What You Can Ask For in a Compensation Negotiation
The things you can ask for in a negotiation are only limited by your imagination. Remember that your compensation does not always have to be financial. Below are some examples of what you can ask for.
Sometimes, accepting a job offer will require you to move, so you should ask them to pay for your move as part of your compensation. I have had two companies pay for me to move. When a company pays to move you, they usually require you to work there for about two years. If you quit before that time period you have to pay back a prorated portion of the amount.
Another option is a signing bonus. If you request this, be sure to have a good reason to back it up. It may require research so that you ask for the right amount considering your industry and role.
I was given a signing bonus of $2,000 when I took my first professional job. I was new to the work force and didn’t know this was even an option.
In one of my previous jobs they offered me a retention bonus to keep me there for a certain time. If I left before that time I would not get it back. I decided to leave since it was a better long term career decision.
When I was negotiating for the next job I requested a signing bonus to make up for the retention bonus I was losing. I did not get this bonus.
Some companies require you to work there a certain amount of time before insurance starts. This hinders many people from switching jobs because they do not want to lose insurance coverage. This is something that is also negotiable. For instance, some companies require you to be there for 90 days before insurance begins. You can ask for your coverage to start on your first day as one of your compensation items.
No matter what, you need to be able to back up what you are requesting in the negotiation. “Based on my responsibilities and the market value of the role…” If they ask for your reasoning on a negotiated item and you don’t have a solid answer you will be discredited.
Think outside of the box when asking coming up with your list of negotiation points. If they can’t pay you more then ask for more vacation. Things like that, like trades. What other things have you heard of other companies offering.