There is likely to come a point in your career when you want to negotiate pay with your employer. While there’s nothing wrong with that, it’s not your only option. There are other things that you can negotiate, many of which could have just as much impact on your personal and financial lives.
Here are five other details to negotiate with your employer.
1. Paid time off
There will be times when you want to step away from your job. Maybe you need a day here and there to recharge your batteries. Maybe you want to take a week or two every summer to vacation out of state. Regardless of the reason, you want to be paid when you’re out of office.
Most companies have a standard paid time off policy, but that doesn’t mean you can’t negotiate. It’s always worth asking. It’s easier for a company to give you more paid time off than to bump your salary.
2. Sick days
Just the same as paid time off, it’s a good idea to negotiate the number of sick days you receive. These are the days that come in handy when you’re under the weather, have a procedure, or need to miss a day to get medical testing (and that’s just a few examples).
3. Parental leave
Do you plan on expanding your family in the future? If so, negotiate parental leave in addition to what your employer already offers. Even if it’s only an extra week, it’ll work in your favor when the time comes.
4. Stock options
It’s easy to focus so much on your salary that you overlook the benefits of stock options. However, this could be one of the biggest financial mistakes you make. Stock options can position you for future financial wealth.
5. Child care reimbursement
How much money do you pay every month for child care? Are you looking for a solution? Child care is expensive, so asking your employer to reimburse you could be just as good as a raise. And remember, you don’t have to request a 100 percent reimbursement. Anything is better than nothing.
If you’re in a position to negotiate pay with your employer, by all means take action. Just remember that you don’t have to start and stop here. There are many other benefits you can negotiate, some of which may have just as much impact on your short and long-term personal and financial well-being.
When was the last time you negotiated with your employer? What approach did you take? Were you satisfied with the end result?