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What Can You Negotiate With the Boss? |
By Caryl and Ronald L. Krannich Ph.Ds
Courtesy of Impact Publications
Knowing what you're worth in today's job market involves calculating a total compensation package—salary, benefits, and perks.
According to the U.S. Department of Labor, the average worker receives nearly 45 percent of total compensation in forms other
than base salary. Before you negotiate a salary, be sure to take into consideration all elements that comprise your compensation
package. Keep in mind that most elements may be negotiable. Some elements, such as supplemental pay options, may be more
negotiable than base salary which for some employers may be relatively rigid in structure. Use the following checklist to inventory
your total compensation package. Start by asking yourself these four questions:
- Which compensation elements are most important to me?
- Which elements does the employer offer?
- How does each element with this company translate into real dollars for me?
- Which elements are negotiable with this employer?
Whether you are looking for a job, negotiating a salary with a new employer, and talking about a raise or promotion with your
boss, be sure to do your homework on compensation. Don't be afraid to talk about money and money comparables with the
employer. If you don't do your homework and speak up about compensation, you're likely to short-change yourself in both the
short- and long-run.
In the table below, rate your answers from 1 (not important) to 5 (very important).
|
Dollar
Equivalent |
Very Important ... Not Important
|
Direct Compensation
|
|
Base salary |
$____________ |
5 |
4 |
3 |
2 |
1 |
|
Bonuses |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Cash in lieu of certain benefits |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Commissions |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Overtime |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Signing bonus |
$______________ |
5 |
4 |
3 |
2 |
1 |
Benefits
|
|
Cafeteria Plan (Benefit Options) |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Reimbursement accounts |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Insurance |
|
Medical
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Dental
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Life
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Disability
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Financial/Retirement Plan |
|
401(k) Plan
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Simplified Employee Pension
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Cash or deferred arrangement
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Pension/annuity
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Profit sharing
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Stock options
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Days off: |
|
Vacation days
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Sick leave Days
|
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Personal leave days
|
$______________ |
5 |
4 |
3 |
2 |
1 |
Perks
|
|
Flex-time |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Child Care |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Tuition reimbursement |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Training opportunities |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Free or discounted parking |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Car or car allowance |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Travel reimbursement |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Company credit card |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Frequent flier miles |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Free meels |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Free or discounted memberships/services
(shopping, health, financial, travel,events) |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Discounts on company products |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Sabbaticals |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Incentive trips |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Moving and relocation expenses |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
Office with a window |
$______________ |
5 |
4 |
3 |
2 |
1 |
|
| TOTAL |
|
|
© Copyright 1998 Impact Publications
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