Value Your Total Rewards!
There are many gurus out there that would advise you to get everything that you can possibly get on the front end of negotiations with a new job and I totally agree! That is the time to figure out your worth and do what you can to get it. However, one thing that I want all readers to be aware of is the concept “Total Rewards”.
Total rewards refer to everything an employer uses to attract and retain top talent. It includes a variety of components such as guaranteed cash compensation, performance bonuses, stock/ equity, flexible work options, health benefits, employee discount programs etc. When negotiating and evaluating offers be sure to take ALL of those items into consideration. Cash comp is super important. Nobody will ever debate that. However, I recommend that you deeply assess all of the other programs that the employer is offering and the hidden value they would bring to your life - whether that’s cost savings, convenience or opportunities for you to level up in your profession.
It’s quite possible that you may not reach the exact salary you were initially hoping for but that doesn’t mean you have lost out! Depending on which programs the new employer offers, you could still come out winning!
Example Questions to Consider
o Does the company cover your healthcare premiums? – Huge Money Saver, Hello!
o Are there yearly bonuses? – Extra earning potential
o Do they offer catered food daily? – Money Saver/ Time Saver
o Is there a gym on site? – Money Saver/ Time Saver
o Do they have a robust learning and development program? – Development
o Is their employer brand one that would boost your credibility and future prospects as a professional? – Development
o Are there groundbreaking projects that you will get to work on? – Development
o Is there going to be better work/ life synergy? – Time Saver/ Quality of Life Increase
Don’t undersell yourself but also don’t miss out on a great opportunity by debating minutia. Play the long game with your career and figure out how everything you are being offered is going to benefit your pockets AND the quality of your life!