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If your job performance has met or exceeded expectations, a significant pay raise is not guaranteed. In periods of slow job growth, employers often reconsider generous merit increases, according to industry experts. This reality makes negotiating for valuable non-monetary benefits—or perquisites—a critical strategy for employees seeking greater overall compensation and job satisfaction.
While a higher salary is often the primary goal, many professionals place a high value on benefits that improve their quality of life and long-term career prospects. A foundational Hudson survey of 10,000 U.S. workers found that slightly less than half ranked money as their top priority. Others valued perks like enhanced healthcare, better retirement plans, and improved work-life balance over extra pay.
These perquisites are frequently easier for companies to grant because they often involve low or no direct cost. Common negotiable items include:
Health and retirement benefits are typically standardized and less negotiable after hire, but it rarely hurts to inquire about potential enhancements.
Before entering any discussion, clarity on your personal and professional goals is essential. Robert Morgan, a leader in recruitment and talent management, advises, "If money is most important to you, speak up. If you can't get the money you want, then ask for other things that don't cost the company anything."
The key is to conduct a self-assessment. What do you truly value? Is it more time with family, opportunities for advancement, or reducing commute stress? Knowing your priorities allows you to present a flexible and realistic proposal that aligns your needs with the company's capabilities.
Timing your request strategically increases the likelihood of a positive outcome. For career development desires, Morgan recommends having ongoing conversations with your supervisor rather than waiting for the annual review. This ensures your ambitions are understood and not a surprise.
For issues related to work-life balance, such as needing time to care for a family member, experts like Steven Gross of Mercer advise asking as soon as the need arises. Proactive communication demonstrates responsibility and allows your manager to plan for your absence, making a "yes" more likely.
Adopting a collaborative and flexible approach is crucial. Gross explains that flexibility can work to your benefit. "If career advancement is important to you, there may be some lateral moves that would work for you and the company," he notes. This might even involve volunteering for an assignment outside your usual scope to gain experience.
Your strategy should be built on honesty and realism. An IT professional can make a strong case for telecommuting, while a nurse cannot perform their duties from home. Similarly, while a company may not fund an entire MBA, they might pay for a specific management class that benefits your role.
The bottom line: As long as you're asking for something that doesn't cost a lot and won't disrupt business, you stand a good chance of getting it. Companies are motivated to retain top talent, even in uncertain economic times. By preparing a realistic, flexible proposal and timing your request appropriately, you can secure valuable rewards beyond your base salary.
