Negotiating Benefits And Bonuses

Negotiating benefits and bonuses often receive less attention than negotiating salary when it comes to job offers. While base salary is the key component to settle first, benefits and bonuses are important because they help create a strong overall compensation package. If there are specific things that you want or that are especially important to you then you will need to negotiate them just as you would a salary.

Benefits

Most employers have established benefit plans that they offer prospective employees, but there may be room to make adjustments to the standard plan if the situation is right. And there are any number of additional benefits that you might want to seek, such as:

• Relocation expenses
• Additional vacation time
• Flexible hours
• Sabbaticals
• Payment of dues for professional associations
• Networking and professional development
• Education/tuition reimbursement
• One time or ongoing daycare subsidy
• Access to fitness equipment
• Telecommuting
• Adjustment of job responsibilities

These are just a few examples of benefits that may be negotiable with a prospective employer. Think carefully about what you truly want, and present your request in a reasonable way that emphasizes how the employer will benefit from fulfilling your request. Never make demands or present an ultimatum, as this will quickly cause the employer to back away from any willingness to negotiate.

Bonuses

Another common area of compensation negotiation is bonuses. A bonus can take many forms, such as:

• Signing bonus
• Performance bonus
• Stock options
• Profit sharing
• Overtime
• Travel premium
• Commuting expenses
• Housing allowance

Again, these are just a few examples of bonus items that may be negotiable. It is important to do your research before entering into negotiations for bonus items so that you will have a better idea of your bargaining position.

Be reasonable

Remember that the purpose of negotiating benefits and bonuses is to come to a mutually beneficial agreement with the employer. Be selective about asking for only those things that are most important to you, and prepare yourself ahead of time for possible compromises you are willing to make. The worst thing you can do is alienate a potential new employer by taking an unreasonably hard line during the negotiation phase.

The best negotiations result in the both sides feeling as if they have gained something of value. The employer needs to be satisfied that they have gained a valuable new employee without "giving away" too much or venturing outside of their own policies and procedures. You need to be satisfied that you have gained the key elements that are most important to your overall compensation so that you can start your new job with enthusiasm.

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