if your new job is highly bonus based. Many of these bonuses appear as percentages of your overall annual salary. So, you can consider asking for a higher percentage. Often these percentages are preset by the company, but it never hurts to ask.
Do keep in mind that: Bonuses are taxed at a higher rate than annual income; they can be one-time payouts, and they aren’t set in stone. If the choice is between a higher salary or large bonus, pick the salary.
3. Scope of Authority and Title
The first step in this negotiation is to understand the scope of your new job. You can discover some of this through online research, but most often your best resource is your contact in the company (the hiring manager or the recruiter).
Once you understand the scope of your work, you might consider asking for certain responsibilities to be divided or volunteering to take on difficult assignments if you’re looking to accelerate your career. Be sure to frame these requests in terms of how your skills, passions and vision align with the company’s needs.
You’ll also want to consider your job title. While a job title often seems like little more than a formality, it can keep you within certain salary boundaries and may even bar or delay some promotion opportunities.
Asking for a change in title will also help your career progression, which can lead to financial gains and more opportunities in the future.
4. Schedule and Flexibility
The COVID-19 pandemic opened up many employees’ eyes to the benefits of flexibility of working from home. Unfortunately, many companies are pulling back these perks and demanding more rigid, traditional business hours and locations.
If flexibility is important to your life, you’ll want to make sure this is included in your final job offer before you officially sign.
Before you negotiate, consider what you really want. Are there specific days you’d like to work from home or are you asking to be fully remote? Are there nontraditional hours you’d like to plan on and how will that function within the job’s role?
The more specific you can be about your request and why it’s beneficial not only for you but also for the company, the more likely you’ll be able to negotiate the schedule you want.
5. Timing of Benefits
An often overlooked negotiable item is the timing of receiving specific benefits. Many companies make you wait a set time period before you’re eligible for certain benefits like parental leave, tuition reimbursement, 401(k) vesting or even medical insurance.
If you know what you’d like to use, you can often negotiate to have your eligibility timeline moved up.
For instance, if you’re about to start your MBA, you might negotiate to receive tuition reimbursement sooner than the normally required year. Or, you might negotiate to have your 401(k) contributions vest after one year instead of the normal four.
While some companies won’t be able to shift these requirements, it never hurts to ask and see.
You Know You Want to Negotiate Benefits, Now What?
Once you’ve decided what you’d like your compensation to look like, it’s time to actually negotiate benefits. We can’t guarantee the company will meet your asks, but we can help you in your efforts.
First, plan ahead. This is a crucial step to successful negotiation. Knowing what you want to ask for will allow you to approach the discussion with a clear list of priorities and not get swept up in the offer. Thinking ahead will also help you assess your current market value and prepare you to defend why you deserve this compensation.
Next, you’ll want to wait until you have an actual offer letter in hand. A physical (or digital) offer letter eliminates much of the he said/she said that can arise in verbal offers. Plus, it gives you a starting point to begin negotiating.
Once you have that offer letter, make sure that the employer knows you want this job. No one wants to negotiate with someone that seems lackadaisical about the company or position. We know many negotiation strategies suggest looking like you could walk away at any point, but with jobs, it’s an important balance.
Sure, acting like this is a dream job and there is no way you’ll walk away lessens your bargaining power, but so does acting like you couldn’t care less. Find a nice balance in the middle where you want the job, but just need to clear out a few obstacles before accepting.
Go Get ‘Em
When asking for what you want, make sure to be clear about your requests. If you want more PTO, ask if there’s any wiggle room on vacation days. If you’d like a specific work schedule, share the days and times. The clearer your ask is, the more your employer will be able to make a quick decision.
You’ll also want to be clear with why this additional compensation is beneficial and deserved. You might talk about how an early starting time will increase your productivity or how the bonus structure should reflect your value you bring to the table from your experience. Be specific and direct and see what happens.
Finally, be likable. It may seem simple, but people are more likely to work with someone’s requests if they like the person. While some of your points might be non negotiable to you, it’s never good to come in like it’s an ultimatum. Your future employer might not be able to meet all your requests, but if they like you, they might even counter with something else.
If you’re still feeling nervous, check out this practice script:
Thank you so much for the job offer; I’m excited about this chance to work on this project and team. Before I accept, I wanted to discuss the possibility of implementing a hybrid work schedule for this role. I know you require most employees to be in the office each day, but due to my current location, I was hoping I could work three days in the office and two days remotely.
I believe this flexible schedule would allow me to maximize my productivity and thus output for the company. I’m open to other ideas if another schedule would work better for the team, but I wanted to get your thoughts before I officially accepted this role.
Now that you’re prepared it’s time to have the real conversation. Grab your research, take a deep breath and good luck!
