3 Benefits to Negotiate When Getting a New Job

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  • Many job candidates focus on salary when seeking out new positions.
  • It's just as important to set yourself up with a generous benefits package.
  • Think about paid time off, flexibility, and the potential for bonuses.

It pays to fight for all of these.

These days, the labor market is nice and strong. And that means, in many industries, there are plenty of jobs to be had.

Now in the course of applying for a new job, you may be eager to negotiate as high a salary as possible for yourself. After all, more money could be your ticket to meeting your financial goals, whether they involve building savings, buying a house, or socking funds away for retirement.

But it's not just your salary you should fixate on when seeking out job opportunities. Also aim to secure the best benefits package possible. Here are some specific benefits worth going after.

1. More paid time off

A stingy vacation and sick day policy could end up costing you money. Say your employer only gives you 10 vacation and sick days per year. One lingering illness could eat up the bulk of that time, forcing you to either have to give up on the idea of taking a vacation or take time off without pay.

That's why it's important to fight for a generous amount of paid time off. Your company might generally start workers off with 10 days a year. But if you ask for 15, you might get 15.

2. A flexible schedule

The more flexibility you have at work, the better a balance you might achieve. Plus, more flexibility could lead to more savings.

Imagine you live in an area where rush hour traffic is horrendous. Being forced to sit in it day in and day out could lead to not only many wasted hours on the road, but also, a sky-high credit card tab for gas costs. If your company is willing to let you tweak your hours, though, or work from home part of the week, that's one frustrating and costly situation you won't have to deal with.

It's especially important to ask for more flexibility if you have young children at home. You never know when a child might get sick, and schools have a tendency to close for random days. Having the option to adjust your hours or do your job remotely could make your life much easier.

3. A higher bonus

The company you're looking to work for may only be able to offer a certain salary. But that doesn't mean you can't negotiate a nice bonus as part of the deal.

In fact, there are two types of bonuses you can ask for. The first is a sign-on bonus that's payable to you once you accept an offer, and the second is a performance bonus that hinges on how well you do on the job. Either one is worth going after, and your company may be more amenable to that than a boost to your proposed salary since a bonus is a one-time payment.

These days, many companies are desperate to hire, so it could benefit your bank account to work on negotiating the best benefits package you can get. Doing so could work wonders not just for your finances, but your schedule and lifestyle.

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