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8 Lesser Known Negotiation Tricks

When you are negotiating your salary for a new job, don't just focus on base pay. Look for these additional factors that could impact your take-home salary and savings.

When you are negotiating your salary for a new job, don’t just focus on base pay. Look for these additional factors that could impact your take-home salary and savings.

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1. Sign-on bonus: Depending on your level and the company’s practices, you could be able to negotiate on a sign-on bonus. Check out the company’s history with sign-ons and the usual amount offered. Since most companies have a salary range to stick to for every level, the sign-on helps work around the system to get you more money than just your fixed salary.

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2. Increase in-lieu of increment: If you are joining too close to the increment cycle or have just missed the performance evaluation period, negotiate for a salary increase as if you were working in the organization. You could explain that since you will be missing the cut-off date for increment, you would be on the same salary for more than a year (depending on the company’s increment cycle) while the rest of your peers would have already been treated to an increment.

3. Stock-options/units: If your company offers stock, make sure you study the market trends and analyze how the company is doing. Armed with this background information, you could negotiate a better number for your company stock. You could also trade off salary versus stocks if you are confident in your research and see a bright potential in the company’s future.

4. Company-sponsored tuition: If the course or certification you are interested in pursuing is in line with your role in the company, you could negotiate for the company to bear the tuition costs.

5. Relocation costs: If your company is having you relocate for the role, unless specifically stated, they will cover your relocation costs as well. If you need help with an extended (reasonable) guest house/corporate apartment stay because you envision buying a house versus renting, you could put that request up front and save on some rent. If you are relocating from a different country, you could also ask for the company to sponsor your spouse’s work permit and assist with a relocation consultant or settling in allowance (to make up for the sudden change in cost of living, cultural adjustment, etc.) over and above the basic relocation expense they provide for the transfer of goods. If you’re going to incur loss because of the transfer — for example, you have to short-sell your house, or travel to and from your old location because your family needs to complete the school year — chances are that these costs can be negotiated with the new employer.

6. Paid time off: If you are planning on a vacation, but the company needs you to join immediately, you could offer to join but negotiate for not being required to take unpaid time off for your vacation. (Generally, if you are new, your vacation days take time to accrue). If you need to cancel your vacation (most companies let you take the pre-planned vacation), then you could also request for a reimbursement of your expense in booking those tickets.

7. Flexible schedule: If you need to make significant lifestyle adjustments — for example, are in the process of having a baby, or are moving with a dependent, or need time to settle, etc. — you could also ask for a flexible work schedule to accommodate for your needs.

8.Cash in lieu of benefits: If you are already covered through another insurance, say through your spouse’s company and can opt out of the new company provided insurance, you could check to see if there’s an option of cash in lieu of benefits, which would further boost your income.

Disclaimer: The tips shared above may or may not have additional tax implications. Please consult a financial/tax consultant for more information on your tax responsibility. 

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Padmaja Ganeshan Singh
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Anne
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Anne

Good refresher for those that knew, and for those that did not a good number of points to consider to fit the scenario of the position you are considering. I agree with the thought that it is an employer’s market with all the people seeking work or career change. One additional point to consider regarding insurance and vacation is the wait period. Negotiate this into your starting salary to begin the day that you start with no ninety day orientation waiting period. Is your cell phone needed for your position, will the company pay for the phone, and what about… Read more »

VAN
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VAN

YES VERY WELL FOR EMPLOYEE to negotiate, Really in this day and age can EMPLOYEE demand from
EMPLOYERS what they want. The million dollar question is HOW MUCH ARE THE EMPLOYEES going to give to the COMPANY for them to carry these overheads? Employees across the board ONLY wait for PAY DAY and in between what happens its not their concern.

Sreejith
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Sreejith

Nothing new. Old stuff not worth one’s time. And the sad thing is if we follow all these points the new associate appears to be greedy and will be rejected outright.

Tilson
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Tilson

They are exactly that! Good to remember. No new info here, this is all regurgitated info. How about an article with some NEW, USEFUL, INFORMATION!

Curtis
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Curtis

I like the points – it’s important to note that negotiation points that are agreed upon should be in writing; not just a verbal yes or handshake. An applicant does not have to just “trust” that a brand new employer will simply honor their words. In the world of business everything is in writing. Plus, be mindful that the company rep who says, “OK we will agree to that term”, may not be the actual person who hires you. This is why a written agreement to terms is important – that document can be taken into any ‘onboarding’ scenario and… Read more »

Anand
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Anand

Good points.

The1eyedman
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The1eyedman

All worth remembering.
Excellent advice.

The1eyedman
Guest
The1eyedman

All worth remembering.
Excellent advice.

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