This archive report was first published on 5 September 2019.
Negotiating Your Salary: 7 Things to Ask for ¶
Published on September 5, 2019
When switching jobs, negotiating your salary can be a daunting task. However, there are several things you can ask for to get the most out of your new deal without looking too greedy.
Firstly, consider asking for a severance package. This is especially important in volatile industries where job security is a concern. Explain that you're taking a risk by leaving your current employment and present a reasonable figure for consideration, such as three months' salary.
Next, think about your title. Job titles do matter, not just internally but externally. An inappropriate job title can undermine your authority, which will have a great effect on how people view your role and your future career prospects. Make sure the job title is part of your negotiation, and suggest a title that best defines and is impressive to future employers.
Another thing to consider is lifestyle perks. If entertaining clients for business lunches or drinks is part of your job description, you can justify getting some lifestyle perks such as entertainment allowance, club memberships, or use of a company car/leasing one. However, don't ask for perks that have no direct bearing on your position.
Flexible schedule is also a great non-monetary perk. Not only will you save on commuting costs, you will also save time and have more quality time with your loved ones. Many employers are still wary of giving employees flexible hours, so this might need some persuading. Demonstrate how working away from the office or having flexible hours fits with the job and how you'll still be able to deliver.
Stock options are also worth considering, especially if your salary doesn't meet industry standards. Having some skin in the game will make you more committed and hence a better employee. If the company hits big-time, you'll be in for a massive payoff.
Additionally, you can negotiate for more paid vacation time. You're more likely to be given additional vacation time if you have unusual circumstances such as you have a young baby, a sick relative you're caring for, or are newly wedded. Explain how the additional vacation time will impact your personal life and how you'll be able to minimize its effect on the company.
Lastly, consider asking for tuition reimbursement. If you're currently pursuing higher education or thinking of doing so in the near future, mention this to your employer and ask if they are willing to cover the cost - either in full or partly.
