Sixth Commandment of Salary Negotiations: Thou Shalt Covet Thine Own Bennies and Perks
Geri doubled her salary by negotiating a perk.
The job, as advertised, paid $50,000 to be a full time librarian. In 40 hours a week, the librarian hire was expected to keep this small legal library functioning from 7 a.m. to 7 p.m. Her job was to see that the corporate patrons got the information and guidance they needed all 66 hours a week. Two clerical employees helped out, 40 hours each, and they covered the 26 hours the main librarian was not there.
Geri claimed that she could upgrade the two clerical staff’s capabilities so that they could give much better service all 66 hours the library was open. She claimed she could develop their skills to the point where the three of them could meet the firms requirements and Geri would only be needed 20 hours a week. This effectively doubled her hourly rate by negotiating a perk: time off.
Many compensation packages can be substantially increased by negotiating benefits.
Here’s a starter list of possible benefits and perks. Medical, dental, life, disability insurance; wellness days; profit sharing; training; deferred compensation, tuition reimbursement, paid holidays, vacation, general education, specific training, certification reimbursement, paid sick leave, child day care, 401K contributions. Gym, health club, fitness membership. Transportation, travel per diem, laptop, cell phone, internet access, company car. Casual dress, flex-time, corporate housing. Stock options, stock grants, profit sharing. First class travel. Attendance at conventions, comp time off around conventions and other long-hour days. Office (vs. cubicle) space, administrative assistance help, certain software to make your job easier.
Relocation benefits have about 10 components so if that’s in the cards, check it out thoroughly.
Remember that money decisions are best made in the cool climate of logic and impartiality. Give yourself time to think. When you’ve finished your salary negotiations, put all your enthusiasm back in gear and say, “This sounds terrific! I think we have a match here. I’ll get back to you as soon as you need to know. When do you need to know?”
Article by, Jack Chapman, “The Salary Coach,” and author of Negotiating Your Salary: How to Make $1000 a Minute. Used with permission. For more information, visit SalaryNegotiations.com.(c)2008
