10 Things To Negotiate Other Than Base Pay

You’ve done it. You’ve got the job offer. Now, you wonder: should I negotiate? (Yes, you should) and 2) What should I negotiate?

Ankita Terrell, Money Coach and Founder of Intentional Money, recommends 10 things to negotiate other than base pay.

1. 401K or 403B Match

The most common financial benefit provided to employees is a 401k or 403b match. This means the company will match a certain percentage of whatever money you contribute towards retirement. 

Terrell says, “The 401K is a great investment tool. Your company is incentivizing you to save towards retirement. If your company offers a match, you should at the very least get the entirety of the match. This is sometimes referred to as “free” money, but really it is your money. This money will grow over time because of compound interest. ‘Retirement you’ will thank the present you. The employer contribution does not count towards the yearly maximum, which is $19,500 (if you’re under 50, $26,000 if you are over 50) in 2021.”

2. Remote Work

Remote working has countless benefits that can save you substantial time, money and flexibility. The additional time you are getting back gives you the space to pursue other endeavors and side hustles that could be making you more money.

3. Relocation Pay

Moving can cost thousands of dollars. If your potential job is located in another city and requires you to relocate, are they willing to compensate you to move you there?

4. Education/Personal Development Bonus

Education is power and you should always be advocating for yourself by learning and growing in your role, company and industry. 

Terrell advises, “Does your company encourage you to keep learning, and will they pay for it? This could have incremental returns for you as you learn, network and become established in your profession.”

5. Days Off

Taking time off for vacation or a mental health day is incredibly important and will help make you a better employee in the long run. Many companies have “time off as needed,” but dig deeper into what that means explicitly and what is typical for employees at your level. Also, be wary of unlimited PTO policies. Find out the company culture around taking time off. Some data shows that employees actually take less time off when companies have unlimited PTO policies.

6. Rules Around A Side Hustle/A Non-Compete

Multiple income streams are becoming more common and are a wonderful way to increase your net worth. Does your job offer contain a clause about what you can do outside of work hours? What about a non-compete? If you are in a specific industry, you don’t want to pigeonhole yourself to never have the ability to work for a competitor should an amazing opportunity arise. Protect yourself and your future.

7. Parental Leave

If you want to start a family within the next 1-3 years, look into your work’s parental leave policies. Be sure your company’s parental leave aligns with your family planning.

8. Health Insurance Coverage

Review the fine print, especially when it comes to your health. While it’s not common, some companies have a window before coverage kicks in for new hires. Being aware of this and negotiating it in advance could relieve you of paying a medical expense out of pocket.

Terrell adds, “You should never feel like your insurance won’t cover the basics, or your company won’t give you the time you need off to recover from being sick or to spend time with a new family member. Also, if your company allows you to contribute to an HSA account, do it! And don’t just allow your HSA to sit in a savings account. Invest it! This is the best tax-advantaged account there is.”

9. Bonus Pay/Equity

Whether you are offered a signing bonus, performance bonus, overtime compensation or equity, it all adds up. Make it work in your favor. 

Terrell warns, “if your bonus is in pure stock, pay attention to the vesting period. You may think you will stay four years for your stock to vest, but really, that is a lot of money you could be losing or taking a gamble on.”

10. Travel Opportunities

While this is not precisely a monetary benefit, the ability to take time off work to travel is a gift. Envision all of the amazing places you could visit and all the credit card points you could accumulate! In the future, these trips could account for free tickets, upgrades, or cash perks, resulting in potential financial savings.

The simple act of asking for additional benefits in your compensation package can add considerable perks to your position. When it comes to a new job, negotiate as much as you can upfront.