What do you do if you want to negotiate alternative perks instead of a higher salary during a promotion?
You've worked hard and earned a promotion, but the salary increase is not what you expected. Maybe you're already happy with your current income, or maybe you have other priorities that money can't buy. Either way, you don't have to settle for the first offer. You can negotiate alternative perks that can enhance your work-life balance, professional growth, and personal satisfaction. Here are some tips on how to do it.
Before you start negotiating, you need to know your worth and what you bring to the table. Think about your achievements, skills, and contributions to the company. How have you helped them reach their goals, solve problems, or improve performance? What makes you unique and valuable in your role? Having a clear sense of your value can help you confidently ask for what you deserve and justify your requests.
Next, you need to research what kind of perks are available and realistic for your position and industry. Some common perks include flexible hours, remote work, paid time off, health benefits, tuition reimbursement, professional development, stock options, and bonuses. You can also look for creative perks that suit your needs and interests, such as gym memberships, travel allowances, childcare support, or mentorship opportunities. You can use online resources, such as Glassdoor or Payscale, to compare perks offered by similar companies and roles.
Once you have a list of possible perks, you need to prioritize them according to your preferences and goals. What are the most important and desirable perks for you? What are the ones that you can compromise or live without? How do they align with your career aspirations, personal values, and lifestyle choices? Having a clear hierarchy of your preferences can help you focus your negotiation and avoid getting distracted by less relevant perks.
Now that you know what you want and why, you need to prepare your proposal and present it to your employer. You should start by expressing your gratitude and enthusiasm for the promotion and the salary increase. Then, you should explain why you are interested in negotiating alternative perks instead of a higher salary. You should highlight how the perks will benefit both you and the company, such as by increasing your productivity, motivation, loyalty, or creativity. You should also provide evidence and examples of your value and achievements, as well as market data and benchmarks for the perks you are requesting.
Finally, you need to be flexible and respectful throughout the negotiation process. You should not expect to get everything you want, or to get it right away. You should be open to counteroffers, feedback, and compromise from your employer. You should also respect their constraints, limitations, and policies. You should avoid making ultimatums, threats, or demands that could damage your relationship or reputation. You should aim for a win-win situation that satisfies both parties and reflects your mutual respect and trust.
-
Identify Desired Perks: Determine alternative perks you want, like extra vacation or flexible hours. Research and Prepare: Know common perks in your industry and be ready to explain why you want them. Timing and Approach: Choose the right time, like a performance review, and be positive and open to discussion. Highlight Your Value: Show how you've contributed and how the perks can help you excel. Be Flexible: Be open to compromise and consider what perks the company finds easier to provide. Follow-Up: If needed, follow up with your manager or HR to discuss further. Approach the negotiation as a collaboration for a win-win outcome.
-
Beyond the tangibles, consider the intangibles such as mentorship opportunities, access to influential networks, or a seat at decision-making tables. These elements, though less quantifiable, can propel your career to new horizons. Furthermore, remember that this moment in your career is not a conclusion but a commencement. Negotiating flexibly acknowledges the dynamic nature of the employment landscape and your evolving place within it. It’s a statement that you are not just here for the present—you are here for the future. The agility to negotiate beyond the salary becomes imperative. Trust in your value, and with a methodical approach to negotiation.
Rate this article
More relevant reading
-
RecruitingWhat do you do if you want to secure extra perks alongside a salary boost?
-
WritingHere's how you can negotiate alternative benefits or perks instead of a higher salary in writing.
-
Software DevelopmentWhat do you do if you want to secure extra perks while negotiating a salary raise in software development?
-
Business Relationship ManagementHere's how you can negotiate for non-monetary benefits or perks in addition to salary.