Negotiating Workplace Benefits
It’s a job seeker’s market. The Great Resignation, which began in April 2021, has seen many leave their jobs by the millions, often in search of greener pastures. It has also produced a labor crunch, often leaving employers desperate to fill positions across industries.
If you’re competent, reliable, and easy to work with, then you’re a valuable asset to your current or new employers. You’re also in a good position to negotiate for higher salaries and workplace benefits. But what areas are worth negotiating?
Benefits vary from company to company, so you’ll want to negotiate based on your knowledge of what exists and what is possible. The following are worth considering:
- Could you get more Paid Time Off? It’s great to have more time for vacations, personal days, or sick leave.
- Could you get some tuition reimbursement? Some companies will pay for a portion of tuition or other education-related expenses, particularly if it’s relevant to work.
- Reimbursement for other expenses. If there are specific expenses, such as childcare or the cost of commuting that you incur on the job, see whether your employer offers support.
- Remote work options and flextime. Find out whether your employer currently accommodates work-from-home arrangements or allows employees to decide when to start and end their workdays.
- Stock options or other equity compensation. If your employer has an equity compensation plan in place, you may be able to negotiate for a greater number of shares.
Be sure to consider how increased benefits might affect your financial plan. For example, will a salary increase allow you to boost retirement savings? Or will vesting stock options bump you into a higher tax bracket in certain years?
If you would like to speak with an advisor about helping you integrate your new benefits package into your financial plan, click here to schedule a call with one of our advisors.
Sources:
https:/energyresourcing.com/blog/top-benefits-to-negotiate-besides-salary
https://www.insidehighered.com/advice/2020/10/22/five-steps-take-when-negotiating-pay-and-benefits-new-job-opinion
https://www.indeed.com/career-advice/starting-new-job/negotiating-benefits
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