This guest post from Christine Ko, my co-author for our latest salary negotiation book, Five Minutes to a Higher Salary.
"The more you know, the smarter you grow!"
In fact, with salary negotiations, the more you know, the more your benefits will grow too.
Salary may be the biggest part of your compensation package, but the other benefits can be grow to be worth thousands of dollars over time.
Benefit 1: Education
Paying for your tuition can be a win-win for you and your employer in many different ways. First, continuing your education by getting a degree or more degrees can allow you to succeed in and out of the company. Many executive positions require higher degrees, so continuing your education will open doors that weren’t available before. Investing in your education will also help your employer because they want to cultivate leaders within their organization. They want competent, qualified employees and one way is to create them through covering their education. As an added bonus, they’ll probably get tax breaks as well.
Benefit 2: Company car/laptop/phone
While most companies cannot provide just one employee with a company car/laptop/phone without hearing complaints from the other employees, these benefits can be traded for other items. For example, if you don’t need a company phone that they are offering, you can ask to trade it for something that you do want, like a gym membership. THere’s no point in taking something you don’t need, and you’ll save your employer money by not using it. Ask for something else instead.
Benefit 3: Discounts on products
This is another scenario where you create a win-win situation for yourself and your employer. If your new company sells consumer products, ask for a special employee discount if one isn’t already in place. They could sell products to you at a lower price and still keep it high enough to make a profit. These are items you might not have bought otherwise.
Benefit 4: Cost of living adjustment
As inflation increases over the years, so does the cost of living. If you get a 2% raise every year and inflation goes up by the same percentage, you’re really not gaining anything. Ask to implement a cost of living adjustment where your salary is increased based on a government cost of living index. Then your 5% raise will actually raise your net income by 5%, instead of just a mere 3% accounting for inflation.
Benefit 5: Early reviews
If they can’t raise your salary now, ask for an early review instead of waiting for the annual review. This is again another win-win situation for you and your employer. Knowing that there is a special review will motivate you to work harder (win for the employer) and if you don’t meet the level of performance you agreed on, then they don’t have to pay extra (win for the employer again). If you meet the goals you outlined, you’ll earn more money sooner, putting you in a position to earn even more in the next review period.
Benefit 6: Professional Memberships
Being a member of a professional membership in you area can give you skills and training that will make you a more productive worker. You may be able to negotiate and ask your employer to pay your membership dues and allow you time off to go to seminars and training sessions.
Tell us about some creative solutions you have used in the past! We'd love to hear about it.
Photo credit to Enokson