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6 Tips for Negotiating Pay and Benefits

6 Tips for Negotiating Pay and Benefits

When you receive the job offer, you might be not satisfied with the salary you have expected. However, starting salaries is involved some factors, such as the size of the prospective employer and their current level of success, your professional skills, your previous job performance, and the expertise you bring to the job. And you have to bear it in mind that your salary represents only part of the overall compensation package. Your future employers may not be willing to make adjustments in base pay, but you may be able to negotiate some benefits to help make up the difference. Here are a few tips you could follow for salary negotiation so as to help you get salary and benefits that you want and need.

1.Know the Market

Do some homework on salaries for the job you are being hired to perform. But you should remember to find a similar job in the same geographical area, industry and company size. This would help you get some idea of whether the salary amount offered is reasonable.

You should show your strong interests in the position, company, and industry, an employer is more likely to give you what you want. If an employer cannot meet your salary request, you should instead think about other items for further negotiation in your compensation package.

Although some benefits are standard for all employees, some are more open to negotiation. Therefore, you have better focus on what you might actually be able to get rather than ask for more of everything,

2.Hiring Bonus

This is a one time only cash payment made on the first day of employment. These types of awards are generally offered to attract candidates to positions that are hard to fill. If you are able to demonstrate a gap between market pay and what you are being given, you might be capable of convincing your potential employer that an initial cash award is deserved.

3.Vacation time

In most cases, companies offer two weeks of vacation time to start. Negotiating for an extra week off is sometimes acceptable and is possibly granted. It would be much helpful if you can show that you earned more than two weeks vacation at your previous employer. Besides, additional time off could also help narrow the pay gap if you think your base salary is somehow low.

4.An Early Review

Most companies carry out annual reviews for their staff. If you negotiate an initial review in 6 months, your salary increase will start 6 months earlier than the norm. This is a reasonable compromise to settle a negotiation over a salary offer that is lower than you would like it to be. It also shows the employer that you are interested in proving yourself to be worthy of a higher rate of pay and are willing to prove it.

5.Relocation Costs

If you have to relocate for your new position, you should know quite clearly about the actual costs related with your move from your research and then present them to your potential employer.

6.Flexible Schedule

Often times, flexibility in work schedules are a reasonable tradeoff to higher pay. If flexibility in the hours you work is crucial to you, ask about:

  • Coming in and leaving early in order to meet family obligations
  • A schedule of 4 ten hour days
  • Telecommuting one or more days per week

As you start with negotiating above mentioned terms, you should  be aware that a prospective employer is allowed to withdraw an offer. Some employers will withdraw if they think your requests are excessive or impossible. Any negotiation should be implemented very professionally and reasonably. A careful study in advance would ensure that your requests would more likely be considered.