Those Big Little Extras – Ask For More

As you negotiate your package in your next position take into account that there may be additional options beyond traditional salary, health and welfare and performance components. We are now going to look at the other potential items that can be negotiated at this time, after all this moment is your strongest opportunity. With all these items please check with a taxation specialist before making any decisions.

Here are some items relating to Retirement:

Pension – A plan, usually tax exempt, where an employer makes contributions for an employee’s future benefit. The employee receives benefits when they retire.

Profit Sharing – A plan where each employee receives a percentage of those profits based on the company’s earnings.

401(k) – Pre-tax savings plans where employers will sometimes match a portion of contributions made by the employee.

Stock Remuneration – Payment in stock rather than traditional cash.

Stock Purchase – A plan where employees can purchase company shares at a discounted price.

Deferred Compensation – This allows an employee to defer the receipt of taxable wages or bonuses until some future year when (hopefully) the employee is in a lower tax bracket, thereby paying less in taxes when the compensation is received

Split Dollar Life – An agreement where life insurance premiums are split between the employer and employee.

Retired Medical/Dental – An option offered to cover future Medical and Dental insurance during retirement.

It may be that your profession requires that you continue to develop your career through continuing education. In that case it could be appropriate to ask for:

Continuing Education & Tuition Reimbursement – A benefit that is often linked to the results that an employee achieves but can be very valuable.

Seminars – Reimbursement for attending professional seminars.

Conventions/Trade Shows – Reimbursement of costs for attending conventions or trade shows that relate to an employees profession.

Association Memberships – Reimbursement of membership fees.

Additional non-standard items you may want to include in your negotiation:

Employment Contract – Often defined as a contract for service this item can provide additional protection against termination and also conditions that can be attached to it.

Outplacement – A benefit that can be added to any agreement that provides for services after termination or departure.

Parking – In some towns and cities parking can be an issue.

Employee Discounts – self explanatory

Annual Physical – self explanatory

First Class Air – self explanatory

Club Membership – self explanatory

Subsidized Housing – self explanatory

Moving Expenses – self explanatory

Salary Review Date – This last item can be of value to almost anyone in any situation. Negotiate an early review with specific goals and monetary rewards.

To summarize, there are many different items that can be negotiated during the initial package negotiations, make sure you check with a tax professional and good hunting.

Barry

Barry Simpson

– Your personal job-search assistant.

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