t a time when the cost of living is rising across the board, and you can't cut back on any more expenses, a salary negotiation is something you should have as an option.
Using your job for the benefit of your personal finances is the logical way to go if you want to increase your income. What you do for a living is certainly your main source of income and where you spend most of your time. So getting the most benefit for your life out of it is something you should strive for.
It's difficult for many people to negotiate their salary and make the company they work for see that they deserve more than what they currently earn. And, truth be told, most companies are reluctant when it comes to increasing salaries, putting up all kinds of barriers and making the dialogue between the parties even more difficult.
To overcome all this, I bring you in this article a set of strategies that can help you negotiate your salary to achieve a little more financial stability throughout the month
1. Prove your worth
A pay rise is reasonable and legitimate when the employee's value in the company increases, and that's what you expect to happen over time. This is precisely where you should start. If you have more experience, responsibilities and knowledge, and you bring more and more value to the company, you should reflect that in your salary negotiation.
2. Ask for an increase of your base salary
It is not always clear how much you should ask for, nor is there a straightforward answer. This increase always takes into consideration the company's remuneration scheme, size, your duties, and capacity for career progression. However, if you start your negotiation as suggested above, the company may match your base salary to the ones of other employees with the same level of experience.
You can also negotiate a salary increase that covers, at least, the inflation rate of the previous year.
3. Negotiate flexible benefits
If the company is not flexible when it comes to negotiating the base salary, negotiate benefits that are beneficial to your lifestyle. Negotiating these benefits is a win-win situation, because it's money you won't have to spend every month and it has little tax impact on the company you work for.
Some flexible benefits you can negotiate are:
Mobile phone
If you use your personal mobile phone to make work calls or answer e-mails, approach the company about the possibility of including you in their package. If you don't use it but feel it's a possibility, approach the company anyway.
Transportation
If you use your car as a work car to travel to clients or suppliers, negotiate the payment of an allowance that covers your travel expenses and your car's wear and tear. If you don't have a car, look into the possibility of the company paying you the transport card.
Training
If you want to increase your skills and your value within the company, you should invest in training, and your company can pay for it as a way to contribute to your development. It's a win-win situation for both parties.
Gym
More and more gyms or well-being centres offer special packages for companies. Explore this possibility with yours.
Family
If you have children, childcare vouchers or education vouchers can be used to pay for education expenses and have tax benefits for companies. The same applies to expenses with elderly homes and social support establishments, among others.
Health
Health insurance or life insurance are alternatives that you can negotiate with your company that can represent a great relief in the monthly budget. They are also a way for your company to support your well-being and that of your family.
Meal allowance
If yours is still paid in cash, i.e. together with your salary, negotiate that it is paid in a meal card, so that you can get a higher amount per day.
Working conditions
There are small changes you can negotiate that will have a direct impact on your wallet, like the chance to work from home some days or have a more flexible schedule, which allows you to optimise your days and, for example, not spend so much time in traffic. If your company has an office, you can also approach the possibility of having a microwave, water, and coffee there.
Companies are all different and these are some options for benefits that you can negotiate and that can work. It's up to you to explore them and try to figure out which ones will be better received.
If you never try a salary negotiation you'll end up hurting yourself financially and you'll never know how flexible your company is.
You might actually be positively surprised! What are you waiting for?
Share this article with your colleagues so that you can build together an approach that contributes to everyone's well-being, which will ultimately be reflected in the work you all do in the company.
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