There is a difference between negotiating your compensation and negotiating your salary. While your salary is what you will get paid by the hour or by the paycheck or by the year, your compensation represents the overall package of what you will receive. Salary is just one component of compensation, and while perhaps the salary cannot be negotiated, there are many other factors that go into compensation, which can be negotiated.
In this short video, I share negotiation considerations other than salary. You want to consider all types of compensation, then prioritize and negotiate accordingly:
Hi, this is Caroline Ceniza-Levine, career expert with SixFigureStart, and today’s video tip is about negotiation.
When you are thinking negotiation, remember it is about all elements of compensation, not just salary. There is also bonus, equity and options, benefits and insurance, and employee perks. There is also lifestyle flexibility, autonomy. On and on.
Within each of these categories, there are also subcategories that you want to negotiate for. Bonus, for example, could be a sign-on, or it could be performance. It could be paid out quarterly, or year end. It could vest immediately, or there might be a claw back procedure. It might be based on your own individual performance, or your companies performance, or a combination of both.
Again, you want to look at all elements of the compensation package, not just your salary.
Our Negotiation Resources page has lots more on how to get what you want and how to negotiate like a pro.