How can you use non-monetary benefits to improve your compensation package?

1 Identify your priorities

Before you enter a negotiation, you need to know what non-monetary benefits are most important to you and why. For example, if you have a family or a long commute, you might value flexible hours or remote work options more than someone who lives close to the office or is single. If you are looking for career advancement, you might prioritize training opportunities, mentorship, or performance bonuses. Make a list of your top non-monetary benefits and rank them according to your preferences and needs.

2 Research the market

To negotiate effectively, you need to have a realistic and credible idea of what non-monetary benefits are common and feasible in your industry, role, and location. You can use online resources, such as Glassdoor, Payscale, or LinkedIn, to research the average salary and benefits for similar positions and companies. You can also network with peers, mentors, or recruiters to get insider information and insights. This will help you set your expectations and prepare your arguments.

3 Communicate your value

To persuade your employer or potential employer to offer you the non-monetary benefits you want, you need to demonstrate your value and contribution to the organization. You can use concrete examples, such as achievements, projects, or feedback, to show how your skills, experience, and performance align with the company's goals, culture, and vision. You can also highlight how the non-monetary benefits you are requesting will help you perform better, improve your motivation, or reduce your turnover risk.

4 Be flexible and creative

Negotiating non-monetary benefits is not a zero-sum game, where one party wins and the other loses. It is a collaborative process, where both parties try to find a mutually beneficial solution. Therefore, you need to be flexible and creative in your approach and be willing to compromise and trade-off. For example, if you cannot get a higher salary, you might ask for a signing bonus, a stock option, or a profit-sharing plan. If you cannot get more vacation days, you might ask for a sabbatical, a travel allowance, or a wellness program.

5 Review and confirm

Before you accept or decline a compensation package, you need to review and confirm the details and terms of the non-monetary benefits you have negotiated. You need to make sure that you understand the scope, duration, and conditions of each benefit and that they are consistent with your expectations and agreements. You also need to get a written confirmation or contract that outlines the non-monetary benefits and protects your rights and interests. If you have any questions or concerns, you need to clarify them with your employer or potential employer as soon as possible.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?