The power in today’s job market is in the job seeker’s hands. And there’s no sign of this dynamic changing anytime soon. So, if you don’t negotiate your job offer, you’ll be giving up many benefits.
Globally there are many job opportunities and too few job applicants to fill them. Due to this, job seekers hold more agency and bargaining power. So, you have to do your homework about what’s the compensation bracket for your position and expertise in the market and what benefits you’re willing to compromise on.
So, according to our human resource experts, here are some negotiation tips you can use to ask for perks and benefits as an executive today:
Discuss A Signing Bonus
Signing bonuses are being increasingly used to lure in high-level job seekers. Organizations have even made the news for offering signing bonuses of up to six figures. So, we can’t expect all job seekers to get a signing bonus of 100K, but there is always something you can negotiate for bringing your skills and experience to the role.
Firstly, you should negotiate your overall annual salary, but the conversation shouldn’t just be about the paycheck. Ask for a signing bonus that reflects the value you bring to your new company. This way, you can ensure you get a salary compensation package that’s in line with the market rates, and you won’t leave any extra benefit on the table.
Ask For Flexible Working Hours
Don’t just assume that the job follows a typical 9-5 schedule. You can discuss your modified hours when you’re negotiating the offer. You can ask for flexible working hours like ending the day at 4:00 pm, taking every other Friday off, or flexible hours like 10 am to 5 pm.
Also, be aware of your work schedule in the contract and overtime requirements. If the job requires you to come to work on the weekends and stay an hour or two after the shift ends, inquire about it when you apply or during the interview to understand how it’ll affect your work-life balance and job schedule.
Discuss Equity If You’re Joining A Start-up
If you’re joining as a C-Suite executive in a start-up in its early stages, there should be some flexibility in your offer regarding the equity. So, you can negotiate long-term compensation in terms of stock options and short-term compensation like salary and bonuses. This way, all your efforts to help the company grow can end up in substantial capital gains that’ll far outweigh your cash benefits.
Look For Salary Indexation
We’re living in uncertain times in a shrinking economy. So, asking for salary indexation should be on your list. This will increase your salary according to the inflation rate because of the increasing costs of living.
Ask For More Paid Time Off
Every company has an official paid time off policy for all their employees. However, that doesn’t mean that there isn’t room for negotiation. So, when you’re negotiating your contract, ask for more vacation days. In many businesses, three-four weeks is standard. However, some companies also offer “unlimited vacation time.”
You can also take it up a notch and ask for an all-expenses-paid vacation from the company. Since senior executives forgo spending time with their family and partners, they don’t get to go on vacations too often. Therefore, you can include a vacation clause negotiated in your contract on an annual basis. This “me time” can help you recharge and return to work motivated and ready to take charge of the reins.
Ask For Certification Opportunities
If further education and certifications are part of your career growth, you’ll need to discuss them during contract negotiations. The fact is, we all want to work for a company that’s invested in our growth as much as we are. And sometimes, that growth requires further education. So, inquire about any stipends for professional degrees, educational courses, and certifications the staff is allowed to access and pursue.
You can also ask for other benefits like stipends to attend leadership conferences, subsidized training courses, or tuition reimbursements for you and your family.
Inquire About Termination Provisions
When you receive a job offer, leaving that very job is the last thing on anyone’s mind. However, it’s necessary to negotiate your severance package because of the economic uncertainty prevailing these days. So, ask your hiring manager to include a severance package in your actual contract in case the company fires you in the future.
Most employees receive up to two weeks of severance pay for each year of employment, including COBRA and PTO eligibility. So, as a senior executive, you should negotiate for at least six months of compensation, a stipend for an outplacement agency for six months to a year for an executive level, payment for COBRA and PTO eligibility, and six months’ salary compensation.
Discuss Your Title
There’s no tangible compensation attached to your title, but it shows the weight of your role in the company. Plus, you should be thinking about every job offer as a stepping stone to your next job, even at the executive level.
So, if you’re hired as a director, ask your title to be a “senior director” or “senior executive.” Or if you’re a “sales director,” ask to be named as “national sales director” and so on. So, think big and expand upon your title, depending on your job description, to score more on your next job opportunity.
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