How To Negotiate Salary
How to negotiate salary is an often underused strategy in the art of the job hunt. Many prospective employees accept the first offer for fear of losing the job. However, by the time you’re talking about salary the company has already spent time and money on bringing you to the table. Some negotiation is understood, even expected. When you negotiate salary, remember that there’s more to your compensation than just that monthly check.
- Payment The first thing people think of when they negotiate salary is the basic cash compensation, your gross pay. This may or may have a lot of wiggle room, depending on company policy. However, stock options, retirement contribution, sick time and other paid leave are also part of your pay structure. Even if the other side won’t budge on your check, look to other ways to get more out of your time on the job as you negotiate salary.
- Benefits There is almost never any room for negotiation of your health benefits, as their administration is usually strictly regulated. Other benefits, such as tuition assistance and wellness programs, are more open for expansion. Don’t overlook perks, either. Your parking space, work space and access to expense accounts can all be changed for the better when you make your counteroffer as you negotiate salary.
- Work Day A final point while you negotiate salary is when and how you come to work. Very few jobs require you to come in 9 to 5 every weekday. Negotiate for different hours, or the flexibility to determine your hours, so long as your work gets done. Permission or structure to work for home also falls under this category.
Sources:"The E-Myth Consultant"; Michael Gerber; 2003
"The Four Hour Work Week"; Tim Ferriss; 2008